This is how Mel Bala teaches her son about money

The 12yo has an opportunity to make some money, through work. He just asked me how much money he’s making. When I told him, he got very excited pic.twitter.com/ElvTBTbH0G

— IG: melzinbala (@MelBala) July 23, 2019

It looks like that excitement didn’t last long when his mother told him that it’s just his gross salary. She revealed that there are some deductions (usually an amount withheld by an employer from employee's earnings) before he can claim the whole salary as his.

.. until I said “that’s your gross salary”. pic.twitter.com/5gNnyzUnhx

— IG: melzinbala (@MelBala) July 23, 2019

Her son, of course, was confused about the fact that not all his salary goes to him and hilariously confused the meaning of the word gross. “12yo: Gross as in disgusting? Me: No. As in that’s what you make before any deductions. Kid: DEDUCTIONS? For what?”

12yo: Gross as in disgusting?
Me: No. As in that’s what you make before any deductions.
Kid: DEDUCTIONS? For what? pic.twitter.com/34oozJC1Jo

— IG: melzinbala (@MelBala) July 23, 2019

Mel added that she also explained to him that he would having to pay rent, which he didn’t take too well.

Me: Well you have to pay the agent a 10% commission.
Kid: oh ok.
Me: and then you have to save 1/3 of it
Kid: A 1/3?! Ok
Me: and then there’s rent
Kid: but we bought this place?
Me: No I bought this place. What do you own? pic.twitter.com/GlHxaRzCrQ

— IG: melzinbala (@MelBala) July 23, 2019

Kid: Are you telling me the first 12 years were free?
Me: pretty much
Kid: When is kid 2 (his younger sister) going to start paying?
Me: when she starts making money pic.twitter.com/ynKb0YsHb9

— IG: melzinbala (@MelBala) July 23, 2019

Me: and then you need to give some to charity
Kid: how much?
Me: 5%
Kid: ok that’s fine pic.twitter.com/RRKX8Sa3tP

— IG: melzinbala (@MelBala) July 23, 2019

Speaking to True Love about the importance of teaching children how to manage their money Wealth coach Samke Mhlongo said, “The earlier a child learns about money, savings and investment, the better money managers they will become. Such skills help children to understand the difference between earning, spending and saving, making them better money managers who’re able to budget. It also helps children understand the value of money at an early age and help them make better financial decisions.”