Gerrard Kaonga
Father Michael Madden has defended his move to charge his daughter rent despite her age and insisted that he is doing it for a good reason.
When it comes to staying at home and living with parents, there is a constant debate over paying rent.
However, this conversation is normally when it involves working adults or at least older teenagers living at home... not toddlers under the age of 10.
But that is exactly what Texas father Madden is doing.
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He has taken to social media to insist that he is actually teaching his six-year-old daughter, Rose, fiscal responsibility and even broke down how she gets ‘paid’ and how much he charges her.
Madden works full-time as a territory manager for a mechanical distributor in Central Texas and has said he has seen many adults struggle with basic money management skills and was determined to ensure his daughter wouldn’t become one of them.
Speaking to People, he defended his move and said: "I thought, if she’s going to earn money, it’s also important she learns that not all of it is hers to spend.”
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Rose earns money by doing chores around the house and doing her responsibilities without being asked, like brushing her teeth or tidying up.
These tasks equate to points and once she's reached 25 points (for the week), that is worth $5 and if she gets 30 she earns a bonus.
Of her take home figure, she pays 20 percent towards rent and utilities. In a video posted on his TikTok page, michael_talksmoney, he showed himself asking Rose for her rent bill of $3 and 1$ utility bill.
Madden clarified: “It all gets saved for her.
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“We don’t take her money. It’s more about showing her that when you earn money, a chunk of it goes toward your needs before your wants. It’s a budgeting lesson in disguise."
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However, Madden has received some pushback on social media about this method.
One person commented: “What’s wrong with being a child and not having to worry about money rent and utilities?”
Another added: “Teaching them to pay bills is not teaching about money.”
While a third agreed and wrote: “Damn. She gonna pay bills literally her entire life. Like she won’t even get to enjoy being a kid.”
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However, others have remarked at how much of a good idea this is.
One person commented: “It’s actually smart. She learns young. Knows the value of a $. Good smart parenting.”
With another wrote: “Wait I wish my parents did something like this financial literacy and comprehension is so important.”
Do you wish your own parents did this to you when you were growing up?