Teen summer jobs: Whose money is it, anyway?
Summer is a good time for your kids to earn money -- and also learn financial responsibility.
Summer jobs for high school kids are a great thing. They learn about work ethic, stay busy, make friends and even make some money. But who's in charge of that money once they've made it? Ron Lieber of the New York Times to give his perspective on how parents should deal with the money their children make.
"It's not technically your money," Lieber said. "But you make the rules, assuming the kid is living under your roof and the kid a minor."
He said part of determining how much financial freedom you give to your children depends on why they are making money. If the child is working because they contribute to the family or because they have a specific goal in mind (i.e. a car, college), they should have less control over their money. If the child is making money just to earn some extra pocket money, Lieber says that's when parents can let kids have greater ownership over their hard-earned cash.
To learn more about how you can make the most of junior working this summer, take a listen to the audio above.