Grade 1 Lesson 5: Income

Income is #money that someone gets for doing #work. Most commonly, it is money that is paid by an #employer to an #employee in exchange for work. The amount paid may be fixed for each task completed or it may be #timebased. Money paid by an employer to an employee is often called a #salary. And the "work" itself is commonly called a #job.

It is important for #kids to understand the concepts of work, job, and income early in life. They should know that their #parents do #jobs and their income brings in the money that is then used to #buy things for everyone at home.

An easy way to explain this to kids is by giving them an #allowance for completing a set of #chores in the house and allowing them to decide where to #spend their allowance. When you do this, your kids will begin to ask you several questions on their #earnings, how much things #cost, and how much do they need to #save to buy their favorite toy.

Be sure to explain to your kids that while work is very important in life, work can be more than just a means of earning money. If possible, they should do a job that they find #interesting and #meaningful, and through which they can make a larger #contribution. They should also understand the relative importance of work and #family and of working towards a #balanced set of #priorities.

ayu ecosystem #finance #financialliteracy #education

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