Mom Reveals Unique Lesson on Money Not Growing on Trees

After begging for a new PlayStations, the mother says she and her husband drafted loan contracts.

One mom drafted a loan contract for her sons’ PlayStation. After begging for a new play-stations, the mother says she and her husband drafted loan contracts for the 12 and 9 year old boys. At first they thought maybe they should just tell them they need to save up more chore money but then decided it was a perfect opportunity to teach them about loans, credit and debt collection. The boys signed it willingly with the understanding that they would be doing a lot more around the house to make payments.