This is part of The Wealthie Interviews With Kids, our ongoing series that helps parents talk to their children about money. Today’s kid is Kavi, a 12.5-year-old. Want to ask your kid these questions? Our script is here, and if you’d like us to publish the results, let us know! We’ll commission a portrait for every kid we feature.
What would you do if I gave you $10?
I would put it in my wallet for spending money.
What would you do if I gave you $100?
I would put it in my piggy bank. It is more than $10 and more than spending money, so I would save it for clothes, shoes or video games.
What would you do if I gave you a million dollars?
Make a bank account and deposit it, because it is safer that way.
What’s the best gift you’ve ever been given?
It’s between my phone and PS4, because both allow me to interact with friends.
What’s the worst gift you’ve ever been given?
Sandwich maker, because I can’t put it to use it at this age.
What’s the cheapest thing you can think of?
Candy, because it is at convenience stores.
What’s the most expensive thing you can think of?
A house, because houses in Toronto are so expensive.
How do people get money?
Working, investments, gambling, sales. My parents work for their money and I learned about investments in class. I am aware of the shoe resale market where people make a profit on shoes they bought.
What can people do with money?
Spend it, save it, give it, or lend it. That’s what I see people around me doing.
What are THREE things people should know about money?
Save it. Money is not the whole world. Spend it wisely.