Money and Cryptocurrency
While some children grasp the concepts of money very quickly, others find it more difficult, especially the value of money. As parents, it is our responsibility to guide and teach them. In the future we will see a steady decline in the use of cash as electronic payments take over more and more. It can be even harder for a child to understand this virtual money as it is less tangible. Jonty Shekels were created as a way to introduce children to the concepts of money, work, investing and saving.
As a cryptocurrency it has the benefit of being easily bought, traded and exchanged. So whether it is pocket money or payment for chores, it can be sent directly to a child’s wallet and they can choose how to spend, save or invest it.
Saving and Investing
Saving and investing for the future are important ideas to instil in your child. At launch the JSHK token will have a real world value that can be traded on the open market.
As a teaching tool the JSHK token can show how work can be converted into rewards. Even better, this is a real world investment for your child. While the idea behind Jonty Shekels is to gamify the idea of money, making the concepts easy to learn, the fact is the value will fluctuate as the tokens are traded. This is a real world investment that in years to come could make a difference to your child.
Of course, prices can go up and down. An important lesson that may also be learned. This is not investment advice and should not be taken as such.
Younger Children
For younger children, the saving and investing may be too much. By making Jonty Shekels a game (they sound funny!), you can encourage good behaviour and positive outcomes.
A simple wall chart with different amounts of Jonty Shekels can be put somewhere prominent, such as on the kitchen fridge. Simple things like being nice or generous to a friend or sibling can have a reward. Build upon this with other positives, such as helping to tidy and clean, or even finishing all your vegetables!
Smaller children will not have their own device to store their tokens, but separate wallets can be created in TrustWallet (see the link at the top for how to set this up). Show your child how their good behaviour and hard work is making a difference to their balance.
As a reward they can be allowed to spend Jonty Shekels with the bank of Mum and Dad. Perhaps it is 1 Jonty Shekel for a snack treat or 5 Jonty Shekels for a trip out somewhere special. Of course the JSHK tokens will be sent back to your parent wallet, so no investment is lost and you can continue to use them.
Older Children
For older children this can be the first steps into cryptocurrency and the benefits of saving. Rewards such as the ones for younger children can be modified. So washing the car, working hard on their schoolwork, taking the rubbish out or tidying a room could have a token reward. While the bank of Mum and Dad may still offer some incentive, as they grow older they may want to exchange their JSHK tokens for spending money and transfer it into a bank account.
This is a quick and simple process that will allow them to see tangible benefits from their hard work. Spending the money you have earned feels much better than money you have been given. It has real value.
