In an effort to raise financially independent kids, the Economides placed great emphasis on the concept of delayed gratification.
Every week, their kids received a modest "paycheck" for helping out with household chores, and they were then tasked with managing that money. "By giving them $4 to $5 a week to manage, they didn't buy $50 items right away — they saved over a long period of time," Steve says. "They developed a muscle that saving a bit of money over a long period of time would get them to their goals — whether it was an American Girl doll or a new bicycle. When they got older, that translated to buying cars, paying for homes, and saving for college out of their earnings."
