Obama girls get their own presidential lecture on fiscal responsibility

July 23, 2010

Just because they live in the White House doesn’t mean they can’t earn a little pocket money.

President Barack Obama says his daughters get an allowance and are nearing an age when they can earn some working capital by babystitting. OBAMA/

(We’re thinking the client’s child would be among the most protected on the planet because the babysitters come with their own bodyguards).

Obama was asked on ABC’S “Good Morning America” what the First Parents are teaching their daughters Malia, 12, and Sasha, 9, about money.

“What I’m doing now with Malia and Sasha is … they’re getting an allowance. They’re starting to get old enough where they may be able to earn some money babysitting. They’ve got their own savings accounts,” Obama said in the ABC interview.

(Our subsequent efforts to unearth how much allowance the Obama girls get have so far come up empty handed).

“And what I’m trying to explain to them are basic concepts about savings, about interest, about being able to use the math skills that they’re learning in school to figure out that if  they keep $100 in their bank account at 2 or 3 percent interest for six months, this is how much money they’re going to have at the end of it,” Obama said.

An informal survey of nearby parents reveals that babysitters can earn about $10 an hour, give or take a couple of bucks.

Probably not a bad rate to pay someone who comes with a driver and armed protection thrown in.

Photo credit: Reuters/Richard Clement (Obama with his family arriving at White House after July weekend in Maine)

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For parents who are looking for a simple, structured way to teach their kids, tweens, and teens good personal finance habits and a solid work ethic, check out the growing array of online apps in this area. To be balanced (since I founded one :-), I’d suggest checking out three common ones – FamZoo, ThreeJars, and Zefty.

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