#6: Slob Tax, Alternatives to Chore-Based Allowance, and More with COR Parent Nora Ellish How To Teach Your Kids About Money

In this sixth episode of our How to Teach Your Kids About Money podcast, Alec and Julie interview Cents of Responsibility (COR) parent Nora Ellish. Nora shares some of her money-learning adventures with her kids including an ingenious way she created to manage her kids’ not doing their share of household chores: A Slob Tax.

She also shares some of her lessons and wins after she took our Cents of Responsibility Course for Elementary Parents, including bringing her whole family (including her husband) on board with monthly allowance, using “real money,” and teaching her kids to allocate between Spend, Save, Invest and Donate.

One big win was realizing that as soon as they had to spend their own money on wants like a Kendra Scott diamond necklace (these go for $65 and up), collectible cards, or apparently everything in Home Goods for a bedroom makeover, Nora’s kids decided they didn’t want those things so badly anymore. There were definitely some emotions like disappointment, envy of friends, and more, but Nora has found the journey to be extremely rewarding for her family. 

Other money-teaching lessons and wins Alec and Julie discussed with Nora:

* How to deal when your kids’ friends don’t have the same budget or they seem to get everything they want

* An effective way to teach her kids the importance of donating

* Deciding what the parents will pay for versus what the kids will pay for with their allowance

* Practicing the habit of saving

* Alternatives to chore-based allowance: How the slob tax works

Read more about the Slob Tax here: 

https://www.centsofresponsibility.com/blog/theslobtax?utm_source=podcast&utm_medium=organic&utm_campaign=episode6

 

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Guest Bio:

Nora Ellish founded Colebrooke Media Group in 2011 after a storied history working with high-profile media brands, including NBCUniversal, where she helmed communications efforts for the preeminent media company’s Content Distribution business and the distribution of an impressive portfolio of top-rated cable networks and the Olympic Games with multi-platform partners. Nora also led rebranding efforts for the pop culture powerhouse Bravo Media, and publicized the Emmy-winning series "Top Chef " and "Queer Eye," among others. 

Nora’s career began with an article she wrote for her college newspaper, The Florida Alligator, in her sophomore year, entitled ‘Roofies: The Date Rape Pill,’ which was discovered by a high-profile New York-based producer of ABC News 20/20. He pursued Ellish’s sources for a groundbreaking piece on the popular newsmagazine show, and as Barbara Walters’ private producer, he brought Nora on board to be her intern. She then landed a second internship her junior year at NBC Dateline, and went on to kick start her career as a television producer on live national shows that included ABC’s “Good Morning America,” NBC’s “Later Today” and Lifetime’s “Lifetime Live.” She later found herself on the other side of the pitch as a publicist and President of her own shop.

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In this episode:

- Alec Lindenauer, COR's Chief Allowance Officer

- Julie Frans, COR's Chief Community Officer

- Nora Ellish, CEO of Colebrooke Media Group and COR Mom

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Resources for Parents and Caregivers

Want more resources to teach your child about money? Check ‘em out here:

💰How To Teach Your Kids About Money Parent Resources

https://www.centsofresponsibility.com/resources

💰Cents of Responsibility Blog:

https://www.centsofresponsibility.com/blog

💰Cents of Responsibility YouTube Channel:

https://www.youtube.com/channel/UCj_u...

If you’ve thought about taking a complete, comprehensive course to learn everything you need to know about starting your kid with allowance, and then using it to teach them all about money, check out our flagship course here: https://www.centsofresponsibility.com/CORCourse1

And if you’re a parent who