Hi There,

Welcome to this week’s Mini Millionaires.

With tax season in full swing in South Africa, it might be a good time to talk to your mini millionaires about it.

No matter your opinion on it, reality is that tax forms a significant part of our lives, whether you’re spending or earning.

In this edition, we’re talking about: How to teach kids about taxes

We unpack this week’s mindset, habit, and tip, as well as a (free) resource to help land the lesson and get your mini millionaire ready for the real world (and SARS). 

We’ve loved hearing from you, so please keep those messages coming.

No matter your thoughts on taxes (or how they end up being used), taxes form a significant part of our money conversations.

And while it may seem like something only adults worry about, kids are already living with the benefits. 

Think of the roads we drive on, the schools kids attend, and even some of the services provided by the government are paid for using taxes.

Most kids, however, don't realise that. Instead, their first tax experience often comes as a shock when they receive their first payslip. 

Teaching about it early reframes taxes as shared responsibility, not just “money disappearing.”

Taxes are how we all chip in.

It’s easy to see taxes as losing money (trust us). 

But kids can learn to view taxes as a way of contributing to society. 

Research shows that even mini millionaires as young as 3 years old are able to demonstrate fairness, indicating an understanding of the idea of sharing resources.

Explaining taxes as teamwork helps kids see the bigger picture: If everyone gives a little, everyone can benefit more, from playgrounds to hospitals, schools to parks, and everything in between.

Takeaway: Help your child understand that taxes are about being part of something bigger.

Practice “earning minus sharing.”

Use their pocket money to teach a hands-on lesson. 

Try setting aside 10% as a “community jar.” Later, that jar can fund something for the whole family, like pizza night or movie snacks. 

By practicing “earning minus sharing,” kids can get comfortable with the (inescapable) idea that not all the money they earn is theirs to keep.

Takeaway: Build the habit that a slice of income always goes elsewhere, so taxes never come as a surprise.

Turn taxes into a game.

On “income day,” let kids earn play money through chores or pretend jobs. 

Then introduce family “services” like the internet, electricity, toy rentals that they have to pay for with a portion of their earnings. 

Linking payments to real benefits turns taxes from an abstract concept into something they can see and feel.

Takeaway: Gamify taxes so kids connect payment with privilege, making the why behind the what clear from the start.

Alongside the usual Save, Spend, Share, and Sow jars, we’d like to introduce a Services Jar. (If you don't know what we’re on about, learn about the 4 Jars System.)

Here’s how it works: Everyone chips in a little (just like paying taxes), and that money goes toward things the whole family uses, like electricity, WiFi, or water. Kids get to see that while taxes feel like giving money away, they actually give back in shared benefits. 

Reflection questions spark good conversations about fairness, responsibility, and community. 

The Services Jar makes taxes tangible, practical, and even a little fun for your mini millionaire.

Grab our free, downloadable resource to add a 5th ‘Services’ Jar.

Ever wish learning about money was as easy (and fun) as playing a board game?

Well, you’re in luck. 

We‘ve created FinMaster, a family-friendly board game designed to teach kids the core principles of money. Through playful challenges and real-life scenarios, kids learn about saving, spending, taxes, and investing while having fun. 

It turns financial education into a shared activity that sparks conversations and builds lasting money skills.

We’re all sold out on this run of FinMaster, but you can already place your order to get a copy for Christmas.

But if you can't wait till then (we don't blame you), you can find FinMaster at these Stockists:

Last week, we asked you how you would approach it if your child wanted something they couldn’t afford. And the consensus is that saving and waiting, or earning it, is the way to go.

🟩🟩🟩🟩🟩  🕰️Save up and wait

⬜️⬜️⬜️⬜️⬜️ 💳Borrow with rules

⬜️⬜️⬜️⬜️⬜️ 🤔Compare options

⬜️⬜️⬜️⬜️⬜️ 👨‍👩‍👧Depends on the child

🟩🟩🟩🟩🟩 🎯Earn it first

What you said: 

“As far as possible save up for it. Second place earn it. Last resort borrow with some rules in place.”

Jason

That’s a really great balance between teaching your mini millionaire about getting something they can't afford, and helping them get it if they have no other option.

What’s the mindset, habit, or tip you want to try this week?

What worked, what didn’t? Or is there something that’s got you and your mini millionaire excited? 

We’d love to get your thoughts, so hit reply to this email and let us know what's on your mind.

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