How to stop a 7 year old from taking money from friends?

Question

My 7 year old son has been taking money from his friends in exchange for lunch items, trading cards, etc. I've already told him to never take money from kids at school for anything, but after a phone call from the school principal today, I'm finding out he has continued to do it.

What would an appropriate discipline be?

Answer 1

tell him to stop giving away his things or you wont buy him anything anymore

Answer 2

take him to the juvenile hall. tell him the next time you are not just going to show it to him. The next time you are going to take him inside. at the age of 7 this should work for you.

Answer 3

Take the money away from him. Tell him that if he does it again, he will recieve a consequence. Tell him specifically what the consequence will be. For example, 'If you take money again, you will not be allowed to watch TV for one week'(or whatever you feel is an appropriate consequence.) He sounds like quite the entraupeneur!

Answer 4

Perhaps you could make it so that he is paying YOU that money for selling the things you provided him.  He will realize that he's not getting benefit from this.  He will see that these things are not for sale, and unless he personally has purchased his lunch with his own money and other items he has to see was first bought by him...he has to give up the money to his parents, who bought these items in the first place.  If  you want to take a step further, you could talk to the parents he has sold these things to, and make your son "buy" them back...with the cooperation from the parents.

It's good he is interested in money and making money, that is very good, in fact...but not at your expense.  

There is a really good book for parents to read that teaches kids about a good financial head start.  It's called, "Rich Kid, Smart Kid", by Robert Kiyosaki.  It seems your son just needs some educational guidence.

Answer 5

Make him donate all the money to a charity.

Answer 6

What's wrong with making money? Do you restrict his money?

If he's selling your things, or things that you payed for, then it's a problem. But otherwise, I don't see anything wrong with it.

Answer 7

Tell him that if he continues, you will make him donate it to a MidEast Foundation, and say that "kids over there don't get a chance to get money".