Third-grade teacher reveals 'genius' method for preparing kids to handle money in the real world - which sees her charging them $5 RENT for their desks and FINING them for offences like tardiness and disrespect

A teacher has revealed how she teaches money management to her third-graders, charging them faux-money to 'rent' their own desk among a variety of other strategies within what she's dubbed her 'classroom economy.'

Shelby Lattimore, a third-grade teacher in Charlotte, North Carolina, made an announcement to her class back in October 2022: 'Your rent for your chair and your desk is $5.'

'I'm finna be broke!' yelled one of her students from off camera, but Lattimore held firm.

'You'll earn more when you get another job,' she reminded the kids, referring to the various classroom jobs for which they're reimbursed with play-money. 

Shelby Lattimore, a third-grade teacher in Charlotte, North Carolina, put a 'classroom economy' into place to teach her students about basic financial management

'I teach them the responsibility of handling money that they earn through their class jobs,' the teacher emphasized 

The tasks include - but are not limited to - line leader, door holder and table washer, with paychecks coming from Lattimore every other Friday.

'It started with assigning jobs. Everybody gets class jobs at the beginning of the year,' she explained of her classroom-economy's origins in one TikTok. 

'Line leader, door holder, door opener, lights, calendar, technology person, recess basket, lunch basket, table washers, teacher helper, and eraser,' she further listed.

She added that, depending on how much work each job required, she'd pay them $5 or $10 once or twice per month. 

The kids can also change jobs every two weeks. On top of their jobs, they can earn extra cash for running various errands for the teacher - and can get paid for their homework and high test scores as well. 

Then, on a monthly basis, she collects $5 from each of them as faux 'rent' for their desk and chair. 

But, the kids can also spend their money on various rewards and perks with the cash they save up - like 'eating in class pass' for $3, or, for a hefty $30, being 'teacher for a day,' and even on 'homework passes,' according to Business Insider.

On the other hand, she charges them 'fines' for 'late work, disrespect, or, breaking stuff' on purpose. 

'A lot of my kids come from families that live check to check and are not in the best financial situation, so I don't think they're too young to ever learn how to handle money,' Lattimore explained

The teacher has been widely praised by other users on the video-sharing platform as one viewer wrote: 'I love that you are helping teach financial literacy'

'A lot of my kids come from families that live check to check and are not in the best financial situation, so I don't think they're too young to ever learn how to handle money, how to use money, and how they want to use their money,' she explained in another video. 

'I teach them the responsibility of handling money that they earn through their class jobs,' she emphasized. 

'How they want to use it, when they want to use it, what they want to use it for is up to them,' she continued, adding she follows 'certain rules,' just as there are 'certain rules' around real money handled by adults. 

The teacher has been widely praised by other users on the video-sharing platform as one viewer wrote: 'I love that you are helping teach financial literacy.'

Another added: 'This is genius and I wish more teachers did stuff like this. Do things that they will actually need to know for life as an adult.'

And a third said: 'This is a great concept! You’re giving the kids understanding of the real world. This is something that should be taught all throughout school.'