My parents are visiting this week and my kids are getting spoiled rotten. Little J has been saving his money to buy a Star Wars Helmet. He had saved about $15 and was still about $15 short. My parents know that we are really encouraging him to save and earn money for purchases like this. However, while they are here they really, really wanted to get him something he wanted. They asked if they could "loan" him the money. I said that would be ok, but I wanted him to be clear as to what a "loan" was. I explained our values and beliefs about borrowing money and that it would be important for him to pay Nana and Papa back.
So, on the way to the toy store, my father asks, "Little J, do you know what a loan is?" Little J responds, "Yes". Papa says, "What does a loan mean then?" Little J says, "It's when you look around, and no one is around you!" We're still giggling about it.