- Adults role in kids moving beyond their allowance
- Why kids that earn money as teenagers are more successful
- 10 first jobs kids can start off with
- Help them save and invest what they earn
Every kid wants to make money and start being able to make their own purchase decisions. Adults have a role in getting kids started earning, as they transition from receiving it on a silver spoon to earning it themselves. By earning money, kids will start to think about the future they desire and build pathways to achieve it. It's one of the most critical steps in building future financial independence.
Why kids that earn money become more successful
Children that earn money get to understand the value of working hard. By earning a dollar, kids get to better understand the cost of spending a dollar. By earning a single dollar, kids get to think about ways to earn the next dollar faster and faster. It is this basic childhood learning that helped Walt Disney and Warren Buffett build their own financial independence - Walt Disney started selling his drawings to neighbors while Warren Buffett was always doing jobs and newspaper runs, before he bought his first stock in a company at age 12.
10 first jobs kids can start off with
1. The Lemonade Stand
This is probably the easiest business to manage. It only requires lemon juice powder, fresh lemons, ice cube, water, sugar, plastic cups, and a big jar. Help your child put up a lemonade stand in your front yard and invite your neighbors to try this refreshing drink. Hot outdoors? Maybe you could open a lemonade stand, or sell cool drinks to people
2. Homemade Baked Goods
If you can bake banana muffins, cookies, carrot cakes, or other baked goods, then take this opportunity to share your God-given talent to the world. Ask your child to help you sell your baked goods to your neighbors and his classmates. For sure, your teamwork will create positive results.
3. Car wash Service
If you are blessed with space and abundant water, why not venture on car wash service for your neighbors? Your child can also ask his friends to help in the carwash business. The car wash team can even offer home service around the neighborhood. That would be more fun and exciting.
4. Yard Sale
Two kill birds with one stone by holding a yard sale that cleans out the closets while giving kids the opportunity to run their own little family shop. Make sure kids properly merchandize their yard and understand the new prices versus the sale prices to make sure they're only selling goods that are worthwhile.
5. Paper Route
Early risers and kids that like to exercise will be thrilled to start the day delivering papers or pamphlets to the neighborhood. On top of the money earned, kids get to understand the importance of distribution of information and advertising the old-fashioned way.
6. Dog Walking and Pet Sitting
Kids love pets and whether it's their own or someone elses, taking care of a pet helps build up their responsibilities to ready themselves for adult life.
7. Lawn Mowing and Yard Work
Whether it's your own yard, a neighbors or someone elses, there's always yard work that needs doing and everyone would rather the kids did it than themselves. From mowing the lawn and raking leaves, to snow shoveling in the winter, kids can either help out or work independently so long as the appropriate adult supervision is involved.
8. Creating Art
Are your kids artistic, or perhaps you want them to explore their creative side? Think about encouraging them to make pictures and then selling them to family and friends. As they make better and better art, they'll start to learn the benefit of their creative sides while pursuing quality work.
9. Odd jobs
Know some busy people? Ask if you can help them out with odd-jobs
Getting straight A’s? Maybe think about tutoring younger kids.
Help them save and invest what they earn
Once they are earning it, you can start showing them how they can make it grow. Consider opening a Loved account so kids can set goals for things they are saving for and build a portfolio of the companies and themes that reflect their future.