Your Child Wants To Make Money – Supporting and Encouraging Your Young Entrepreneur
June 26, 2013
6/22/13 Our oldest son turned 14 last weekend but has been earning money on and off for about a year. Last year he did some babysitting, he’s come to work with me and done some filing, he’s been cutting the grass for Grandma and this Spring he started breeding rabbits and selling the bunnies on Craiglist (he just recently sold 6 bunnies at $20 each).
Here’s one that’s currently available for sale on Craigslist. The last of the bunnies until my son breeds more. But he’s researching and studying up a bit more on breeding (how often they can breed) as well as learning about selling trends on Craigslist!
He’s now raising baby chicks (that are in high demand) that he will then breed and sell the eggs on Ebay.
Even this past Winter, after the snow had fallen he went out wanting to help some elderly people in the neighborhood by shoveling the snow for them, who in turn gratefully gifted him a few bucks for his help.
He came up with the ideas himself (since we already had some rabbits and chickens that he’s been taking care of). He’s loved working with these animals for the last couple of years and I’m so happy that at this young age, he’s found a way that he can make a little money doing something that he enjoys.
I guess it helps that his Mom owns her own businesses, one of which is reselling on Ebay. Dad also breeds and sells canaries, as well as doing some custom woodworking and renovation side work. He and my son went to an animal market a couple of weekends ago and made $500. So my son is certainly exposed to Entrepreneurship almost every day. I’ve also explained and demonstrated how his dollars can become his employes and he’s even more excited now to make and SAVE his money.
I think that one of the most important things that we’ve done to help encourage our kids to learn to make money is that we have taught them that money does not grow on a tree, that one must go out and make it before you spend it. And if the kids want to buy something, they have to spend their own money.
It’s a personal thing, but we do not give our children allowances. In the real world, we work on commission. You work, you get paid, you don’t work, you don’t get paid..there are no allowances in real life. What’s great about this is that when they DO spend money they have, they are more thoughtful about their purchases (when they are gifted money for birthdays and holidays, they can only spend a small portion of it, the rest is saved/invested). Or if they don’t have money they get very creative in coming up with ways to get what they want, either by finding ways to earn money or even bartering with friends (our youngest son (7) does this with his toys). This also helps a great deal to combat our society’s Childhood Entitlement Disorder!
Help and encourage your child to make smart choices with their money when they are young so that these skills stay with them when they become adults. You might even be helping your child become financially independent at a young age. Check out this awesome and inspiring story of a 14 year old who becomes a landlord by purchasing a house she rents out!
Do you guys have Young Entrepreneurs at home? I’d love to hear about it!