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June 26, 2013

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June 26, 2013

Your Child Wants To Make Money – Supporting and Encouraging Your Young Entrepreneur

June 26, 2013
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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!

Linking with Frugally Sustainable, The Penny Worthy Project, Living Well Spending Less, The DIY Dreamer, Little House In The Suburbs, Modest Monday, Rolled Up Pretty, and Small Footprint Family.

14 comments

  1. Yes, I see we are on the same page when it comes to children working 🙂 I love all of your son’s ideas. He sounds like he will be a good provider some day.

    p.s. I love your blog title–I am a big Dave Ramsey fan, as well!

    1. Hi Leslie. I hope he will. He is more of a nature oriented kind of kid though. Loves animals, fishing, being outdoors, etc. I’m hoping he can find some type of field (veterinary? – although he’s interested more in exotic/farm animals, not so much of the usual cats and dogs) where he can make a good living.

      Thanks so much for stopping by! 🙂

      1. Here I am again! Love the bunny rabbits. My late father used to raise angora rabbits. He would barter the wool with a lady who would take it away and spin it into balls of wool that my aunt would then knit up into children’s bollero tops. But they sure did itch!!

        1. Hi Iforonwy, I’m sure they did itch. Funny as I was just reading the cover of Urban Farms Magazine and in big letters it said “Raise Angora Rabbits”. I haven’t read the article yet, but I’m wondering what else they are good for. I was out thrifting not too long ago and found a gorgeous sweater, but left it behind as it had angora in it and my skin just won’t tolerate it! LOL

  2. Margaret, love this!! We are doing some of the same things here. Our oldest, at 13, is a published author, and we are slowly working with the other kids to help them discover their gifts and figure out ways to make money with them. Great post!

    1. Hey Laurie. I remember reading that on your site. That is awesome!!! We’re doing the same. I was looking through some TED videos and noticed that there is a 6th grader who started developing apps as a hobby and now works for Apple. Wow. It’s pretty awesome what some kids are capable of. We just have to inspire them and encourage them.

    1. Wow..what a smart cookie! Did you suggest that? Or did she come up with it herself? For us it didn’t start until the kids started to realize that if they wanted something, they would somehow have to earn money for it. 🙂 Thanks so much for stopping by!

  3. LOVE IT my son picks dandelion for me from the yard he also helps grandparents out a bit they pay him in quarters which he can divide between his spend save a tithe piggy bank

    1. That’s awesome Laura! We were just picking some dandelions yesterday for our rabbits when I suggested to my oldest son that we need to make a salad for us. Haven’t tried that yet as when we do pick them, they go to the rabbits. LOL

      Thanks for stopping by! 🙂

  4. Hi Margaret! I just found your blog through The Frugal Farmer. I know this is an old post but I was wondering how your son’s chicks turned out? What kind were they and did they sell? I am just starting to raise quail. I haven’t tried hatching any yet but I hope to soon.

    1. Hi Daizy. The baby chicks he was raising are now big and should be ready for breeding in the spring. He did breed one variety. They are called Seramas (I think that’s how they are spelled). They are one of the smallest and tamest chickens around). He had quite a few eggs in the incubator, but only one hatched…about a week ago. The others didn’t make it. This is still all new to him. He had to get rid of a lot of the chickens he was raising because we ended up having a lot of roosters. Now if were in the country somewhere, that would not be a problem, but we are near the city and are not allowed to have roosters. So the ones he is breeding are actually in our garage. LOL We’ll see how it all goes. We also have some bantam Polish chickens (which is cool cuz we’re Polish). They are quite popular. But he has not bred those yet.

      Thanks for stopping by.

      1. I had to look those breeds up. They are great! So pretty and different. I hope he has a lot of success. I decided to list some of my quail on CL because they are surprisingly noisy. If they annoy me, they probably annoy my neighbors. I’m in the suburbs. I read that they would be quieter if I added more females but at this point I just want to get rid of the noise-makers. When I move to the country I’ll be able to get more.

        1. We’re just outside of the city too, chicago ‘burbs. We can’t have anything that’s too lout either. My son has a turkey that he hatched from egg too. And he is huge and sometimes a bit loud too. My hubby and my son were just talking about buying pheasant chicks somewhere in wisconsin. If you buy quantities of 500 or more, they are only $.10 each. Unbelievable. We have an animal market/swap that my hubby and my son sometimes sell at and my son thinks he can then turn them around and sell them for $1 each. We’ll see. He’s full of ideas and always eager to try new things. 🙂

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