20 May Summer, Cash and Kids
It’s great to see summer finally approaching. This is a great time of year to do take personal and professional inventories to make sure you’re still on the right track. If you’ve veered off the path, now is the time to make adjustments.
The summer brings new opportunities and for many this is a good time to see things in a brighter light. Center yourself and make sure you’re open to all new opportunities.
If you have kids you know summer time means school’s out! Summer break presents an excellent opportunity to teach kids wealth building skills. Why not take this summer to show your children how to create their own cash?
Teaching your children the value of money is one of the most important lessons they will learn from you. If they learn at a young age to generate and create their own cash, think of how much further they can go! I truly believe people from all walks of life, both young and old, possess the ability to leverage their assets, skills, and talents into a Cash Machine. And kids come up with some of the best ideas!
When talking with your kids about starting a Cash Machine the best advice is to make it real. If you’ve been in the process of building a Cash Machine of your own share with them your experience and show them what you did and how you did it. Sit them down and help them list all of their skills and talents. This is a great activity to share with your child on many levels. Tell them how their skills and talents translate in the world of money. Remind your kids that a Cash Machine might not be the job they adore, show them how a little hard work can earn them cold hard cash. Mowing lawns might not be glamorous but can certainly put money in their pocket.
When going through the discovery of your child’s skills and talents, start thinking of age appropriate wealth building activities. Kids as young as 5 or 6 can start learning these skills by earning an allowance at home, older kids can do work for close friends and family, and teens can even start their own businesses online or throughout the community. Please remember to monitor all of their movements and stay involved in the process.
Even before they begin earning money sit down and have a conversation about how to handle money. Have them start learning to divide their earnings into separate accounts. Kids need to learn about saving and spending. Teach them the differences between incomes, expenditures, profit and loss. If they don’t learn this from you, it’s likely that by the time they do, it will be too late. Have them set up a bank account even if you’re the bank of Mom or Dad. Again make it real.
Kids raised by entrepreneurial families have a unique opportunity to create many cycles of wealth building. Encourage your kids to earn and learn.