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Teach Your Child How to Earn Money

As parents we are consistent in teaching our children daily and educational factors. We teach them how to walk, talk, eat properly, ABC’s and a variety of facets that incorporate our daily lifestyles yet, we rarely think about teaching them how to earn money. You’re not alone on this, with so many other things parents need to teach their children, giving them the entrepreneur spirit early is hardly ever on the to-do list.

Not to say this topic would not be an extremely valuable commodity when they are in their adult years. Children who learn how to make money at an early age are more inclined to carry a career position in their adult years that holds financial and future security. We have provided you with a variety of simple teaching tools to aid you in teaching your youngsters about how to make money at an early age. It may be easier than you think.

Preschool
With preschoolers you can start by teaching them about making money around your house or family and friends homes. This can be done by picking up sticks for a price per stick, by the minute or per stack of sticks. For instance you can offer them .02 per stick.

Once your preschooler has picked up enough sticks to have made a few dollars you can discus with your preschooler the point of saving or give them the option of using the money for a new toy they had been wanting for some time (although it is good to teach your children the value of saving money, learning the value of earning money and having the ability to spend it on something they want is the lesson when making money for the first time).

Main points to address:

  • Allow them to make so much on dusting (.50 per object of dusting) or other chores.
  • Get your family involved in offering your children small projects to do around their house.
  • Allow them to spend so much money, give them the enjoyment of spending as well as saving; this gives them the incentive to work again.
  • Show them the cost of things at the stores, explain to them how much they made and how much various items at the store cost; for example “This Barbie costs $10.00, you have made $3.00 so you don’t have enough to buy it this time, but if you put aside $2.00 this time and another dollar a day, then you can buy it in just eight days. E/li>

Grades K-3rd
Take a moment to sit down with your child after a payday, if you own a business you can use a check from a client or your bank statements, and discuss your pay scale and job performance, hours of work and the benefits of your job, if you are comfortable with this tactic. You can also administer duties for your child and offer an allowance per job or per week.

Main points to address:

  • Offer regular presentations of your pay stubs and explain hours, hourly rates and amount made for the week.
  • Be consistent with allowance and payment, encouraging job performance evaluations and bonuses.
  • Allow them the ability to spend some of their hard earned cash; it is also encouraged to have them save some of that money in a bank account.

Grades 4th-6th
With older children you can allow them to run a small business from your home, with your help and supervision. They might open a lemonade stand in the summer, have a small paper route for the local newspaper, have a bake sale at flea markets or other local events or provide lawn care or snow removal services in your neighborhood or to families and friends.

Main points to address:

  • Enjoy the benefits of having a small business with your child.
  • Explain and show the costs of buying materials and their net and gross earnings, after factoring in the material costs.
  • Search for other creative, fun and money making opportunities in your area that your child could benefit from.

Resources
Resources that can help you in your venture include:

Posted in Education.

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