It is important that we teach our kids the importance of earning, saving and investing money from an early age.
Regardless, if you give your children an allowance, put money in a piggy bank, deposit cash into a saving account or invest in their education, a plan for the future should be a part of the process.
When children learn about earning, saving and investing from an early age they have the opportunity to set themselves up for success. As parents you may learn some valid ways to apply what you are teaching them to your own finances.
Sometimes the unfortunate part of growing up as children is that parents don’t teach their kids about finances because they were not taught about money.
But today you and I can change that for generations to come. There is a lot of information available online, on social media, on the news, in books and at your local library.
At the end of this article you can find resources you can use to teach your kids about earning, saving and investing their money.
I believe we should treat our finances like we do a good workout partner. A workout partner keeps us accountable to our diet and daily exercise so we can reach our goals. I believe a financial education partner for our kids could benefit them the same way.
Do your children have a need or want? Have they been saving their hard-earned allowance money for something special. Do they have a reason deeper than just a want or need?
At the current savings rate, how long will it take your children to save, if they started today?
Depending on their age, what if they could use an hour or two of their spare time to earn extra income?
Could that help them save money faster and/or even create an ongoing business opportunity into the future?
Ideas For Earning, Saving and Investing for kids
Below are a few idea for children, even adults, to make some extra money and learn about business, strategy and entrepreneurship.
Could your children apply one or more of these ideas and begin saving, earning and investing their hard-earned money? Could they be the next Bill Gate, Jeff Bezos, Warren Buffett, Elon Musk or Mark Zuckerberg?
Everyone gets a start somewhere and maybe they will get their start here:
- Rake leaves and/or mow the lawn in Spring, Summer and Fall
- Shovel driveways and/or sidewalks in Winter
- Go door to door offer hand wash cars in the neighbourhood
- Go door to door collecting cans for deposit
- Doing chores around the house for an allowance.
- Going door to door and asking if you can have good condition unwanted goods. Then resell them.
- Have a yard sale
- Sell lemonade and/or Kombucha (This is what my wife and I will help our daughter with)
- Bake some goodies and go door to door selling those items
- Watch a neighbors pets when they go on vacation
- Look for ways to help the elderly
- Make YouTube videos reviewing toys or products
- Make and sell crafts
The possibilities are endless for children to earn money and learn valuable skills.
A step by step process will help children break goals down into smaller and easier to attain parts. Think of ways big goals can be broken down into 3-5 smaller easier to attain steps.
Help children understand that on the way to their goal, they should not be distracted by the smaller successes. Those successes should be celebrated but not confused with believing that they have arrived at the final goal.
As children learning to earn and save, it becomes important for parents to talk to them about different strategies to invest the money to it can grow.
Children should be encouraged to talk to close friends about earning, saving and investing money. Children should have similar goals but different ways of thinking.
It is always a good idea to see what others are doing to save, create and grow their wealth.
Children should be taught about creating and sticking to a budget. This is one thing learned from my parents and will teach to my daughter.
I believe helping children stick to a budget can be easy if they touch and feel the money. They can see when they buy something that they give money to someone. They in turn get back less than what they gave.
Sure they got a product or service. I believe the real education comes when they can see what their money buys today and what it could buy if they wait and become disciplined.
Learning and teaching children the power of a dollar, from a young age, will set them up for future success. Kids will turn into adolescents who are financially literate.
These children will hopefully not get into financial trouble through debt by overspending. They will understand what it takes to earn, save and invest so they can not only have a better future but help generations after them have a better future.
- Avoiding the Money Trap
- Make Money Buying and Selling
- Review Products and Services
- Making Money in your Spare Time
- Drop Shipping Products to Customers
- Learning about Different Credit Products
- How to Up Sell and Cross Sell
- Raising Responsible Children
Start the process of earning, saving and investing by encouraging your children to be a part of the process. What will you encourage your children to do as a “side hustle”.
Leave a comment below tell me what you encourage your children to do as a “side hustle” and how will you be a part of the process?
Don’t just imagine change in the life of your children be the change your children need to see.
Founder and CEO, Discover Your Life Today
Maveen has built his career in Banking, Insurance, Home and Automobile Sales. Providing exceptional customer service is his passion. Writing is a way to share his knowledge and help change the lives of million of people. Like the Facebook Page to support him.