I’m a sucker for tradition. Actually, I am a fan of nostalgia – things that make you warm and gooey and bring you back to the days of your youth. When it comes to issues of personal finance, however, nothing I was taught (even the more “traditional” lessons) really panned out for me. While I’m a big believer in balancing the budget, following the law, and doing your share, I won’t teach my kids money lessons that are popular simply because they are old. Here are a few examples of lessons that are still being handed down from generation to generation – but that really need to stop.
“Be a Company Man”
There are two problems with this lesson. First, there are no company “men”. Just as many women are pulling down a fair wage in today’s economy, and the occasional guy who spouts this lesson may also still think “women shouldn’t be in the workplace”. The second issue I have with this is becoming more obvious in this current economy. Companies try to take care of workers, but they can only do so much. Be a family man. Be a man of truth. Be a funny man. But don’t ever base your identity solely on the corporation who signs your checks.
In conjunction with World Children’s Day, Hartamas Shopping Centre (HSC) and Yuber, which provides child training services, organised the Kids Marketplace recently to encourage the entrepreneurial spirit in youths.
The highlights at Kids Marketplace included the Kids Entrepreneurship contest, Cashflow 101 for Kids Challenge, workshops by Yuber and a green bazaar.
A total of 39 teams comprising 78 youngsters participated in the Kids Entrepreneurship contest for the chance to win holiday packages, Yuber scholarships and the grand prize of an Asus Notebook.
Participants who were grouped under the junior (aged 8-12) and senior (aged 13-18) categories competed for the Best Display, Most Creative and the Most Promising Young Entrepreneur Awards.
The Most Promising Young Entrepreneur, in particular, were judged based on creativity and leadership skills, as well as the ability to make the most profit from an undertaking.
With the right lessons and planning, your kids, as they grow older, may be able to avoid money traps like getting deep in debt from those alluring but deceptive credit card offers—and embrace sound strategies as they save for big purchases such as graduate school, car, and a home.
Here are some golden rules about money to pass along to your children.
1. A penny saved is a penny earned.
Parents can start teaching kids about earning money as early as elementary school, Silverman says. Set a weekly or monthly allowance for chores done around the house, and offer extra for helping neighbors and performing other tasks. “Allowance should not be seen as an entitlement; it should teach responsibility,” Silverman says.
Then show your kids how to split their earnings into four money jars: for saving, spending, giving, and taxes. While younger children may not necessarily owe Uncle Sam a portion of their earnings, an awareness of taxes can be useful. “As they get older and get into the workforce, they’ll find that what they earn and take home are two different things,” she says of the importance of setting aside tax funds.
Ten-year-old Evan Lipset is learning how to delay gratification one mouse click at a time. With the help of the interactive online allowance tracker, ThreeJars.com, he can sit back and watch his money grow and choose to either save, spend or share it.
Since logging onto the Website 10 months ago, he’s decided to save his allowance to the tune of $500, an absolute triumph if you ask his mom, Debra.
“Evan couldn’t hold on to money,” she says. “If he got a dollar or if he got birthday money he’d spend it immediately on really silly things…now, he’s running home from school and jumping on the computer to check his balance.”
When it’s time for his $10 per-week allowance, Evan receives an IOU from his parents, which is deposited into his virtual account on the Web site. His account also earns a small amount of interest. The site charges $30 a year after a free, two-week trial, but his mom says it’s worth every penny because it’s helping her son to prioritize and set financial goals, something she never thought possible at his age.
During the vacations your kids can try out some easy ways of earning money. With this, they can gain experience and this way they’ll stay active. What’s more they’ll love the idea of earning some extra pocket money for their expenses. This will also help them learn the value of money and the effort it takes to earn money. These are fun-filled ways which they’ll enjoy and also help them explore their creativity and skills. So let’s move on to know about the ways for kids to make money fast.
Best Ideas for Kids to Earn Money
Pet Sitting
One of the easy ways for kids to make money fast is through pet sitting. This is a fun way of earning money if your kids love to spend time with pets, which usually many kids do. You can ask your neighbors, if they have pets or someone nearby looking for such services and let your kids get started.
Did you like this post? Then you might find these also interesting:
