Beyond Allowance: Empowering Kids and Teens to Earn Their Own Money
Allowance is a great starting point for teaching kids about money, but what happens when they want to earn more? Empowering kids and teens to generate income beyond their allowance is a fantastic way to instill entrepreneurial spirit, build valuable life skills, and prepare them for future financial success. This post explores exciting ways kids and teens can earn money, from small gigs to launching mini-businesses, and how these experiences can pave the way for their first “real” job.
Why Earning Beyond Allowance Matters:
Earning their own money teaches kids valuable lessons that allowance alone can’t provide:
- Responsibility and Work Ethic: Earning requires effort and commitment. Kids learn the connection between hard work and reward.
- Financial Independence: Earning gives kids a sense of financial control and empowers them to make their own spending and saving decisions.
- Entrepreneurial Skills: Creating a mini-business or finding small gigs fosters creativity, problem-solving, and resourcefulness.
- Real-World Experience: Earning opportunities provide valuable experience that can translate to future job success.
- Goal Setting and Achievement: Working towards a specific financial goal (like a new bike or a concert ticket) teaches kids the importance of planning and perseverance.
Creative Ways for Kids to Earn:
- Small Chores and Tasks: Offer opportunities for kids to earn by taking on extra chores around the house, like washing the car, cleaning out the garage, or helping with yard work.
- Pet Sitting or Dog Walking: If your child loves animals, pet sitting or dog walking can be a fun and rewarding way to earn money.
- Babysitting: For older kids and teens, babysitting is a classic way to earn. Encourage them to get certified in CPR and First Aid to enhance their credibility.
- Tutoring: If your child excels in a particular subject, they can offer tutoring services to younger students.
- Selling Crafts or Artwork: Kids with artistic talents can create and sell their own crafts, artwork, or jewelry at local markets or online.
- Lemonade Stands or Bake Sales: These classic options are a great way for younger kids to experience the basics of running a small business.
- Online Tasks and Gigs: There are many online platforms that offer small tasks and gigs for kids and teens, such as surveys, data entry, or graphic design. (Always ensure parental supervision and safety when using online platforms.)
Taking it to the Next Level: Mini-Businesses:
Encourage your child’s entrepreneurial spirit by helping them create a mini-business. This could be anything from a lawn mowing service to a custom greeting card business. Help them develop a business plan, set prices, and market their services.
From Mini-Business to First Job:
The skills and experience gained from running a mini-business or taking on small gigs can be invaluable when it comes time to get a first “real” job. These experiences demonstrate responsibility, initiative, and a strong work ethic, making your child a more attractive candidate to potential employers.
Preparing for the First Job:
- Resume Writing: Help your teen create a resume that highlights their skills and experience, even if it’s just from small gigs or volunteer work.
- Interview Skills: Practice interview questions and role-play interview scenarios to help your teen feel confident and prepared.
- Networking: Encourage your teen to network with family, friends, and neighbors to learn about job opportunities.
Recommended Reading:
- For Kids:
- The Lemonade War by Jacqueline Davies: A fun and engaging story about two siblings who learn about business through a lemonade stand competition. (Ages 8-12)
- Biz Kids: Make Your Money Count by the Biz Kids Team: A comprehensive guide to starting and running a small business for kids. (Ages 9-14)
- For Teens:
- Rich Dad Poor Dad for Teens by Robert Kiyosaki: A simplified version of the popular personal finance book, adapted for teenagers.
- The Teen Entrepreneur’s Handbook by The Princeton Entrepreneurship Club: A practical guide to starting and running a successful business as a teen.
- For Parents:
- Raising Financially Fit Kids by Marshall Loeb: Offers practical advice on teaching kids about money at different ages.
The Takeaway:
Empowering kids and teens to earn their own money is a powerful way to build financial literacy, instill valuable life skills, and prepare them for future success. By encouraging their entrepreneurial spirit and supporting their efforts, you’re setting them up for a lifetime of financial well-being.
