Just yesterday my daughter and I were arguing over money, jobs, and her wish for a better cellphone.
After explaining to her that hard work can earn her the phone she wishes and the type of jobs she can do, I realized there is an important lesson I need to get across. Kids need to learn financial responsibility!
Children of any age can learn how to be more entrepreneurial. Young kids can create lemonade stands, older kids can mow lawns. Teaching them the basics of profit margin, expenses, and hard work can go a long way!
Income is not the only key kids need. Savings and budgeting are also necessary. Once they determine their profit margin, they are ready for the next steps. Teach kids how to save, create their own budget, and invest in their business/themselves.
How do you teach your kids financial responsibility?