Ideas On How Kids Can Make Money
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Written by: pepperscos
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Date: Tue, 27 Sep 2011 |
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The best way to teach your kids about money is to teach them how to earn it themselves. An allowance only goes so far these days, and supplementing an allowance with money they have worked for helps kids to appreciate it more too. Here are some ideas on how kids can make money, even at a young age, to teach them the value of money and understand how to handle it. Younger kids will have to be supervised and helped with their jobs at home for a while, but older kids and teens can venture into a variety of different jobs to earn more money.
When children are small, the easiest way to help them earn is to 'pay' them to perform chores around the house. These should not be personal responsibilities like making their bed or tidying their room, but rather helping with family chores that benefit all. At first, they will only be able to help you, the adults, but as they grow they can do more by themselves. Car washing, raking up leaves in the garden, setting the table and bathing the dogs are all tasks that children can perform with help and supervision.
Neighbors can be a great source of income for kids. Washing cars, windows and patio floors, walking the dogs, carrying the groceries in from the car and gardening jobs can help the neighbors and provide an income for kids.
If your child has a particular talent for making things, try to channel that into producing useful items that your child can sell at local fairs and markets. This is a great way to introduce the concept of expenses and profit.
Coaching: If your teenager is a math whiz, or acing English, they may be able to help kids in junior school with their studies. If your teen is great at sport, encourage him to approach junior schools and sports clubs in the area for coaching jobs.
Budding internet entrepreneurs earn steady incomes from their internet marketing activities. Give your child access to the world of earning on the internet, and you may be setting them up with a passive income for life.
These are just a few money making ideas for kids. The task for parents does not end once you worked out how kids can make money. Now you've got to teach them how to handle it properly too. Kids making money need to learn how to spend it wisely too. Open a bank account for them, and explain why they should consider saving their money rather than spending it all at once. Money certainly makes life more comfortable, but it should not be the only source of happiness for your child. Make sure they don't become obsessed with making money to the extent that it rules their lives - after all, they are just children.
Derrick Janson is an expert in Teaching Kids About Money. He has taught about how kids can make money topics, allowances, budgeting and saving money for kids.
Source: Ideas On How Kids Can Make Money
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