Andrew Salmon is a writer based in Vancouver. He enjoys writing about finance topics, like how to find low cost life insurance for websites such as LifeCover.ca.
Providing your child with an allowance is the best way for them to start learning about money. They’ll learn the cost of things and what buying power is but it’s also important that they learn about making money as well.
Here are six jobs that teach your kids about making money:
6. Lemonade Stand
It starts right there, right at the end of your driveway. Let your child set up a lemonade stand and let them run it. They’ll not only have to set the thing up, they’ll also have to prepare the drink and serve it. Encourage them to use their allowance to finance start up costs (lemons, sugar, etc) and they’ll find themselves running a business.
This might sound like an easy job, but, when you think about it, the job carries a lot of responsibility. It’s important that kids learn to be responsible early as we all grow up in an environment where our needs are met by others at the outset. Babysitting a toddler or infant, means, literally, being responsible for another life, which far exceeds whatever money they make for the job. We’re talking perspective here.
4. In the Garden
“Hiring” your child to work in the garden or shovel snow in the winter is a great way to demonstrate the per-piece way of making money. By breaking the job up into a certain amount per weed pulled or X-amount for each walkway shoveled and so on helps establish a work/reward mentality: the harder you work, the more money you make.
Sort of an online version of the paper route, helping your teenager set up shop on eBay is another great learning tool. They will have to write descriptions, post photos, take and manage bids and be responsible for shipping items to winners while making money in the process. All great business skills they’ll carry with them through life.
2. The Arts
Everyone has a hidden talent they don’t usually take the time to develop. With so many business opportunities for kids to earn money, it can be easy to limit such choices to more practical pursuits. But, if your child shows artistic ability, why not cultivate that by encouraging them to design greeting cards for sale around the neighborhood or do portraits or landscapes if there is real talent there. People do earn good livings in the arts, so why can’t your talented child?
1. Paper Route
Something of a dying breed these days with the Internet and TV providing instant news to one’s iPhone or computer, but managing a paper route is still one of the best ways for your child to learn the ways of the financial world. He or she has to be the manager (responsible for stock), the laborer (putting in inserts, lifting and toting), the shipper (getting the papers out there), and the collection person (getting folks to pay up). It’s an all-in-one job and a great stepping-stone to whatever job comes next in their life.