I celebrated my birthday recently, which provided an excellent opportunity for reflection on my current path and future aspirations. I firmly believe that setting clear, concrete goals and consistently monitoring them is one of the most powerful strategies for achieving success more quickly. I relish the annual ritual of reviewing accomplishments and setting new challenges, constantly raising the bar. That’s why I know from experience that the best financial move for your kid is to encourage earned income.
As a parent of three, I also consider the values I want to instill in my children to help them become independent and capable decision-makers. This birthday marked 30 years of being in the workforce, even though it began on a part-time basis. It reminded me of the importance of encouraging my children to either secure a job or start a business venture that generates income. Unemployment is now hovering around 4.3%, college costs soaring to all time highs and student debt out of control. Is the most valuable thing that of our children will have on their resumes real life experience?
At the age of eight, I was eager to earn some extra pocket money to buy candy or baseball cards from the local store. Since birthday money was limited, I started knocking on neighbors’ doors during the fall, offering to rake and bag their leaves for a dollar. In the late ’70s, landscaping companies weren’t as prevalent, so many neighbors gladly paid me a few dollars for this laborious task. It was empowering to earn money through hard work, and my parents were supportive, providing me with a rake and garbage bags.
The income I generated exceeded my expectations, leading my parents to open a passbook savings account for me at the local bank. Watching my savings grow with each deposit was incredibly satisfying. At this early age, you begin forming the habits for financial success. Meaning, that you can always hunker down and manage your expenses but the real driver for financial success is your ability to understand how to grow and generate revenue.
By age twelve, I launched a pet sitting service for the neighborhood, capitalizing on the demand for affordable pet care during family vacations. Despite limited training, neighbors entrusted me with their pets, knowing I could adhere to a set feeding and walking schedule. This venture expanded quickly, with my parents driving me around to manage the business. The earnings from this service eventually helped me purchase my first car, a Mustang II. It may not have been glamorous, but it provided mobility.
These early experiences instilled a strong work ethic, which carried into my teenage years. I worked various jobs during high school and college, often taking on extra hours during summers to benefit from overtime pay. One memorable job was as a cherry picker in a warehouse, working 12 to 14-hour days. This dedication to earning more income enabled me to enjoy spring breaks and weekends. The foundation of hard work laid in my youth continues to influence my work ethic today.
Best Financial Move for Your Child
I share these stories to highlight the importance of teaching children the value of earning an income. Encouraging them to get a job or start a business is one of the best financial decisions a parent can make. Children value what they earn, not what they are given.
While extracurricular activities, technological proficiency, and higher education are important, the core lesson of work ethic and earning potential remains crucial. There is no substitute for a strong work ethic and the financial empowerment that comes from controlling one’s income.
Sometimes, we spoil our children without realizing it, influenced by societal pressures to keep up with others. We worry about buying the right car, clothes, or gadgets to ensure our children fit in.
However, the best approach is to focus inward and encourage our children to work, regardless of our financial status or location. Teaching them the value of having a job or running a business is the most valuable lesson for achieving financial freedom. By the way, can my kids rake your leaves this fall?
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