3 Tips to Foster Your Child’s Desire to Earn Money

Channeling YOur Childs Inner Entrepreneur

While there’s little doubt that saving and investing money for the future is where it’s at, kids first need to earn money to line those pockets (or ideally, fill those Benji Banks!). Parents can help foster an appetite for earning…and ultimately channel that earning enthusiasm into an entrepreneurial spirit.

1. Speak About the Importance of Earning

Parents can emphasize the importance of regular income, as well as supplemental side hustles, in keeping a household financially stable. By giving kids just a little insight into how their paycheck covers both expected and unexpected expenses, kids can start to understand the importance of income.

2. Give Kids the Opportunity to Earn Extra Money Around the House

Whether through regular allowance or payment for more time-intensive, one-off projects (i.e. babysitting a younger sibling, cleaning out the garage, or even helping to assemble a swing set), parents can give kids the opportunity to regularly earn small amounts of money.

If parents are willing to pay someone else to do the job, it seems reasonable that kids who step in to help might earn some financial reward for their contribution.

Moreover, the independence, confidence and competence kids gain in pitching in around the house only adds to the payoff.

3. Talk About Entrepreneurs You Admire

By bringing both small and well-known entrepreneurs into the dinner table conversation, families help kids understand the risk and resiliency it takes to start and grow a successful business. Parents can highlight news segments on successful entrepreneurs, or help kids find books that delve deep into their favorite business leaders. We have an article on young entrepreneurs to inspire your littles. Team BT loves the Who Is book series too! Any way that parents can pique their kids’ interest in building a business can help whet their children’s appetite for entrepreneurship.

Whether it’s understanding the importance of income, gaining confidence through earning, or building those budding entrepreneurial skills, kids with an earning mindset and strong financial literacy skills are set up for financial success.

What are some ways you earn money? Let’s think about how you can increase your earnings.