You can only achieve financial independence if you learn how to manipulate money to work for you. Your road to financial freedom will be a hard one if you work for money instead of it working for you. Most, if not all, rich, and I mean filthy rich, people you see driving around in flashy cars don't need to work a single hour in their lives. Along the way, they discovered the secret that is having their money working for them. But you will need to earn the money first before it starts working hard for you.
Teaching your kids to earn money is definitely a step in the right direction but teaching them how to have their money work hard for them is leap in all the right directions. There are inexhaustible ways for kids to make money. Introduce the teen in the house to any or all of the ways outlined below and brace yourself for the many thanks you will earn for it.
Lemonade Stand
We are all familiar with the lemonade stand concept. But it all depends with your area and the time of the year. Lemonade stands are particularly a brilliant idea during the heat of summer holidays. Set up in your yard or in the local trade center and have your kid service them. Depending on the time of the year, you can divert to other products such as coffee, snacks and other consumables. Take care if your kid is to handle hot beverages.
Car Washing
Kids love this and will love it more if some money comes with it. It is one of the best ways for kids to make money. The best way to go about this is locate an area where many vehicles pass by. Have a sign up a few blocks away from the car wash. All the people-and they are many- who hate washing cars will surely spot your sign and end up at your place. Good thing about car washing as one of the ways for kids to make money is the low operating costs involved.
Baby Sitting
If your kid has a warm spot for babies, engage them by letting them babysit, of course with payment. You can get a few kids together as well to offer the babysitting service to a few more parents in the neighbourhood.
Your kids will earn and gain useful life skills as they get involved in these and such services. But how do they get the money earned to work for them to have them working less? There are three main ways to have money working for you, either as an adult or kid.
Budgeting
Budgeting is the first step in having your money working for you. Budgeting in the whole sense of it allows your kid to control how they spend their money. Controlling how you spend is in itself manipulating money to work for you. With the basics of budgeting on their fingertips, your kid will be in position to develop control over money.
Looking for more ways to teach your kids about money? Visit http://www.moneytoolkits.com and claim your FREE copy of moneySMART$ emagazine written by Nicole Clemow and the team at Money Toolkits. Nicole is an international author and speaker on the subject of teaching kids about money and how to make it.
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