Do you happen to be someone who is looking for efficient ways to teach your kid about finance? Well, what’s better than making them an employee in your own business? As we all know, small businesses and side hustles are certainly not very difficult to have.
What has turned out to be quite surprising for many parents with a small business is that their kids have learned a great deal about financial empowerment through self-employment. It is permissible for children as young as 15 to work for as long as their parents, doing small but meaningful chores to help them run the family business. This can help instill a good work ethic in young children and build good money habits.
Today, we will break down the experiences of some parents who opted for this technique.
A Family Business for Frontline Workers
Aneesha Smith is a nurse who has been in the medical industry for the past 22 years of her life, but because of the covid19 pandemic, like most people in the world, she was stuck at home with no way of making money. Smith decidedly started an e-commerce business by selling badges on Etsy.
Her three children help with all the fulfillment as well as the inventory; they collectively design, pack, and ship every single order. She pays her eldest kid a proper salary while her two younger ones get paid $12k per year. She also has meetings with her kids every month to talk about their financial goals.
A Small Business That Makes $50k Every Month
Ari El Simpson has a bank job in the IT department and has been working for the past 15 years, while her husband, James, is a barber. The couple started a t-shirt company back in 2020 that is known by the name “Trees of Life.” They bought a used t-shirt press off Facebook and a bunch of t-shirts – and got to work!
Their three children also help in the business; they print the shirts together as a family. However, as the business grew, they had to hire a few outsiders to manage work efficiently and effectively. All the kids get paid for the work they do: the eldest gets paid for shipping labels, the middle child gets paid for helping with printing, and the youngest for helping with keeping the place tidy.
Working For The Family Franchise
There are ways other than entrepreneur-ing for a child to value money, and oftentimes, it’s the better option. Hourly work teaches young children a lot, such as developing vocational skills that will help them for the rest of their lives. Marshall Terrin owns a wellness center where he has his young daughter help out with clients getting set up and also assists in the sales department.
Working in a public place teaches Marshall’s daughter a lot about the value of her work and the money she receives. It also enhances her interest in working for the center in the future.