7 WAYS YOU CAN TEACH YOUR CHILD TO MAKE MONEY
Whether or not you want to teach your child to make money is a personal choice. I have chosen to teach my child for the following reasons:
- I want him to grow up knowing he can make money if ever he really needs to.
- To give him the right mindset to be self employed should he want that for himself when he’s older.
- It shows him the value of money and where it comes from.
- I would like him to grow up with a positive attitude to money and understanding that if he’s willing to work for something, he can achieve it.
- Simply, as a Mum, I want him to know that he will always be ok and there are always ways you can make money!
So, how can you teach your child to make money?
My son is just 7 at the time of writing this post, so I guess what you teach your child will depend a little on their age. These are some ideas that work for us and many are simple and can be adapted to suit your own child.
1.Cleaning Up and Selling Old Toys
If you want to teach your child to make money then this is one of my favourite ways. It also helps to declutter your house!
I have taught my son that when he’s finished with old toys, as long as they are in good condition and we give them a clean, then he can sell them to make money. It helps to give him an idea of what he is likely to get for selling them and what he can do with that money.
A good example of this is when we recently cleaned up his old outdoor playhouse. We then sold it on Facebook for £25 on the understanding that this would be some spending money for him to take to Diggerland when we visit in a couple of weeks.
Previous to this, he didn’t want us to get rid of it, but as soon as he could see the benefit to him, then he was happy. He helped to clean it and take photographs for us to sell it. He even helped carry it to the car of the buyer!
2. Selling Empty Toilet Rolls
It might surprise you to know that people buy empty toilet rolls on eBay! They buy them for craft projects and seed planting so why not teach your child to make money as well as learning a little about recycling and upcycling.
My son patiently collected these 100 empty loo rolls for me to sell on eBay making him £8 profit (more spending money for Diggerland)!
3. Saving and Selling Milk Bottle Tops
Just as people buy empty toilet rolls on eBay, they also buy milk bottle tops. This is another easy way to teach your child how to make money. They simply collect the milk bottle tops each time you finish a bottle of milk. You’ll have to be careful they don’t try to get through a bottle a day to save the tops though!
Milk bottle tops are great for crafts and also work really well as counters when practicing maths with younger children, so it might be an idea to keep some for yourselves.
4. Invest Their Money So They Understand How to Make it Grow
There are lots of different ways to invest money for children. I won’t be going into detail on this as that’s a separate post by itself. The point is, if you show them how to save and invest some of their money, you can teach your child how to make money from the money they already have.
Show them statements from their investment so they can see it grow and watch their face light up as they spot the increase!
5. Show Your Child How Other People Make Money
As I am interested in different ways to make money myself, it’s something I talk to my son about a lot. At the age of 7 he already understands that mommy works from home and she does a few different things to make money.
You can teach your child how to make money by showing them ways that other people make money. An example of this would be Youtube videos.
There are thousands of people making money from their YouTube videos. Many children like to watch things on Youtube such as Playdough, Lego, Barbies etc, so just let them know that the people who made them are making money from them. My son is already planning that when he’s a bit older he’s going to produce some videos for Youtube with his lego!
6. Teach Your Child How to Make Money By Inventing Something
I have recently come up with an invention and am in the process of finding out whether or not I should proceed further with it. (You’ll be able to read my post about how I went about this in the next couple of weeks).
I have explained to my son the process of how you can make money from inventing something. He has seen my drawings and I talked to him about what will happen if my idea becomes a reality. I have of course explained to him that many inventions don’t get very far. He already talks about ideas that he has and I have to say that some are not bad at all!
7. Make Money Yourself
It’s easier to teach your child how to make money if you are doing it yourself. There are lots of ways you can make money. If you would like to make extra money, you may also like:
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5 Ways to Make Money When You Have No Time
So, if you choose, as I have done, to teach your child how to make money, I hope this has given you some ideas.
I hope I am doing the right thing with my son to enable him to have a healthy relationship with money as he grows older, therefore providing him with the tools for a debt free life.
What are your thoughts on this?