In January 2017, I decided to record my journey to being more intentional about teaching my children about money. For 2017, my plan was to focus on cultivating my children’s entrepreneur spirit. I previously wrote about one effective way to teach children to become entrepreneurs.
As the year draws to a close, I thought I would share the results of my kidpreneur’s business ventures over the last 12 months. Some of these activities occur only at certain times of the year and some are ongoing throughout the year. Not all three children do all of the activities because some of them are simply too young. Nevertheless, part of being an entrepreneur is celebrating other’s success as well as being inspired by what is possible.
2017 kidpreneur results
So how did they do?
- Worm Farm: $300 (January – December)
- Lemonade sale: $40 (1 day)
- Busking: $100 (3 days)
- Selling hand-made items: $100 (January – December)
- Pet-sitting: $100 (3 times)
- Unused toys and books: $800 (January – December)
Total earned for the year: $1,140
These are ‘real money’ for them because it’s not money from mum and dad. Putting to one side the money aspect of the activities, there were so many entrepreneur lessons they learned along the way. These lessons included:
- knowing their customers,
- pricing their product and services,
- marketing their product and services,
- reinvesting profit where it matters,
- effort-reward of the different types of activities (sale of goods vs providing a service),
- being comfortable to sell,
- building their confidence in speaking with other people.
Plans for the 2018 kidpreneur
Next month, we will reflect on what we did well this year and how each ‘business’ activity can be improved We all only have 24 hours in one day, so we will also be brainstorming what else we can add to the list of ventures and what we need to remove from the list of ventures.
It has been a wonderful year of being intentional with teaching my children about money. Thank you for following my journey. Thank you 2017! See you all next year!
ps. In early 2018, I am finally releasing my first book: Kids Money Habits: Raising Financially Literate Kids One Habit at a Time. This book was initially written for my children, a record of what I do to teach them about money. I’m so excited to be sharing my systems, methods and teachings with you. If you would like to be notified when the book is available, please sign up in the form below. I will also send you a free report on the building blocks of children’s financial literacy as a thank you.