Teaching our Kids Self Reliance Skills to Create Money
The Lemonade Stand. We have all had one as a kid or at least something similar to it. In our society the lemonade stand is a symbol of the true “American dream”. Small beginnings and mini-ventures jam packed with all the life lessons we can musture. Teaching our kids self reliance skills to create money is huge! In managing their own “mini-business” they learn how to create a game plan or a business plan, work and manage money, track expenses and profits, learn how to brand or market and give service for wonderful pay in return.
As a young child I had lemonade stands and pumpkin patch stands. My little sister even had a very lucrative rock stand once-that was an amazing rate on return! Free rocks for 100% profit. No brainer! As I got a little older I started a yard care business with my mom. I got to set my own hours, I rented equipment from my parents and I learned an invaluable skill that I still use. Ask my husband who does all the lawn care at our house?
I had great opportunities to create something of my own. Now this next part is not to discredit my parents. They did an amazing job raising me. It’s just that in mainstream society we are taught to go to school, get good grades and then get a great job and move up the corporate ladder. As a female that gets even a little more tricky and murky. So for a while I lost this vision and understanding of the principle of self reliance and creating something for me and not the benefit of someone else.
This isn’t about you or your kids becoming a business owner…that is not the point. The point is to teach our next generation the power of self reliance and to CREATE outside the box or even better obliterate the box all together. That skill is a true and sound principle. The principle that each of us is destined to be and to do something that brings value and goodness to this world!
So how do we teach our kids the principle of the lemonade stand? How do we teach them to CREATE the opportunities in life that they want and to rely on their own powerful gifts and resources rather than the resources and ideas of others? Here’s 5 simple skills to set a strong foundation.
Teaching our kids self reliance skills to create money
Teach the value of money and how to manage it:
Money is a physical necessity in this life. Maybe someday it won’t- but for now it is a daily need for our existence. It isn’t a bad thing-money just makes you more of what you already are. Don’t just give your kids money but make them work for it. Have a hot cocoa or lemonade stand. Plant corn, harvest the corn, then teach them how to sell corn stalks on Halloween. Teach them how to clean the house and receive a small reward in return. As the old saying goes, “teach them HOW to fish, don’t just give them fish.”
Let your kids learn how to manage where those earnings flow to. At our house our kids have 3 parts of their “piggy banks”. One is for sharing-this is where we teach our children the principle of paying a tithe, or 10% of income goes back to the One that gives us everything. Second part is for savings and third is for spending. Teaching our kids to consistently give back, save and having money to spend is a good and healthy skill set. By helping them learn how to make choices with their money and helping them understand that those choices also have consequences helps them create the money flow mindset.
Give service and help people solve problems:
The lemonade stand teaches a strong and sound principle of service. Give someone a sweet, tart, cold glass of beautiful lemonade and in return you will receive fabulous pay! A person is parched and needs something to quench that thirst on a warm summer day-you have the opportunity to solve that person’s problem. It’s the law of reciprocity-one receives what he gives. There is a give and take in all transactions in life. People that know how to create understand this principle and live by it!
When you start a lemonade stand there is a process. Create a budget, You’ve got to buy supplies, figure out where you are going to have this lemonade stand, are you going to have just one kind of lemonade, will you sell cookies too, how much you will charge etc. Goals sometimes change and they definitely take time and lots of effort. Maybe to hit that goal you’ve got to work extra hard to have enough lemonade or maybe it’s changing the location to a higher traffic area. Teach your kids how to re-evaluate their goals and always keep progressing in their goal setting-it’s a huge part of being resilient and being a master at problem solving.
Help your kids set specific goals by using the SMART method as well as setting goals that are in the present tense AND you have emotion attached to the goal.
“I earn at least $25 in profit from my lemonade stand each week on or before July 31, 2018. It feels so good to serve others AND to put money in my pocket!”
The Law of growth:
Teaching your kids about gross profits and net profits and saving is good. The real power of having a money flow mindset comes from understanding the law of growth. This is probably the most important skill in teaching our kids self reliance skills to create money. What we focus on expands. Set that goal with a real, deep (little kid- this is what I want for Christmas desire) and visualize the success that is going to come from that lemonade stand, that $25 in profit that they are going to experience and how that FEELS! It may seem silly but talk to anyone that has real and true success in their lives and I promise that they understand the law of growth. Don’t know about the Law of Growth yet? Check it out here.
The word no isn’t a bad thing and failing isn’t either:
As little babies the word no helps us learn and adapt to our environment. We fall down when we are learning to walk and as parents we don’t tell our child to stop do we!? No, we encourage them to keep practicing and keep trying. Hearing the word no or failing at something shouldn’t be a deterrent. That’s when we evaluate the strategy and game plan, make changes and then go back at it again. Celebrate those no’s and times when we fail at something. It helps us figure out that we are made of stronger stuff and those yeses and successes are coming!
Every single one of us has a purpose. By teaching our kids self reliance skills to create money, we’re showing them how to rely on their personal skills and talents to find and expand on that purpose. They are simple and sweet like a tall cool glass of lemonade!
Keep on Inspiring!