Did you hear about this story? It reminded me that there is HUGE value in nudging the entrepreneurial spirit in our daughters. A young teen in North Minneapolis had the police called on … [Read More]
From the Blog
Minneapolis Teen Who Fought Back from Having His Hot Dog Stand Shut Down
What Your Daughter Should Know About Using Her Phone at Her Internship
Your daughter probably loves a good convo on the phone! We all do. Friends, family, "frenemies" and everything between. But let's switch things up if your daughter recently landed an … [Read More]
The best gift you can give to your daughter on Mother’s Day
Yes, it's Mother's Day. But after you take a few hours of well deserved rest, I encourage you to consider the most amazing gift you can give your daughter. It will allow her to keep the gift giving … [Read More]
Women Entrepreneurs You Should Teach Your Daughter About This Women’s History Month
It’s Women’s History Month. What better time to teach your daughters about inspiring women entrepreneurs!! Why is this important? Being able to turn your ideas into a viable business is a … [Read More]
How 3 Jars Will Change The Way You Approach Allowance
It's a hotly debated topic. Should you GIVE your daughter an allowance? Let her earn it? Or should you wait until they start earning their own money? I'll leave the final decision in your hands. … [Read More]
Did you spend ALL the Christmas gift money?
Did your daughter get a few cash gifts from friends and family? Good!
After she’s written the thank you notes, consider this idea:
- Save Some
- Spend Some
- Invest Some
One of the most powerful lessons for our young people – how to handle money. If they learn the lesson at a young age, it’s muccccchhhh easier to save as they get older. And if they develop the habit of saving AND investing money…WOW.
The world will be their oyster.
It doesn’t take much to get started. Don’t worry about having thousands of dollars. Start by teaching your children to think in percentages. For example, they could save 10%, invest 20% and spend the remainder (70%). This way, even a dollar matters.
And it does. Because your children have time on their side. And it’s good to get into the regular habit of using the percentages E.V.E.R.Y. time they have money.
Here are three ways to start the habit:
Open a Savings Account
If you haven’t already, open a savings account for your daughter. And encourage her to save at least 10% of every dollar she is given or earned.
Many banks will waive the fee if it’s a youth account. So march down to your local community bank or find an online bank like Ally or Capital 360.
Don’t go crazy if the account doesn’t earn high interest. The most important thing is to start saving and make it a habit.
Start Investing
I used to teach young people about investing by reading the Wall Street Journal. It’s fun to watch the stock pattern of a company that you are interested in – ie. Apple, Nike, Wal-Mart. As an educator, I loved to see students learn more about the events that create those patterns.
You can start small. Buy one or two shares at a time and have your daughter learn about the basics of investing. You can get started with companies like Giveashare or Stockpile.com. Both companies offer the opportunity for young people to buy one share (or less!) and learn more about the investing process.
Invest in a Business
Want higher returns than the stock market? Consider investing the money in a business. A business that your daughter starts. It’s doable to earn 20-50-100% of the original investment when you start your own business.
It requires that they start with solving a problem for people. And use their talents and skills to resolve it. This blog has several articles that can get them started. Here are few posts to get the creative juices flowing:
Why should girls learn about entrepreneurship
How your daughter can earn holiday cash selling crafts
Yes, there is a risk that they will lose the money. But in the long run, it’s impossible to really lose. When you learn how to create, market and sell a product or service, you are going to be empowered for life!
If you spent the money already, no worries! You have the remainder of the year to start devloping these habits.
Why you need to teach your daughter sales skills
You might think why does my daughter need sales skills? Along with good grades, shuttling her to afterschool and summer activities, and all of the things that you need to help her do to get accepted to college …you now need to help her gain experience selling things? Your daughter is destined to be a […]
6 easy tips to get started with your school’s fall fundraising
It’s that time of year again. Get your checkbooks ready. It’s fundraising time!! There will be chocolate stacks Wrapping paper, magazine and cards a ‘plenty. And stocking stuffers that you really didn’t need but looked cute in the catalog. Moms, I know you understand that schools and related organizations need money. It costs alot to educate your […]
Send your dghtr to Teenpreneurs this year! Scholarships available.
If you have a teen ages 13-17 who is interested in entrepreneurship, I highly recommend you send them to this year’s Black Enterprise Teenpreneurs Conference! It’s a great way to network with other like minded teens, hear from successful entrepreneurs in a small group setting (where any question is fair game!) and get challenged to […]