Photo: Flickr / woodleywonderworks
These days, it’s more important than ever for kids to learn the basics of spending and saving.We tapped a couple of experts for ideas on how your kids can make money:
1. Help around the ‘hood
For a young child, something as simple as a lemonade stand could be a great way to introduce your child to business, says Ken Damato, DoughMain founder.
Similar jobs include selling candy, helping the neighbours with yardwork or shoveling, babysitting and tutoring.
Lori Mackey, founder of Prosperity4Kids, Inc, adds that it helps to get them making money at what they love to do. If your kid loves animals, let him play or walk a neighbour’s dog. Or if your child plays a sport, he or she could coach younger kids.
Also, paying them to do minor chores around the house will help them learn the difference between making money doing what they love and earning money for the sake of having it, Mackey says.
2. Go digital
Kids who learned the basics of web development services or search engine optimization (whether in school or on their own) can provide a low-cost service to local merchants, says Dave Reim, DoughMain’s chief marketing officer.
“Pitch local businesses to help grow their Google search ranking,” Reim says. Kids can work from home in their spare time and easily make $500 with a couple of weeks work, Reim says.
Also, many focus groups seek opinions and feedback from young kids. Completing online surveys can be a fun way for kids to score some extra cash or gift cards. Damato recommends GetPaidSurveys.com and GlobalTestMarket.
3. Start investing
“Kids have the greatest gift of all: time,” Mackey says. Starting kids young gives them more time for their investments to grow. Parents who want to teach their kids about investing can set up custodial accounts through sites like Sharebuilder, Mackey says. There’s no minimum and kids can choose to buy portions of stock that appeals to them, like Nintendo ($NTDOY) or Disney ($DIS).
A fun way to engage kids is to use their favourite product. Mackey suggests asking something like, “How would you like to own a part of the company that makes that toy?” They’ll probably want to jump on board.
4. Launch a business
In a way, starting a business is easier for kids. They have more “chutzpah,” and less to lose, Mackey says.
For example, if they like photography, your kid can offer to take pictures at birthday parties or community events. They can start a dog-walking business if they like dogs, or a jewelry-making business if they like crafts, Mackey says.
Older kids have more of an advantage.
“(Teenagers) need to know how to go after paying customers,” Damato says. They can knock on doors, put ads in the local paper, and post things online.
NOW WATCH: Money & Markets videos
Business Insider Emails & Alerts
Site highlights each day to your inbox.