The Best Way For Children To Earn Money

As soon as our children can understand what money is, they are old enough to start to earn money. There are numerous ways for how our child can make money. Even the simplest tasks can bring in money for a child but remember to focus your efforts on helping your child pick up entrepreneurial and money skills rather than just the money itself.

Financial literacy training and entrepreneurial development will help your child make money and most importantly keep the money they earn. Follow the simple tips below and discover how our child can make money and get it working in their favor.

1) Help your children set some financial goals. Work with them and help them set short term and long term goals. The long term goals you may need to guide them and give them examples of what that would mean to their life. Short term goals should be easy to set. Have them pick something they want to save for that they can achieve in 6 months to a year. Cut out a picture and post it on their piggy bank. This will help them make the connection between money and having the things they want in life.

2) Give your children the opportunity to earn an allowance for doing extra work around the house. As they earn money then you can begin to teach them about the importance of saving money. Get their bank account open immediately and let them start to see the little bit of interest they earn grow over time.

3) It is important when we show how kids can make money we don't focus on short term gains. Teach them the power of compounding interest and enroll them in a financial literacy class at a young age. This not only educates them but also provides them needed motivation to continue to save on a regular basis.

4) Support them and encourage entrepreneurial endeavors. There are old school ways that kids can make money like by having bake sales, baby sitting, delivering newspapers or a lemonade stand. Now days we can also teach our kids how to leverage the power of the internet and begin to market items on eBay or other sites. They can also market other products they find online with no out of pocket investment. This affiliate marketing gives them all the tools they need and the experience of starting their own business. One world of caution though - closely monitor their online activity but encourage them to start a business and take a financial literacy class.

5) Encourage your teenager to get a job or start their own business so they can start earning. What they do to earn money is not important in itself. Working is the key to getting your child on the road to financial independence.

There are a multitude of ways children can earn money. With a little creativity, motivation and financial literacy training you will find your children making and keeping their money.