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First Paychecks
How Kids Can Earn and Learn
Kamil Banc
June 01, 2024 • Estimated Reading Time: 6 minutes
The first 20 MMM issues will cover basic financial literacy and will be sent on Wednesdays and Saturdays at a higher frequency.
Missed a previous issue? Find it here 👇️
In today’s discussion, we’ll explore how we can earn money through different means. Understanding how to earn money is crucial for children as it teaches them the value of work and how they can contribute to their family and society.
Remember, the main goal of MMM is to spark a conversation about financial literacy at home. If we keep the topic on our kids’ radar from a young age, they’ll be set up for life.
MYTHS
Many kids believe that money only comes from their parents or as gifts. However, earning money through one’s own efforts is both rewarding and educational.
Myth 1: Earning Money is Only for Adults
Kids often think that only adults can earn money. In truth, children can also participate in simple jobs like helping around the house, assisting neighbors, or even starting a small business suited to their age.
Myth 2: You Have to Work Hard to Earn Money
While hard work is important, smart work is also crucial. Kids can earn money through creative ideas and simple tasks that require more thinking than physical effort.
Myth 3: Earning Money is Not Fun
Earning money can be made fun, especially when children see the benefits of their efforts, like buying something they’ve wanted or saving for a bigger goal.
STORYTIME
Konrad and the Neighbor’s Garden
In the quiet town of Green Meadows, Konrad noticed his neighbor, Mrs. Wilson, having a tough time with her big, messy garden. Thinking quickly, Konrad came up with a plan to help and earn some money at the same time.
“Mrs. Wilson, can I help you fix up your garden on the weekends?” Konrad asked one sunny afternoon. “I can plant flowers, pull out the weeds, and water the plants. Maybe you could pay me a little for my work?”
Mrs. Wilson smiled and nodded. “That sounds wonderful, Konrad. I’d be glad to pay you for your hard work.”
Every Saturday morning, Konrad put on his gardening gloves and got busy in the garden. He dug in the dirt, planted bright flowers, and made sure no weeds were in sight. With each weed he pulled and every plant he watered, his gardening skills improved, and his wallet became a bit thicker.
By the end of each month, Konrad had not only turned Mrs. Wilson’s garden into a beautiful spot but also saved enough money to put toward his dream bicycle. He learned that with a bit of hard work and dedication, earning money can be both fun and rewarding. And the best part? He could see the results of his effort right in front of him, growing and blooming just like his savings!
Listen to Today’s Story 👇️
BREAK IT DOWN
Age 3-5 | Age 6-10 | Age 11-14 |
|---|---|---|
Money can be earned by helping at home. It’s like earning stars for being a helper. | You can earn money by doing small jobs like watering plants or setting the table. It feels great to be responsible and rewarded for your help! | Earning money isn’t just about getting paid. It’s about learning the value of your effort and time. You can start small projects or help in ways that also improve your skills. |
TIME FOR ACTION
Encourage Small Jobs: Help your child identify small tasks they can do to earn money at home or in your community. Start with simple tasks like sorting laundry or helping in the garden, and gradually increase responsibility based on age and ability.
Teach the Value of Effort: Discuss with your child how their work contributes to the family or helps others, reinforcing the value of their efforts. Recognize their contributions publicly within the family to boost their sense of accomplishment and motivation.
Practical Experience with Earnings: Allow your child to decide how to spend or save the money they earn, providing guidance to help them make wise choices.
With these insights into earning money, your child will be better equipped to appreciate the value of work and financial independence from a young age. Stay tuned for our next issue, where we’ll delve into smart spending!
If you found today’s content helpful, please share it with other parents to help their children become savvy about finances, too.
BONUS
GOING RATES FOR ACCEPTABLE “CHILD LABOR”
Household Chores
Description: Tasks like cleaning, vacuuming, and doing dishes.
Suitable Age: 6 and up
Average Wages: $1-$5 per chore
Craft Selling
Description: Making and selling crafts or baked goods.
Suitable Age: 8 and up
Average Wages: $5-$20 per item
Dog Walking
Description: Walking dogs for neighbors or family friends.
Suitable Age: 10 and up
Average Wages: $10-$15 per walk
Pet Sitting
Description: Taking care of pets while the owners are away.
Suitable Age: 10 and up
Average Wages: $10-$20 per day
Car Washing
Description: Washing and detailing cars.
Suitable Age: 10 and up
Average Wages: $10-$15 per car
Babysitting
Description: Watching and taking care of younger children.
Suitable Age: 11-14
Average Wages: $10-$15 per hour
Lawn Mowing
Description: Mowing lawns and basic yard work.
Suitable Age: 12 and up
Average Wages: $20-$30 per lawn
Tutoring
Description: Helping younger kids with their schoolwork.
Suitable Age: 12 and up
Average Wages: $15-$20 per hour
Paper Delivery
Description: Delivering newspapers in the neighborhood.
Suitable Age: 12 and up
Average Wages: $20-$30 per week
Camp Counselor Assistant
Description: Assisting in running activities at summer camps.
Suitable Age: 13 and up
Average Wages: $10-$15 per hour
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