Had a great father’s day breakfast with my daughter, her husband and my seven year old grandson. My grandson just started to collect coins and my daughter shared a story about a 17 year old boy who is now a millionaire. He started buying and selling coins at the age of 7. He asked that all his gifts be coins or money to buy coins. All the money he earned himself went to purchase coins and books on coins. He lives in Arizona and is thinking of opening up annumismatic investment store when he graduates from college.
As fathers we want the very best future for our children. We play sports and video games with them; take them on vacations and to movies. There is one more thing that we should do with our children and that is to help them start a business.
I can’t think of a better education we can give our children while they are growing up. You may want to call it “the game of business” and explain to your children what the goal is. One thought is to say that a percentage of the money earned can go for something that they really want. The balance can go in savings for college or???
Many adults who open businesses have virtually no experience in marketing, management, accounting or any of the other essentials required to grow a successful business. As small business owners they have to educate themselves in the “art of running a business” when their entire livelihood is dependent upon it succeeding. There is very little practical education available to small business owners today. Virtually nothing is taught in high school. Often colleges and universities teach theory out of a book instead of practical, useable facts.
Teaching a child to start and grow a business should be presented as another “fun” learning process, just as playing baseball or another sport. It should not take the place of other childhood experiences but should be an addition.
This could also be an education process for the parents. They will also be learning all that is required to start and grow a successful business, such as opening a bank account, creating a business entity, understanding tax issues and city and state licenses. It won’t happen overnight but the end result will stay with them forever and it will be there if they ever need it.
Loving your children means preparing them for a successful life… Nick J. Petra CFP
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