As published in Child Magazines: Sydney’s CHILD and Melbourne’s CHILD
Author of The Joy of Business, Simone Milasas believes business should be fun and suggests parents make money fun for kids, too. “Travelling the world for business, I bring back foreign currencies for my son Nash, 10, to collect and enjoy. I have solid gold and antiques as investments and ask Nash what would be fun for him too.”
She suggests we give our children the choice to do as they wish with their money. “How would you feel if someone projected their expectations on you of what you were supposed to buy or do with your money?” she says. “We give Nash money, which at the moment all goes into a safe that we bought for him. When I asked him, ‘What does money mean to you?’, he said ‘When you save up, you can get more things and create more. If you spend it right away, you’re not going to have any.’”
She recommends adults and children put away 10 percent of everything earned into a separate account that they never spend. “By doing this, you’re sending the message that you are important, you’re worth paying, your desires come first.”
Kids can get creative about making extra money, like Simone’s friend who takes her kids to garage sales to find things they can sell on eBay and then save the difference for what they really want to buy.