Teach your Children

I saw the entrepreneurial spirit in my 8 and 10 year old today. They decided, along with our neighbor's kids that they wanted to set up a lemmon aide stand. I know it is very cliche, but I thought it was a great way to teach them a bit about money and economics. They were very excited when they had $20 in the til, but were less enthusiastic when told they would have to pay for their start up costs out of that money. After paying the $5 for the lemon aide mix and cups they had $15 to split 4 ways. Seeing them come up with different marketing schemes to drive their fledgling business was very intersting. They wanted to know when our other neighbors, who are selling their home, would be having another open house. My daughter thought that an open house crowd would be a good targed audience for their product. I believe that it is important to talk to my kids about the value of money and work. The lemon aide stand provided a good "classroom" for a lesson in personal finance.