Setting Them Up for Success

Answer:  There are many things we can do to assist future generations in obtaining professional and personal success. Whether they grow up to work for someone else or become entrepreneurs, teaching kids about business helps them establish valuable skills that will serve them throughout life in their professional and personal endeavors.

My Dad and Grandfather both took me to their places of work on Saturdays when it was convenient. Lessons learned include treating everyone, no matter what their job title, with the exact same level of respect and dignity. People skills and financial literacy were exemplified and indirectly taught during these Saturday outings to the plant, the office, and the bank. The day always wrapped up with a trip to the donut shop, too. 

Without knowing it, valuable lessons about planning, time management, troubleshooting, and problem-solving were taught. The tradeoff of hard work, perseverance and risk taking for financial gain was on display as I watched and learned about payroll, problem-solving, planning, discipline, and commitment to successful outcomes. Never underestimate the power of example. Here are four fundamental tools to share with children. 

Financial Literacy 

Kids are watching us all the time. Why not start teaching them about money so they can understand the importance of investing and money management? Talk to them about expenses, income, taxes, and budgets. Show them how you manage your household finances in age-appropriate terms. The difference between “wants” and “needs” is a great starting point to illustrate choices and teach the difference between immediate and delayed gratification. It will take longer to save for that new E-bike if they purchase a video game today. 

Learn From Mistakes

This is the time to let kids solve problems on their own, while adults are nearby to step in if absolutely necessary. Eventually, they’ll need to manage on their own, so why not let them begin now from the safety of your home when the stakes are lower? Confidence, self-esteem, and a sense of accomplishment are the rewards of persistence and resiliency teaching them not to give up when things become difficult. If problems arise, analyze contributing factors, and help them find solutions. 

Career Day

The summer may be an ideal time to take children to work with you. Explain what you and other employees are doing and explain why. This is a wonderful opportunity to talk about how your efforts and energy are spent and how these fit into the bigger business picture. You may even give them age-appropriate tasks. 

Start A Business 

Whether it’s a lemonade stand, yard work, babysitting or a dog walking business, experience is the best teacher. Encourage your child to pursue their passion and become CEO of a business of their choosing. It can start with a simple assessment of marketable skills followed by a business plan outlining expenses and projected revenue. Lessons learned will also include customer service, social skills, professionalism, and punctuality. These skills, when perfected in conjunction with increased self-esteem, will help children become successful throughout life. 

Raising kind, loving, caring, and sharing young adults is the most important job of all. There’s no greater gift than setting up future generations for personal and professional success. Stay focused and plan accordingly. 

The opinions expressed are those of the writer as of May 18, 2024, but not necessarily those of Raymond James & Associates, and subject tochange at any time based on market conditions and other factors. There is no guarantee that these statements, opinions, or forecasts provided herein will prove to be correct. 

“Certified Financial Planner Board of Standards Inc. owns the certification marks CFP®, CERTIFIED FINANCIAL Main™, CFP® (with plaque design) and CFP® (with flame design) in the U.S., which it awards to individuals who successfully complete CFP Board’s initial and ongoing certification requirements.” This article provided by Darcie Guerin, CFP®, First Vice President, Investments & Branch Manager of Raymond James & Associates, Inc. Member New York Stock Exchange/SIPC 606 Bald Eagle Dr. Suite 401, Marco Island, FL 34145. She may be reached at (239)389-1041, email darcie.guerin@raymondjames.com, Website: www.raymondjames.com/Darcie.