Money Lessons for Kids

Practical stories and ideas for teaching children about money, value, saving, investing, earning, and financial confidence.

A Financial Education for Kids… Asset or Liability?

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Financial education for kids using three money jars for giving, spending and growing

Financial education for kids does not need to be complicated. One of the most useful money lessons children can learn early is the difference between an asset and a liability.

When children understand this difference, they begin to see money as something they can manage, grow and use wisely — not just something to spend as soon as they receive it.


Money lessons for kids using give spend and grow jars
A simple jar system can help children understand money choices.

Why Financial Education for Kids Matters

Robert Kiyosaki, famously known for his book Rich Dad Poor Dad, has often pointed out that children need a financial education — and that they are unlikely to receive a complete financial education from school alone. You can learn more about his approach to money education at Rich Dad.

One of the most helpful starting points in financial education for kids is teaching children how to think about money in terms of assets and liabilities. This gives them a simple framework for making better money choices as they grow.

A balance sheet has two main sides: assets and liabilities. When kids understand the difference between the two, they can begin to ask better questions before they spend their money.

This is also why practical money lessons for kids are such an important part of raising capable, confident and enterprising children.

Assets and Liabilities Explained for Kids

A simple way to explain assets and liabilities to children is this:

An asset helps you build or keep value.
A liability costs you money to own, use or maintain.

Robert Kiyosaki’s simple definition is that an asset puts money into your pocket, while a liability takes money out of your pocket.

For adults, assets might include shares, investment property, bonds, businesses, precious metals or other things that can hold value or create income. Liabilities might include cars, boats, expensive holidays, clothes, electronics or anything that costs money without helping your money grow.

For children, this idea can be made much simpler. A toy, bike, motorbike, game console or phone might be exciting to buy, but it usually does not put money back into their pocket. It may also bring extra costs, repairs, upgrades or accessories.

An asset, on the other hand, could be something that helps them earn, save or grow money over time. This might include supplies for a small enterprise, tools they can use to create value, money set aside for a future opportunity, or simple investments made with parental guidance.

The goal of financial education for kids is not to stop children from enjoying their money. The goal is to help them pause and ask:

“Will this help my money grow, or will it simply take money away?”

How Financial Education for Kids Changes Money Thinking

Assets and liabilities for kids explained through a simple money lesson
Helping children ask: will this help my money grow or simply take money away?

When children only think about money as something to spend, it can disappear very quickly. They earn it, receive it or save it — and then look for the next thing to buy.

But when children start thinking about assets, they begin to see another possibility. Money can be used to create more opportunities.

They might put some money aside for a small business idea. They might buy materials to make something they can sell. They might save toward equipment that helps them learn a useful skill. They might even begin to understand shares, savings accounts or other forms of investing with the support of their parents.

This is where financial literacy for students becomes practical. It is not just about worksheets, definitions or classroom activities. It is about helping children make real decisions with real money in real life.

These kinds of real-life lessons also connect closely with family enterprise stories, because children often learn best when money, work and responsibility are connected to something they are actually doing.

A Real-Life Financial Education for Kids Lesson with Flynn

I had a good conversation with Flynn a while back. He had made a large sum of money from his honey enterprise and had already spent some of it on one of his goals — buying an iPod.

Flynn also had some mates who were mad keen on riding motorbikes, and he soon had his sights set on buying one too.

Rather than simply saying yes or no, we used the moment as a practical money lesson.

I explained that he could buy one, but first he needed to understand that a motorbike is a liability. It could take money from his pocket through devaluation, repairs, fuel, safety equipment and maintenance.

We then talked about what Robert Kiyosaki teaches about balance sheets, assets and liabilities.

Flynn took the conversation on board. As a result, he started keeping three jars of money:

  • one for gifting
  • one for the liability — the motorbike
  • one for buying assets

This simple jar system helped turn an ordinary childhood purchase into a meaningful financial education for kids lesson.

You can read more about Flynn’s early enterprise journey in Honey Pot of Gold.

Simple Assets Kids Can Understand

So what assets can a kid buy?

Children do not need to start with complicated investments. At first, the most important asset they can build is the habit of setting money aside before spending everything.

Depending on their age and with parental guidance, children might learn about:

  • savings accounts
  • supplies for a small business
  • tools or equipment that help them create value
  • shares or managed investments explained in simple terms
  • collectables or precious metals as historical examples of storing value
  • reinvesting money back into their own enterprise

In Flynn’s case, one possible asset could have been more wholesale honey for his business, or even a bee hive of his own.

At the time, Flynn became interested in buying silver. That conversation was useful because it helped him understand that money could be used for more than spending. It could also be directed toward things that might hold or grow value over time.

This is not about telling children exactly what to invest in. It is about helping them develop the habit of thinking before they spend.

Financial Education for Kids: Precious Metals and Investment Lessons

Silver coins used as a financial education lesson for kids
Silver coins became part of a real-life conversation about assets, liabilities and money choices.

The original version of this post included a discussion about silver prices at the time. That was part of the real conversation Flynn and I were having back then.

Precious metals such as gold and silver can be useful examples when teaching children about storing value, but prices change, markets change, and every family’s financial situation is different. The Perth Mint is one place families may come across information about gold and silver, but any conversation about precious metals, shares or other investments should be treated as a learning opportunity, not as financial advice.

For children, the deeper lesson is this:

Money can be spent, saved, given, invested or used to build something valuable.

That one idea can shape the way children think about money for the rest of their lives.

How Parents Can Teach Financial Education for Kids at Home

Parents do not need to be financial experts to teach simple money lessons for kids. The best lessons often come from everyday conversations.

Here are some simple questions you can ask when your child wants to buy something:

  • Will this cost you more money after you buy it?
  • Will this help you learn, earn or create something?
  • Is this something you really value, or is it just a quick want?
  • Could some of your money be kept aside for a future opportunity?
  • How could you use part of your money to help someone else?

These questions help children build awareness. They also help children understand that money choices are connected to values, responsibility and future possibilities.

That is the heart of financial education for students and children. It is not about making them fearful of spending. It is about helping them become thoughtful, capable and confident with money.

For another family example, you may also like Kids Biz Program by Amber.

Flynn Is Getting a Financial Education

Flynn holding money earned through his honey enterprise
Flynn’s honey enterprise became a real-world lesson in earning, saving, giving and thinking about assets.

Flynn’s honey enterprise gave him more than pocket money. It gave him a real-world classroom.

Through earning, saving, spending, giving and thinking about assets, he began learning lessons that many adults are still trying to master.

That is why enterprise can be such a powerful teacher for children. It gives them the chance to experience money, responsibility and decision-making in a practical way.

When children run small enterprises, sell products, save toward goals or think carefully about what they do with their money, they are not just learning business skills. They are learning life skills.

Key takeaway: Financial education for kids begins with simple, real-life conversations. When children understand the difference between assets and liabilities, they can start making wiser choices with the money they earn, save and spend.

Where to Next?

If you enjoyed this money lesson, you may also like:

Young Entrepreneurs: Flynn’s Honey Turns to Gold

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Flynn extracting honey for his kids business story

Young entrepreneurs often learn best through real projects, real products and real customers. Flynn’s honey business became one of those practical childhood ventures that taught far more than we expected.

This is Part 3 of Flynn’s honey business story, where the raw honey was poured, labelled, priced, sold and finally turned into real profit.

Young entrepreneurs learning through Flynn selling honey in his family business
Flynn’s honey business became a real lesson in enterprise.

Young Entrepreneurs: Flynn’s Honey Turns to Gold

This family enterprise story shares how Flynn turned 90kg of raw honey into his first small enterprise. From filling jars and creating labels to pricing, selling and solving problems, his honey business became a real-life lesson in initiative, confidence, money, marketing and responsibility.

For young entrepreneurs, these are the lessons that often matter most. They are not just reading about business or talking about ideas. They are doing the work, making decisions, dealing with problems and seeing what happens when an idea becomes real.

A Real Business Project for Young Entrepreneurs

Flynn’s honey enterprise became one of those practical childhood projects that taught far more than we expected. It gave him the chance to handle a real product, work with others, think about presentation, understand pricing, serve customers and solve problems along the way.

If you have been following the honey story, you will know this was not the beginning. Flynn’s honey venture started with Honey Pot of Gold, where he first shared his family business idea, and continued in Flynn’s Honey Investment Continued, where he harvested honey with his Grandad and made his first serious investment.

The Opportunity: 90kg of Raw Honey

When we last visited Flynn and his honey enterprise, he had just acquired 90kg of quality raw honey from his Grandad’s beehives in Geraldton. Flynn had also placed a bulk order for plastic honey pots.

He was now ready to fill them up and make his first sale.


Warming raw honey for Flynn’s young entrepreneurs business story
Warming the honey.

Honey pots ready to fill for Flynn’s honey business
Honey pots ready to fill.

Preparing the Honey for Pouring

His honey was held in buckets that weighed over 10kg. Getting the honey from the buckets into the 400g honey pots was not going to be easy.

Firstly, the honey was very thick, making it tedious to decant into the pots. Secondly, it required strength to hold the honey bucket while pouring.

Flynn called on his mates to help. He poured the buckets into a large pot and heated the honey to 50 degrees Celsius. This temperature was not high enough to destroy the enzymes that make raw honey so beneficial, but it was high enough to make the honey more fluid and easier to pour.


Flynn filling jars of honey for his young entrepreneurs business project
The production line.

Flynn and friends filling honey pots for a childhood business
Quick! Gimme another pot!

Setting Up the Production Line

The kitchen table was wiped down and set up for the honey pot production line. The team were excited about finally seeing the product in the pots. I helped pour, while Flynn and his gang filled and capped jars.

The jars were washed on the outside to ensure there was no stickiness, then labelled with Flynn’s “Howitt’s Honey” labels.

This was one of the first times Flynn could see how much work sits behind a product before it is ready for customers. It is one of the practical lessons young entrepreneurs only really understand when they have to prepare a product themselves.


Flynn’s honey business production line at the kitchen table
Mmmm… smells good!

Rinsing honey pots before labelling Flynn’s honey jars
Giving each pot a rinse in fresh water.

Packaging and Branding the Honey

Flynn’s product looked clean, pure and professional. He understood that to get a market edge and sell his honey for a premium, his first-class product needed to be well packaged and hygienic.

Flynn carefully drew up a poster pointing out the benefits of his product. This was attached to the boxes containing the honey pots.

He was not just selling honey; he was learning about presentation, trust, product quality and brand identity. These are powerful money lessons for kids, especially when they are connected to a real product and real customers.


Jars of honey prepared for Flynn’s childhood business
First batch stacked and ready to label.

Honey jars labelled and ready for sale in Flynn’s small business
The labels!

Selling the Honey: Young Entrepreneurs Learn by Doing

Flynn researched what honey was selling for in shops and online. He worked out what he could sell his honey for and still make a decent return. To provide an incentive to customers, he offered a special price if they bought more than one pot at a time.

Marketing his honey required little effort at first. Visitors to our home took an interest in his honey, and his honey began to sell.

He gained permission from his school principal and left a box in the staffroom. He organised with a teacher friend of ours from another school to place a box in their staffroom, and he approached the local general store, where he was allowed to sell his pots of honey for a small commission.

This is where kids business ideas become more than ideas. Flynn had to think about pricing, placement, presentation, customer trust and repeat sales.


Developing the Howitt’s Honey brand for Flynn’s small business
Developing the brand “Howitt’s Honey”.

A Real Business Problem for Young Entrepreneurs

His honey was selling well, and it was not long before he needed to restock all his boxes. As word got out about his product, people even began placing small orders by telephone.

Flynn’s “Howitt’s Honey” business went very well, except for one problem.

Raw honey has many benefits that you would be hard pressed to find with heavily processed honey. However, a downside with raw honey is that, over time, it can candy, or begin to solidify. This occurs especially when the room temperature drops, such as during winter.

Flynn’s honey that had been waiting to be sold began to candy in the honey pots. People do not generally want to buy honey that has hardened, which is why commercial honey producers often process honey using heat to reduce crystallisation.

Luckily, this problem only happened to the last remaining pots that had been waiting for sale. He brought these home, opened them up, scraped the honey into a pot and heated it back to 50 degrees Celsius. This liquefied the honey again, and he returned it to the pots. We bought those last pots for our family.

The lesson learned was that Flynn needed to sell his raw honey product before it showed signs of candying. He also needed to inform customers about what to do if their honey began to crystallise.

That is the sort of problem-solving young entrepreneurs remember, because the lesson comes from experience rather than a worksheet.

Profit, Pride and What Flynn Learned


Profits from Flynn’s honey enterprise and young entrepreneurs story
Profits from Flynn’s Honey Enterprise.

Flynn’s net profit from his honey enterprise was outstanding. He achieved the goal he set before he began, plus much more. He learned many lessons along the way and recognised that it was a lot of work, but satisfying work.

Flynn became an expert in his own honey business and gained enormous skills and understandings of how to run an enterprise.

This is one of the real family enterprise stories that helped shape how we think about raising entrepreneurial kids through everyday experience.

Flynn may now be ready to take his honey enterprise to another level. We hope to guide Flynn to move from being a small business owner to thinking more like an entrepreneur. How we do that will be shared in another Enterprise for Kids blog.

As a story about young entrepreneurs, Flynn’s honey enterprise shows how a simple family opportunity can become a real lesson in money, initiative, marketing and responsibility.

Flynn’s Honey Business Series

This article is Part 3 in Flynn’s honey business series, a family enterprise story about young entrepreneurs, family business ideas, money lessons for kids and learning by doing.

These posts show how children can learn by doing, rather than just being told about business, money and opportunity.

For Families Interested in Honey Enterprise

For those interested in having your own honey enterprise, or keeping a beehive for a regular supply of raw honey for family and friends, you could seek out an expert, such as Flynn or his Grandad, or do a course.

For readers interested in honey handling and food safety, the Australian Honey Bee Industry Council provides information about Australian honey and beekeeping.

Key Takeaway: Young Entrepreneurs Learn by Doing

Key takeaway: Young entrepreneurs do not need perfect conditions to begin. Flynn’s honey business started with a family opportunity, a quality product and the courage to take action. Through the process, he learned about pricing, branding, selling, customer trust, problem-solving and profit.

Where to Next?

Read more family enterprise stories, explore practical ideas for raising entrepreneurial kids, or see where our enterprising kids are today.


Family Enterprise Stories
Read more real stories from our family’s early businesses, projects, market stalls and money lessons.


Raise Entrepreneurial Kids
Explore practical ideas for helping children build confidence, initiative and real-world thinking.


Our Enterprising Kids Today
See where early enterprise, adventure and creativity helped lead our children.

We would love to hear from you, so please leave a comment.

Upcycling Business Ideas: Amber’s New From Old Project 2

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Amber Howitt learning upcycling business ideas through her New From Old enterprise

Upcycling business ideas can start very small. Sometimes all a child needs is a second-hand item, a little imagination, a few practical skills and the confidence to have a go.

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After Amber’s first New From Old project was successful, she was ready to keep her enterprise momentum moving. This time, her opportunity came from a visit to the Geraldton Recycling Centre with her Gran.

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Amber finding an item at the recycling centre for an upcycling business idea
Amber learnt that enterprise opportunities can sometimes be found in unexpected places.

Upcycling Business Ideas: Amber’s New From Old Project 2

Amber’s rabbit hutch project was hugely successful. She made an easy sale with excellent profit, and it gave her the confidence to look for another enterprise opportunity.

This post is part of Amber’s New From Old resale enterprise series, where she learnt how to find second-hand items, improve them and sell them for profit.

After the success of the rabbit hutch, Amber was looking for a new Enterprise for Kids project to keep her momentum moving forward.

So she planned a visit to the Geraldton Recycling Centre with her Gran to see if she could find another opportunity.

Finding Upcycling Business Ideas at the Recycling Centre

Amber was under instructions to only bring home something small, as we were returning to Burekup and already had a lot to fit into the car.

That is often a useful boundary for kids. It helps them look carefully, think practically and choose something they can actually manage.

For families in the Geraldton area today, the City of Greater Geraldton’s Resource Recovery Station is a useful reminder that recycling and reuse can create real-world learning opportunities for children.

Amber negotiating at the recycling centre as part of an upcycling business idea
Amber negotiates with the recycling centre man.
Pine timber display shelves Amber found for her upcycling business idea
Amber’s pine timber display shelves before the makeover.

What Amber found was a small pine display cupboard.

She thought it could make a good doll house. As an alternative, she could simply tidy it up and resell it.

That was smart thinking. She was not locked into only one idea. She could see more than one possible use for the item, which gave her flexibility.

Negotiating, Improving and Selling for Profit

Amber negotiated with the recycling centre man, batted her big blue eyes, and bought the shelves for a couple of dollars.

This was a simple but valuable enterprise lesson.

She was learning how to:

  • spot an opportunity,
  • look for resale potential,
  • negotiate a price,
  • improve an item,
  • advertise it,
  • and sell it for profit.

These are the kinds of practical skills that children can learn through real-world enterprise projects.

Amber sanded the cupboard back, gave it a coat of varnish and advertised it for sale.

Amber's upcycled display shelves after varnish ready to sell for profit
After a lick of varnish, the shelves were ready to sell.

Sold for $15!

Once again, Amber was happy with her profit. She added the cash to her money jar in readiness for her next Enterprise for Kids opportunity.

What Amber Learnt from Her Upcycling Business Idea

We watched Amber’s confidence skyrocket from running her little business projects.

This is one of the things we love about small enterprise experiences for children. The money matters, but the learning is even bigger.

Through this project, Amber was developing skills in:

  • opportunity spotting,
  • creative thinking,
  • negotiation,
  • marketing,
  • basic pricing,
  • follow-through,
  • and confidence.

She was also learning that value can be created.

The pine shelves were not worth much sitting at the recycling centre. But with a little care, sanding, varnish and marketing, they became something someone else was willing to buy.

That is a powerful lesson for children.

Upcycling Business Ideas Teach Kids to Spot Opportunity

Upcycling business ideas are wonderful for kids because they do not need to start with a lot of money.

Children can begin by looking for small, manageable items that can be cleaned, repaired, painted, polished, repurposed or presented better.

They can learn to ask:

  • Could this be useful to someone?
  • Could this be cleaned up?
  • Could this be turned into something else?
  • Could this be advertised better?
  • Could I buy this cheaply enough to make a profit?
  • Who might want this once it is improved?

These questions help children think like entrepreneurs.

They begin to see that opportunity is not always obvious. Sometimes it is hidden under dust, scratches, old paint or someone else’s discarded item.

Amber’s New From Old Series

This project was another step in Amber’s New From Old journey.

Her first project showed her that she could buy and sell for profit. This second project showed her that she could take something simple, improve it and make another successful sale.

Each small project helped her build belief in herself.

We do hold the crystal ball, and we know what Amber gets up to next. You will be amazed by the opportunities she finds.

Stay tuned for more in Amber’s enterprise journey.

Key Takeaway: Upcycling Business Ideas Can Start Small

Key takeaway: upcycling business ideas can teach children how to spot opportunity, negotiate, improve an item, advertise and sell for profit. Amber’s New From Old project showed that a small recycling centre find can become a valuable real-world money lesson.

Where to Next?

What second-hand item could your child clean up, improve or resell as a small enterprise project?

Pet Business Ideas for Kids: Fish, Plants and Small Enterprise

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Colourful aquarium fish representing pet business ideas for kids

Pet business ideas for kids can begin with something as simple as a hobby. For children who love animals, fish, poultry or small pets, a pet-related enterprise can teach responsibility, research, care, pricing and customer relationships.

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But any pet business idea must begin with animal welfare. Pets are living creatures, not products. The best lessons come when children learn to care properly, research carefully and put the wellbeing of animals first.

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Chayse Howitt feeding poultry as part of pet business ideas for kids
Pet hobbies can teach children care, responsibility and enterprise skills.

Pet Business Ideas for Kids: Fish, Plants and Small Enterprise

As a kid, I loved keeping pets. In fact, many people referred to our suburban home as being the local zoo. Kids from all over the neighbourhood would come by to see the goings-on in our backyard.

I had a huge fish pond which, during the summer, would be teeming with little colourful fish. The fish first started out in my aquarium and, as they multiplied, they ended up in the pond.

By the end of the summer there would be so many fish that, if I did not find homes for them, they would overpopulate the pond and create problems.

So I would catch them by the hundred, put them into big buckets and take them off to the local aquarium shops. The shop owners were happy to get my fish and paid me 50 cents each.

Thirty-five years ago, this amounted to a lot of money.

How a Fish Hobby Became a Small Enterprise

Swordtail fish as an example of pet business ideas for kids interested in aquarium fish
Swordtails are colourful aquarium fish, but any breeding project needs research and responsible care.
Trevor Howitt's aquarium showing how fish keeping can lead to pet business ideas for kids
Trevor’s aquarium hobby became one of his earliest enterprise lessons.

One time, I remember delivering a bucket full of swordtails, which are renowned for jumping.

The aquarium shop owner left the bucket on the ground without a lid while he went about his shop business. He returned later in the day to find nearly all the fish on the ground!

I also divided up the water lilies and pulled out huge amounts of water plants that were thriving in the summer heat in the pond. These were also sold to the aquarium shops.

All up, my pet hobby well and truly paid for itself.

It also taught me some early business lessons:

  • look after your stock well,
  • understand what buyers want,
  • build relationships with local shops,
  • keep quality high,
  • and turn a hobby into something useful.

Pet Business Ideas for Kids Can Start With a Hobby

Today I still keep aquarium fish and breed them in ponds during the summer. Some of my children have taken an interest in them and keep fish as well.

A close friend of the family, Brayden, stopped by our place and showed an interest in my fish. I told him what I was doing and shared the story of how I used to sell fish to aquarium shops.

Guppies as an example of aquarium fish linked to pet business ideas for kids
Guppies helped Brayden see how a pet hobby could become a small enterprise idea.
Brayden exploring a fish enterprise as part of pet business ideas for kids
Brayden’s interest in aquarium fish led him to explore a small fish enterprise.

Fifteen-year-old Brayden also kept fish. He had an aquarium full of guppies.

As a result of our conversation, he took his guppies down to the local pet shop and sold them for $2.50 each.

He was so pleased with his fish sale that he began playing with figures to see whether it would be worth trying to farm aquarium fish as an enterprise.

His figures stacked up.

He told me that he had acquired several large fish tanks, had done his research and had worked out which fish were easy to breed and which were sought after by aquarium shops.

His aquaculture enterprise was just beginning and had the potential to do very well.

Responsible Pet Business Ideas for Kids

Pet business ideas for kids can be exciting, but they also need to be approached carefully.

Any child or teenager interested in a pet-related enterprise should have adult guidance and should understand that animals need consistent, humane and knowledgeable care.

Before breeding, selling or rehoming any animals, families should check:

  • local animal welfare laws and council requirements,
  • pet shop expectations,
  • species-specific care requirements,
  • housing, space, food and cleaning needs,
  • platform rules if advertising online,
  • and whether there is genuine demand before breeding more animals.

The RSPCA’s responsible pet ownership information is a helpful reminder that caring for animals is a long-term commitment.

A pet business should never be built around producing animals quickly without proper care, planning and responsibility.

Choosing the Right Pet Business Idea

Here are some helpful tips if you are considering pet business ideas for kids.

Start with research

Before buying or breeding anything, learn as much as possible about the animal or plant. Some animals can be difficult to keep and may require expensive equipment, specialist food, careful temperature control or veterinary support.

Choose quality and health first

If breeding is involved, start with healthy, well-cared-for animals from responsible sources. The aim should be strong, healthy animals and a good reputation, not simply producing as many as possible.

Ask local shops what they need

Pet shops and aquarium shops may have specific species, colours, sizes or plants they are regularly looking for. This can help a young person understand demand before investing time or money.

Keep excellent care standards

Good food, clean water, suitable housing, safe temperatures and low-stress handling all matter. Animal welfare should always come before profit.

Build a good reputation

If a child sells to a shop or local customer, quality and honesty matter. A good reputation is built by being reliable, knowledgeable and responsible.

Consider pet-related services too

Not every pet business idea needs to involve breeding or selling animals. Some children may be better suited to pet sitting, dog walking with adult supervision, making pet accessories, growing aquarium plants or helping neighbours with safe animal care tasks.

Animal Enterprise Ideas Need Specialist Knowledge

Baby rats showing why small animal pet business ideas for kids require careful welfare and research
Small animal projects require careful research, humane care and family supervision.
White peacock showing that some pet business ideas for kids need specialist knowledge and care
Some animal enterprise ideas need specialist knowledge, space, experience and proper care.

Some animal-based ideas sound simple at first, but they can become complex very quickly.

Small animals, poultry, fish, birds and specialist breeds all have different needs. Some require licences, space, careful housing, disease prevention, temperature control or experienced handling.

That is why a family should always do the research first.

For children, the best enterprise lessons usually come from small, manageable projects where they can learn responsibility without becoming overwhelmed.

What Pet Business Ideas Teach Kids

Pet business ideas for kids can teach much more than how to make money.

They can help children learn:

  • responsibility,
  • research skills,
  • daily care routines,
  • pricing and profit,
  • customer relationships,
  • record keeping,
  • patience,
  • and respect for living things.

These are valuable enterprise lessons.

A child who learns to care properly for animals, understand customer needs and manage a small project is developing skills that can transfer into many other areas of life.

Maybe Your Pet Hobby Can Pay for Itself

Maybe you too can develop a pet enterprise, or at least have your pets help pay for themselves.

But the starting point should always be care, not cash.

If a child already loves fish, poultry, small animals or pets, then a carefully guided enterprise project might help them learn business skills while deepening their responsibility.

If they do not enjoy the care side, then a pet business is probably not the right fit.

The best pet business ideas for kids are the ones where the child learns to respect animals, serve customers and grow slowly and responsibly.

Key Takeaway: Pet Business Ideas for Kids Must Put Care First

Key takeaway: pet business ideas for kids can teach responsibility, research, care, pricing and profit. Trevor’s childhood fish enterprise and Brayden’s guppy project show how a hobby can become a small business lesson, but animal welfare must always come first.

Where to Next?

What pet-related hobby could your child turn into a responsible enterprise lesson?

Money Mindset for Kids: Moving Beyond Earn, Spend and Borrow

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money mindset for kids and financial freedom

In the last blog we spoke about who it is that teaches our kids about money. In this post we’d like to delve a little deeper into that topic, because understanding our money mindset is such an important part of changing it.

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Our intention is to build an understanding of why most of us have settled into the role of being a “worker” rather than following a more entrepreneurial path. You will also learn a little more about what we are endeavouring to achieve as a family, and why developing a healthier money mindset for kids matters so much to us.

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Kaitlin learning about money mindset for kids
Kaitlin represents the challenge many teenagers face as they learn about money, work and independence.

Money Mindset for Kids: Moving Beyond Earn, Spend and Borrow

Our kids, like all kids, want to have their own money so that they can have a little independence and buy the things that they want. In our family, our children sometimes receive money when it is their birthday and they also get a little pocket money.

Kaitlin, our eldest, has a part-time job working at a local brewery serving lunches and helping in the kitchen. She works hard and it pays pretty well. However, to take on a job, she loses some of her weekends and time to do school work and have a social life. She also commits time to regular babysitting work for some of the families in the area.

What Is a Money Mindset?

At present, the money mindset of our children is much the same as ours, which is likely to be the same as most other people, and that is to earn money, spend money and borrow money.

Generally, most of us either have a job where we give time for a salary, or we have a business where we still give our time for a monetary return. Whatever the case, we are often tied down and limited by what money we earn, and we sacrifice our time for it. Sound familiar?

The funny thing is that right from an early age we are conditioned to accept this as normal. Often our minds become closed off to entrepreneurial ideas and opportunities. Schools train us and prepare us for the workforce. Parents often do the same by pointing us towards a vocation.

Adding to this, media advertising, TV, politicians, universities and our peers all guide us towards getting a job. It is all around us — well-intentioned people and institutions keeping us on the “straight and narrow” path of getting a job (earn), then spending our money on things (spend), and then borrowing money to spend on even more things (borrow).

The Earn, Spend and Borrow Pattern

Finance companies advertising loans and debt as part of a money mindset
Advertising constantly reinforces an earn, spend and borrow money mindset.

Look at the people around you and you will see this pattern repeated everywhere. People with expensive things like houses, TVs, holidays, cars, boats and caravans. Most are servicing mortgages or loans to pay for it all.

The more things they acquire during their lives, the harder and longer they often have to work to pay for those things. Most people can see no obvious way out of their situation and simply accept that this is what is supposed to happen.

That is one reason why understanding money mindset for kids is so important. If children grow up believing that the only option is to work, spend and borrow, then they are likely to repeat that cycle without ever stopping to question it.

How the Rat Race Shapes Our Thinking

The rat race showing the worker mindset and earn spend borrow cycle
Many families become locked into the Rat Race without ever questioning the pattern.

In fact, many of us have been conditioned to accept a financial mindset that locks us into what many people call the Rat Race.

Now you may challenge us by saying, what’s wrong with our kids entering the workforce? What’s wrong with spending what they earn and borrowing some more? Honestly, there is nothing right or wrong about it at all. It simply is what it is.

For us though, we are looking for a new direction — one where we have the time to follow our passions and the freedom to give to our family, community and world without constantly worrying about how to pay for it. Our goal is to move beyond a narrow “worker mindset”.

We seek to know how the relatively few financially and time-free people managed to rise above the Rat Race. We want to know what they do that is different. How do they think? What is their conditioning around money? What kind of money mindset have they built?

Why Money Mindset for Kids Matters

What’s more, we wish for our kids to grow up with the mindset of an entrepreneur. It is important to us that they receive a real financial education for kids, not just an education that prepares them to earn a wage.

Financial education for kids does not usually come from school
A financial education for kids often begins at home, not in the classroom.

From what we’ve discovered so far, kids need to start very early if they are to develop an entrepreneurial mindset and the skills needed to manage money and build enterprise. They need role models who can foster different thinking, and parents who encourage and look for opportunities that develop enterprise.

Open discussions about money, business, debt, freedom and opportunity all help to build a better money mindset for kids.

We want our seven children to grow up having choices. We want their pathways to be wide with opportunity. We encourage them to follow their passions and not simply be conditioned into the “earn, spend and borrow” mindset. We hope they will think differently, believe in themselves and develop the habits of people who achieve both personal and financial freedom.

Our Family Is Learning Too

We know we have a challenge ahead of us, because our kids have already been conditioned from an early age — just as we were.

Using Kaitlin as an example, she earns money, spends freely and already has a debt. She is studying hard to go to university with all her friends and then, ultimately, to get a good-paying job. Once again, I’ll point out that there is no right or wrong about this, only that we would like her to see that there are other ways.

It is always going to be a challenge while we still carry some of that same conditioning and mindset ourselves. Although we are striving to change our thinking, we recognise that it will take time and persistence to learn new habits and shift old belief systems.

However, we are very confident that this year is the year that we will have a breakthrough. We have enlisted the help of a Money Mindset personal mentor who is helping us develop a new way of thinking. He is there to help us transform our thinking through our actions — and as we do so, so will our children.

In upcoming blogs we will continue to share this journey with you, including the lessons we are learning about building a stronger money mindset, creating more opportunity, and helping our children develop an entrepreneurial way of thinking.

Key Takeaway: A Money Mindset Can Shape a Family’s Future

Key takeaway: A family’s money mindset shapes how children see work, spending, debt, business and opportunity. Building a stronger money mindset for kids can help children grow up with more choices, wider pathways and a better understanding of enterprise and financial freedom.

We believe that changing a family’s money mindset can change a family’s future.

Where to Next?

What money mindset are your children learning from the world around them?

Money Lessons for Kids: Who Is Teaching Them About Money?

Enterprise For KidsTeam Money Lessons for Kids, Raising Entrepreneurial Kids , , , , , , , , , , , , 6 Comments
Kids watching a TV advert showing how advertising shapes money lessons for kids

Money lessons are happening all around our children, whether we notice them or not. If you don’t teach your kids about money, then there are plenty of people out there who will. And not all of them will teach your children what they really need to know.

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Media, celebrities, advertising, peers, schools, banks and family choices all help shape what children believe about earning, spending, borrowing and wanting more. That is why money lessons for kids need to begin at home, in the everyday moments where children ask for things, make choices and learn how money really works.

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Teen magazine showing how media can shape money lessons for kids
Kids are constantly receiving money lessons from media, celebrities, advertising and peers.

Money Lessons for Kids: Who Is Teaching Them About Money?

Our kids are educated financially from many sources, whether we like it or not. Everywhere they go and everything they look at is conditioning them around money.

For example, teenage kids are very influenced by their peers, TV, advertising and social media. They are pressured to want to have all the latest and greatest of everything. AND… they have to have it now!

If you have a teenager in your house, or even a preteen, you will understand this very well. They will tell you that they are the “only” ones in the “whole world” who don’t have one. And if you try to compromise with a cheaper version from Target… well, forget it! Brand name or nothing!

The Money Lessons Children Learn From Wanting More

Many parents fall into the trap of giving in to their kids’ persistent demands. We have… more times than we should have! And the older a child gets, the better they are at arguing their point.

Sometimes parents lend their child the money with the view of having them pay it back when they can afford it. Other times, parents simply pay for the item fully and do not expect their child to pay anything back.

But what is this teaching children?

That is the question we had to ask ourselves when Flynn wanted an iPod for school camp.

Flynn’s iPod Money Lesson

Our son Flynn was preparing to go on a camp with his school. He claimed that ALL the kids would have iPods, and that he wanted to buy one to take on camp.

Flynn Howitt learning money lessons for kids through his iPod goal
Flynn’s iPod goal became a real-life money lesson about earning, choices and avoiding debt.

He counted up his money and found that he was short about $100. He was very persistent in his request, so we decided to sit down and have a conversation with him around the value of money.

Our dilemma was this: if we were to say an outright, “No, we can’t afford it,” then we would be conditioning him with a mindset around lack of money.

On the other hand, if we said, “Yes,” and simply paid for it, then we would be conditioning him with the mindset to borrow, then spend… and he would probably not appreciate it too much.

So…………… we came up with another solution.

Turning a Want Into a Money Lesson

We said, “Yes.” He could buy an iPod. However, we were not able to pay for it.

Instead, we brainstormed ideas with Flynn on how he could raise the $100 himself. Time was of the essence, as he was going on camp in three days.

Together, we came up with several ideas. He could increase the marketing of the honey he was selling through his Honey Enterprise. He could sell some of his unwanted things, such as his surfboard. He could also do a deal with his sister and buy the items she had lined up to sell as part of her New From Old enterprise, then resell them with a mark-up.

The discussion gave him motivation, and we took the punt that if he was really keen for the iPod, then he would make it happen.

The point of all this is that we didn’t automatically say, “No, we can’t afford it,” and we didn’t say, “Yes, and we will pay for it.”

Rather, we put the onus on Flynn to work out a way to achieve his goal without getting himself into debt. We used this opportunity to teach Flynn about money.

Who Is Teaching Your Kids About Money?

In our society, kids are conditioned to earn, spend and borrow from a very early age. This conditioning can carry through to adulthood and tie people to a job, especially when they need that job to pay for the interest payments on their “things”.

That is why money lessons for kids matter so much. If we do not consciously teach children how to think about money, they may simply absorb the messages around them.

Sporting heroes and advertising shaping money lessons for kids
Sporting heroes are often used to influence what children want to buy.

It is hard for our kids to avoid this type of conditioning. Their sporting idols appear on TV advertisements telling them what a great investment they are making if they buy x, y or z… and finish with a trusting wink!

In the same way, celebrities promote all sorts of things, from insurance and jewellery to holidays. Retailers offer low-cost, easy monthly payments for expensive items that people may not really be able to afford.

There goes the “earn, spend and borrow” cycle again.

Advertising Teaches Money Lessons Too

Advertising does not just sell products. It also teaches children what to value, what to want and how quickly they should expect to have things.

For this reason, parents need to be part of the conversation.

When a child says, “Everyone has one,” or “I need it now,” there is an opportunity to slow the conversation down and ask some better questions:

  • Do you really want this, or do you feel pressured to want it?
  • How much does it cost?
  • How could you earn the money?
  • What would you need to give up to buy it?
  • Could you buy it second-hand?
  • Could you create money rather than borrow money?

These simple questions can turn everyday wants into powerful money lessons.

Schools, Debt and Financial Choices

The education system may teach many important things, but practical money education can still be limited. Many young people move towards adulthood without having deeply discussed debt, credit, consumer pressure, business, enterprise, financial freedom or how to make money work for them.

Student debt showing why money lessons for kids matter before adulthood
Young people can face financial pressure before they have learnt how money really works.

As a result, many young people begin adult life already carrying financial pressure. This might come through study costs, consumer debt, car loans, lifestyle spending or the general cost of getting started.

That is why teaching children about money before they leave home matters.

The Australian Government’s MoneySmart guide to teaching kids about money is a helpful reminder that parents can start early and make money part of everyday conversation.

Can These Money Lessons Change?

Enterprise for Kids image about changing money lessons for kids
Money lessons can help children see new possibilities.

We can look at life as being a game full of experiences. We are here on earth to play the game.

Yet from an early age, the odds can feel stacked against us achieving personal and financial freedom when we are conditioned to earn, spend and borrow for unproductive things.

Can this change?

Absolutely.

And who is the best person to teach this change to your children?

Well, if you have already achieved financial and personal freedom, then the best teacher is YOU!

And if you haven’t, then find someone who has achieved the type of financial or personal success you would like for your kids. You may even learn something in the process. 🙂

Money Lessons for Kids Begin at Home

The most powerful money lessons for kids often begin in ordinary family moments.

A child wants something.

A parent has a choice.

We can shut the conversation down, pay for everything, lend the money, or turn the moment into a learning opportunity.

Flynn’s iPod story reminded us that teaching kids about money does not always require a formal lesson. Sometimes it simply requires a different conversation.

Instead of saying, “We can’t afford it,” or “Yes, we’ll buy it,” we can ask, “How could you create the money?”

That question changes everything.

Key Takeaway: Money Lessons Are Happening Every Day

Key takeaway: money lessons are happening around children every day. Media, peers, celebrities, advertising and family choices all shape how kids think about money. Parents can use everyday wants, like Flynn’s iPod goal, to teach children how to earn, choose, create value and avoid unnecessary debt.

Where to Next?

Who is teaching your children their money lessons — and what are they learning?