financial education for kids

Money Mastery: Lessons from Paul Counsel’s Program

Enterprise For KidsTeam Mindset, Confidence & Leadership, Money Lessons for Kids , , , , , , , , , , 4 Comments
Paul Counsel teaching in the Money Mastery Program about financial freedom and money mindset

Money Mastery became much more than a financial education program for us. It became a deep journey into mindset, values, financial freedom and the kind of life we wanted to model for our children.

Have you ever had that inner desire to make a difference in the world, but felt frustrated that so much of your time and energy was being poured into simply earning enough money to keep up with life, bills and raising a family?

Money Mastery quote about changing the world from within
The world can only change from within — a powerful idea behind our Money Mastery journey.

Money Mastery and the Desire to Make a Difference

Have you wondered what you could do if you had the resources of time, knowledge and money to be that difference?

Children grow up full of potential and excitement about their lives and what they wish to accomplish. Ideally, we as parents want to be an inspiration to them. We want to show by example that they too can achieve what they put their minds to.

Do you ever wonder what worldly achievements and contributions your children will end up making?

Cath and I have huge dreams. We are aiming for the stars. We aspire to achieve, experience and contribute in a grand way. We want to lead our own children to think big, experience life deeply and make a significant difference to the lives of others while they are here on Earth.

Money Mastery quote about thinking big and aiming for the stars
Money Mastery helped us think bigger about life, contribution and financial freedom.

This is our “Why”, and it is why we began the journey seeking the understanding and mindset shifts required to achieve financial freedom.

Paul Counsel and the Money Mastery Mentoring Program

This past year has been, by far, the biggest year for us in terms of shifting our mindset around success.

In March, we embarked on a year-long Money Mastery Mentoring Program led by Dr Paul Counsel. Paul opened our eyes to possibility, gave us tools to make the inner shifts required to achieve financial freedom, and helped us look more closely at the subconscious thinking and conditioning that can shape our results.

You can learn more about Paul Counsel’s current work through Money Mastery Academy.

Our year felt like a roller-coaster ride. There were ups, downs and plenty of bumps along the way. It was full-on trying to sort out the logistics of children, family life and busy schedules while still maintaining momentum.

Without our beautiful friends and family supporting us throughout the year, I am certain we would not have made it this far.

Stephen Covey quote connected to Money Mastery and personal change
Lasting change begins with the way we think, choose and act.

Money Mastery, Financial Freedom and Self Discovery

The Money Mastery program was largely about achieving financial freedom. But for us, it was also a self-discovery mentoring program.

Through the process, we revealed so much about ourselves: our deep-rooted values, our subconscious thinking, our conditioning and our future realities.

That matters because financial freedom is not only about numbers. It is also about beliefs, choices, habits, values and identity.

We came to understand that if our inner thinking does not shift, our outer financial results are unlikely to shift in a lasting way.

This is one of the lessons we want our children to absorb. Money is not just something to earn and spend. It is connected to choices, freedom, contribution and the way we design our lives.

Money Mastery and the Mindset We Model for Our Children

As parents, we can talk to our children about money, success and contribution. But what they watch matters even more.

They watch whether we think big or small. They watch whether we believe we can change. They watch whether we stay stuck in old patterns or choose to grow. They watch whether we simply talk about financial freedom or actually take steps toward it.

That is why Money Mastery was so important for us. It challenged us to look at the patterns we were living from and the example we were setting.

If we want our children to become confident, capable and entrepreneurial, then they need to see us learning, stretching and taking responsibility for our own growth as well.

Paul Counsel Money Mastery Mentoring Program quote about financial freedom and mindset
The Money Mastery Mentoring Program helped us reflect deeply on mindset, values and financial freedom.

Financial Freedom, Family Values and Big Dreams

One of the big distinctions for us was understanding the link between business, money and our highest values.

Our children have always been our highest value. That is beautiful, but it also meant that family life naturally took our time, focus and energy. We had to learn how to align our desire for business, contribution and financial freedom with our value of family, rather than feeling as if they were competing against each other.

That is one of the reasons Enterprise for Kids became so meaningful to us.

It allowed us to connect family, learning, enterprise and money lessons together. It gave us a way to grow our own entrepreneurial mindset while helping our children understand confidence, creativity, responsibility and opportunity.

Money Mastery helped us see that financial freedom is not separate from family. Done well, it can support family, strengthen choices and open up more possibilities for the future.

Our Money Mastery Review

As we reached the final weekend of our year-long Money Mastery Mentoring Program, we found ourselves reflecting on how much had changed.

There were many things to weigh up about what came next, but one thing was certain: our future felt as though it was opening wide before us.

We decided to write a full review of our Money Mastery Mentoring Program. In that review, we shared why we chose to take on such a mentoring program, what the year was like, and some of the massive distinctions that changed our lives.

We invite you to read about our journey and experiences, and to pass it on to interested friends.

Leo Tolstoy quote connected to Money Mastery and changing ourselves
Real change often begins when we are willing to look honestly at ourselves.

We are hopeful that when you read it, you gain inspiration and perhaps some real insight into your own life. We reflected on some of the reasons why things happen the way they do, and why they sometimes do not.

So go make yourself a cuppa, sit down in a comfy chair and take the time to read our full Money Mastery Mentoring Program review.

Read the full review here: Money Mastery Mentoring Program Reviewed

Key Takeaway: Money Mastery Starts From Within

Key takeaway: Money Mastery is not only about financial strategies. For us, it was about mindset, family values, financial freedom and the inner shifts needed to create a bigger future for ourselves and our children.

Where to Next?

Have you ever taken on a program, mentor or experience that changed the way you think about money, family and the future? We would love to hear your thoughts in the comments.

Entrepreneurship for Students: How Do Entrepreneurs Think?

Enterprise For KidsTeam Mindset, Confidence & Leadership, Raising Entrepreneurial Kids , , , , , , , , , 7 Comments
Jai Howitt discussing his entrepreneurial journey on The Pocket with Chris Griffen

Entrepreneurship for students is not just about starting a business. It is about learning how to think differently, spot opportunities, solve problems, take action and build confidence in the real world.

When children learn how entrepreneurs think, they begin to see that their ideas matter. They also begin to understand that money, work, creativity and contribution can be approached in a very different way.

Entrepreneurship for students shown through Jai Howitt coaching Chayse on business strategy
Jai coaching Chayse through business strategy and entrepreneurial thinking. Watch Jai coach Chayse.

Entrepreneurship for Students: How Do Entrepreneurs Think?

In an earlier article, we spoke of charitable entrepreneurs and successful business thinkers such as Richard Branson, Warren Buffett and John Templeton.

They, together with many other successful people, have extraordinary stories to tell about their entrepreneurial journeys. Some will tell you they struggled at school, dropped out, were dyslexic, or found reading and writing difficult. Others came from homes of poverty, while some were born into families where business and enterprise were already part of everyday life.

Although their backgrounds and circumstances differed, one thing often remained the same: they thought in a similar way.

It is not circumstance alone that creates an entrepreneur. It is mindset.

That is why entrepreneurship for students matters. Young people need more than information. They need the chance to develop the kind of thinking that helps them create opportunities, make decisions, solve problems and take responsibility for their future.

Why Entrepreneurial Thinking Matters for Families

What we have come to understand is that for our family to become economically and personally free, we need to question our conditioning around money and then reprogram our subconscious minds with a new success money mindset.

Many wealthy and successful people either developed this mindset from their upbringing, or they discovered it for themselves. Sometimes this happened consciously, through study and self-development. At other times, it happened unconsciously through experience, environment and action.

It is often said that only a small percentage of people live with real economic and personal freedom. The bigger question is this: what do they do differently?

More to the point: how do entrepreneurs think?

Before we look deeper into that, consider this.

Entrepreneurship for Students Starts with Money Mindset

Wealth creation and poverty mindset lesson for students
The way children think about money can shape the opportunities they see.

Whether we like it or not, we are being conditioned constantly to think a certain way about money. We are conditioned by our family, schools, advertising, politicians, television, social media and friends.

Many people become tied to jobs and debt because the conditioning they have received favours a money mindset of lack, rather than abundance.

Do any of the following sound familiar?

  • “Money doesn’t grow on trees.”
  • “Money is the root of all evil.”
  • “You’ve got to work hard for your money.”
  • “Get a good, well-paying job and you’ll be set for life.”
  • “Buy a home, it will be your best investment ever.”
  • “We can’t afford it.”
  • “What job do you want to do when you grow up?”
  • “Go for the cheaper ones.”

Only this morning, I was listening to a friend talking with his teenage sons. He told them they needed to get jobs. He explained that he had a job pushing shopping trolleys at their age. He even went down to the local IGA supermarket and picked up applications for them to apply for jobs.

When I was fifteen, I started out with a casual job working at a Target store. My hourly rate was $2.90 an hour.

All of the above are examples of conditioning. Much of our thinking about money, work and possibility is formed very early in life.

What Schools Often Teach About Work and Money

Our schools are largely designed to prepare workers for the workforce. Banks make money by selling debt. Governments collect taxes and often depend on people staying within predictable systems. Retail businesses make money by encouraging us to spend. Big businesses need workers to build their businesses.

There is definitely a design to much of this madness.

That does not mean jobs are bad. It also does not mean every child needs to become a business owner. However, it does mean young people should know there are other pathways.

They should understand that work, money, creativity and contribution can be approached in different ways.

This is why financial education for kids is so important. Children need to learn about money, value, assets, liabilities, work, enterprise and choice before they enter adulthood.

Entrepreneurial Mindset for Young People

What our family has discovered is that our money mindsets are changing. We are learning that it is okay to accept money and to have money. In fact, it is okay to offer something of value to others and receive payment in return.

Working hard in a job is not the only pathway for young people entering our big world.

There are other ways. These pathways can allow young people to follow their passions and dreams while making a meaningful contribution to whatever they consider important.

Wouldn’t it be fantastic if all our kids could achieve economic and personal freedom?

People who have achieved financial freedom through being entrepreneurial tend to have a mindset of abundance. Their habits differ. Their thinking differs. Their actions differ.

This is why we keep coming back to the bigger idea of raising entrepreneurial kids. It is not just about business. It is about helping children become confident, capable, creative and resourceful.

How Entrepreneurs Think: Lessons from Napoleon Hill

Napoleon Hill Think and Grow Rich entrepreneurial mindset lesson
Napoleon Hill studied how successful people think and act.

Rather than attempting to explain every detail of how entrepreneurs think, I will refer to one of the most influential books ever written on personal and financial achievement.

Think and Grow Rich by Napoleon Hill was originally published in 1937. Hill spent his life studying successful people and recording how they think and act. He became successful himself by following the distinctions in his own book and by modelling himself on his mentors.

Think and Grow Rich is essentially a book about what to do and how to do it. It explores ideas such as self-direction, organised planning, autosuggestion, mastermind association, self-analysis and the selling of personal services.

The thirteen steps to riches described in the book offer a philosophy of individual achievement that has influenced thousands of people’s lives.

This book could be worth a great deal to you and your kids, not simply because of the money ideas, but because of the thinking behind them.

At the time of this original article, Cathy was rewriting Napoleon Hill’s book in a way that would be suitable for kids to read, with simple explanations and modern examples they could better relate to. It was a work in progress, built around the idea that children should be able to understand powerful success principles in language that makes sense to them.

You can also learn more about Napoleon Hill’s work through the Napoleon Hill Foundation.

Entrepreneurship for Students in Real Life

For our family, entrepreneurship for students has never been just a theory. It has been something we have tried to encourage through conversations, real-life projects, mentoring and practical action.

Looking back now, we can see how these early conversations about entrepreneurial thinking have carried through into real life. The goal was never just to teach our children about business. It was to help them become confident, resourceful young people who could spot opportunities, solve problems and take action.

Today, we see that continuing as Jai shares business ideas and strategy with his younger brother Chayse, passing on what he has learnt through his own entrepreneurial journey.

Jai has gone on to build his own entrepreneurial path through creative work, content and business. You can see part of that journey through Art of Mondays.

Key Takeaway: Teach Students to Think Like Entrepreneurs

Key takeaway: Entrepreneurship for students is about far more than making money. It is about helping young people think differently, understand value, recognise opportunity, solve problems and take action in the real world.

Where to Next?

If you enjoyed this article about entrepreneurship for students and entrepreneurial thinking, you may also like:

We would love to hear your thoughts. How do you think entrepreneurs think differently, and how can we help children develop that mindset while they are still young?

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:

Money… We All want it, but at what Cost?

Enterprise For KidsTeam Mindset, Confidence & Leadership, Money Lessons for Kids , , , , , , , , , , , , , , , , , , , 4 Comments

In the last blog we spoke about “who it is that teaches our kids about money”. We’d like to delve a little deeper with this topic in this blog. Our intention is to build an understanding of why most of us have settled into the role of being a “worker” rather than following the “entrepreneurial” path. You will also learn a little more about what we are endeavoring to achieve as a family.

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 doing the kitchen work. She works hard and it pays pretty well. However, to take on a job, she loses some of her weekends and time to do her school work and have a social life. She also commits time to regular baby sitting work for some of the families in the area.

At present the money mindset of my 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 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 give our time for a monetary return. Whatever the case, we are tied down and limited with 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 to be the norm and often our minds are generally closed off to entrepreneurial ideas and opportunities. Our schools train us and prepare us for the workforce. Our parents will 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 all keeping us on the “straight and narrow” pathway of getting a job (earn!), then spending our money on things (spend!) and then borrowing money to spend on more things (borrow!).

 

Finance companies advertising loans

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 to pay for it all. The more things they acquire during their lives the harder and longer they have to work to pay for the things. Most people can see no way out of their situation and accept that this is what is supposed to happen. The average Australian spends about $1.15 out of every dollar they earn!

The Rat Race!

In fact most of us have been conditioned to accept this money mindset which locks us into 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 wrong or right about it at all. It is just what it is.

For us though, we’re looking for a new direction where we have the time to follow our passions and to be able to give freely to our family, community and world without worrying how to pay for it. Our goal is to break out of the “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 and what is their conditioning around money mindset!

What’s more, we wish for our kids to grow up with the mindset of an entrepreneur! It is important to us that they get a “financial education”.

A Financial Education won't come from the teacher.

From what we’ve discovered so far, is that kids need to start very early to develop their entrepreneur mindset and the skills needed to manage money and build enterprise. They need role models who can foster a different thinking and parents who encourage and look for opportunities that foster enterprise. Open discussions about money and business will help to develop a financial education for kids.

We desire for our seven children to grow up having choices. We want their pathways to be wide with opportunity! We encourage them to follow their passion and not be conditioned into the “earn, spend and borrow” mindset. We hope that they will think differently, have belief in themselves and develop the habits of people who have achieved personal and financial freedom.

We know we have a challenge ahead of us, as our kids have already been conditioned from an early age. 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 whilst we have that same conditioning and mindset. Although 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 break through. We have enlisted the help of a Money Mindset personal mentor, who is helping us develop a new thinking. He is there to help us transform in our thinking through our actions…. and as we do so, so will our children.

With our up coming blogs we will share his education with you.

 

 

Flynn’s Honey Investment Continued……

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Money lessons for kids shown through Flynn pouring honey for his business

Money lessons for kids become much more powerful when children experience them in real life. For Flynn, that meant negotiating with his Grandad, harvesting raw honey, making an investment and learning what it really takes to grow a small business.

This is Part 2 of Flynn’s honey business story, where his idea moved from plan to action — complete with bee suits, honey frames, sticky hands and a very serious investment for a twelve-year-old.

Money lessons for kids with Flynn and Grandad collecting honey frames for a business project
Flynn with Grandad collecting honey frames for his honey business.

Money Lessons for Kids: Flynn’s Honey Investment Continued

You may remember from a previous blog that Flynn’s Enterprise for Kids plan was to buy honey at wholesale and sell it at retail. All he needed was a good source of cheap, quality honey that he could buy in bulk.

If you missed the beginning of the story, you can read Part 1: Honey Pot of Gold, where Flynn first explained his honey business idea.

Finding a Product for Flynn’s Honey Business

Flynn’s Grandad has kept bees for over twenty years and had a number of hives which he regularly harvested honey from. The honey produced from his bees is very light in colour and tasty, as the bees forage over the Mid West fields of Paterson’s Curse and coastal gums.

Flynn knew that he had a good quality product.

His plan was to pay a visit and strike up a deal with his Grandad.

Flynn’s Grandad saw that Flynn had thought through his plan. He was more than willing to support Flynn with his new honey enterprise. Flynn negotiated a good price per kilogram, however, the deal included Flynn having to help his Grandad rob the honey from the hives.

You can listen to Flynn explaining the deal he made with his Grandad in his own words.

Money Lessons for Kids Through Real Work

Flynn putting on bee protective gear for money lessons for kids through real work
Flynn donning his gear.

Flynn was up for the challenge. He donned a pair of overalls, gloves, boots and bee veil. Then he and his Grandad disappeared for the morning, returning later in the day with a heavy load of honey supers in the back of the ute.

They were carted around to the rear of the house and quickly stacked in the garage. Already the local bees were honing in on the honey, hoping to pinch it for their own hives. The garage door was closed to keep the bees out.

This is where money lessons for kids become very real. Flynn was not just talking about business. He was helping collect the product, understanding the effort behind it and learning that profit starts long before anything is sold.

For families in Western Australia interested in bees and beekeeping, the Department of Primary Industries and Regional Development has useful information about beekeeping in Western Australia.

Extracting the Raw Honey

Flynn slotting honey combs into the extractor for his honey business
Flynn slotting the honey combs into the honey extractor.
Extracting honey from the honey combs for Flynn's honey business
Extracting the honey from the honey combs.

Grandad sliced the caps off the honey combs with a hot, special-purpose electric knife and Flynn slotted them into a honey extractor.

The extractor uses centrifugal force to extract the honey from the combs. It was Flynn’s job to spin the extractor, which proved to be a lot of fun. Although everything nearby became sticky with escaping honey, including Flynn!

Preparing the Honey for Sale

Checking the temperature of raw honey for Flynn's business project
Checking the temperature of the honey.
Raw honey prepared for Flynn's honey enterprise and money lessons for kids
Yummy raw honey — a great enterprise venture.

Flynn’s brother Jai, and a family friend Jack, stopped by to lend a hand. Many hands made light work and before long, after warming and sieving the honey, it was sealed into 10kg buckets.

Angry bees do not take too kindly to people robbing their hives. It was pretty amazing that Flynn managed to do all this work without getting stung. His Grandad and Dad were not so fortunate though!

A Big Investment and Money Lessons for Kids

Enterprising Flynn paid cash for 80kg of honey from his Grandad. He loaded it all up in our car to take it back to his home.

It was a large investment for a twelve-year-old and Flynn, knowing its value, took great care to ensure that the honey was well sealed and cushioned for the long trip home. He did not want it spilling, nor did he want any ants finding their way into his containers.

This was one of the most important money lessons for kids in the whole project. Flynn had to understand cost, risk, value and responsibility before he even made his first sale.

Flynn filling honey tubs with Grandad as part of money lessons for kids
Filling tubs with Grandad.

Flynn wanted to sell his honey at retail. He had done his research and found that honey generally sold in shops for around $12 or $13 a kilogram.

He had a unique product. It was tasty, raw and full of enzymes, which are generally destroyed during commercial pasteurisation processes.

Learning About Presentation and Retail Value

Flynn had also searched online for plastic honey pots. We discussed with him that people would pay a premium for his product if it looked professionally bottled and was not sold in recycled jam jars.

New plastic honey pots were not cheap. The larger the order, the better the price.

Flynn made his order over the phone and bought five hundred 500ml pots. These were delivered by mail within a few days, arriving in a massive cardboard box.

Flynn ordered honey jars and lids for his honey business
Flynn ordered honey jars and lids.
Honey jars ready to be filled for Flynn's honey enterprise
…ready to be filled.

So now he was all set to go with his Enterprise for Kids project. He had his honey and honey pots and had spent every cent that he had.

It was a huge investment and Flynn had no choice but to make it work. He had overcome fear and had taken a calculated risk with his business. All he had to do now was bottle, market and sell his honey.

And this will all be revealed in a later blog!

Flynn’s Honey Business Series

This article is Part 2 in Flynn’s honey business series, a family enterprise story about money lessons for kids, family business ideas, product value and learning by doing.

These posts show how family enterprise stories can teach children lessons that are hard to learn from theory alone.

Key Takeaway: Money Lessons for Kids Need Real Experience

Key takeaway: Money lessons for kids become much more meaningful when children handle real products, make real decisions and take real responsibility. Flynn’s honey investment gave him practical experience with cost, risk, quality, presentation and enterprise.

Where to Next?

If you enjoyed this part of Flynn’s honey business story, you may also like:

In our next Enterprise for Kids blog, we check back with Candy Man Chayse and see how his enterprise has been progressing.