Kids Making Money Lays the Foundation for Good Money Habits

Oct. 28, 2009 - PRLog -- Most parents believe that kids should not be given unlimited access to the “Bank of Mom and Pop”.  It is much better if they earn some portion of it.  Kids making money often means they are also learning responsibility.  It also prepares them for the way real life is; money isn't attained freely, it's earned.  

Nicole Clemow's Kids Making Money Squidoo lens http://www.squidoo.com/kids-makingmoney lays some basic framework on how parents can introduce their children to fundamental business skills such as quoting for work/tasks around the house and how they can earn money for completing those tasks.  The process of quoting can be a very valuable learning tool for children in that it will:

1.   Teach children to find out how and when they will get paid for work before they actually do the work.
2.   Teach children the importance of carefully checking what is in an employment contract (such as rate of pay).  This will be a good lesson to carry on later in life.
3.   Teach children responsibility in general.  Money that is given is often wasted.  Money that is earned is more likely to be spent carefully with some portion saved.
4.   Helps children become more interested in making money
5.   Will give young entrepreneurs a head start to understanding some basic business skills

The noteworthy information provided in the Kids Making Money lens http://www.squidoo.com/kids-makingmoney has some helpful strategies for parents to follow which will help them provide some fundamental building blocks to a strong financial future for their children.

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Nicole and Helene are the founders of Money Toolkits - an on-line school educating parents how to teach their kids the value of money. They are international authors and speakers and have written a new book "Teach Your Kids the Value of Money".