As our oldest approaches his 17th birthday, we have to cross our fingers and hope we’ve taught him about money, business, faith, integrity, etc. well. Our other kiddo is only 10, so we still have time to teach her the fundamentals.
In addition to Lifehacker’s great find on educating your children about business, I would like to share with you some of the theories we’ve taught our children:
1. The quarter rule. All income is split four ways- (1) charity (2) savings (3) needs (4) wants. Our oldest only understands the fourth income hole while our youngest only understands the first and second. No child or parent is perfect!
2. It’s not just hard work that gets you ahead. It’s also networking, learning integrity, being empathetic, generous and sincere. But, mainly networking.
3.It was never yours to begin with. We’ve taught our children to be charitable with time and money because God gave you that time and money. Be smart, but never forget what’s really important.
4. Take risks. In business, if you always follow and never innovate, you’ll always have a boss. Be creative, have hope and never be satisfied (meaning always know that you can do better and better).
5. Don’t be scared to ask. If you don’t ask for help, ask for a mentor, ask for an iPod for Christmas, but most importantly for help, you will never know what you don’t know (to steal a line from Jeff that he surely “borrowed” from someone smarter than both of us combined).
In addition to the 14 games Lifehacker shared with us to teach the kids about business, how do you teach your children about business?