Teaching Your Kids About Earning Money

How can I teach my kids about earning money?

Younger kids should be encouraged to explore their entrepreneurial side. So if they want to have a lemonade stand, you should encourage them to do that, because they can learn a lot from that experience.

Another great thing to do with young kids is to involve them in family activities that have a financial component, like having a yard sale. Your younger kids can help you bring the items out for sale, even price them and then take the money and make the change when people come to buy things. They can learn a lot about money from that experience.

Robin Taub is a Chartered Accountant, and author of the book “A Parent’s Guide to Raising Money-Smart Kids”.