Parents are not ATM machines!

Kids are going to hate me for this article. But, they will love me later in life. As a parent and money coach, I’m used to it.

One of the most common struggles I hear from parents is their teens constantly look to them for money. I’m not talking about the “I need new shoes” money. I’m talking about the “I want to go to the mall with my friends” money. Wouldn’t we all love somebody we could turn to for extra cash when we want to spend a few hours at the local mall? (My hand is raised)

Here’s the thing. We are doing a huge disservice to our children, specifically teens, when we constantly hand them cash. Unfortunately, they tend to then expect it, time after time. They aren’t taught to manage money, save it or respect it. In time, their perspective of how to earn their own income is warped.

But, here’s the greater issue. When teens (or anybody, for that matter) learn to create their own income, they become empowered. They gain a sense of identity and an “I can do this” attitude. The results? Greater confidence, heightened self esteem and a sense of independence. This holds true whether they’re working for somebody else or has taken the entrepreneurial route.

With the tight job market these days, it’s important to introduce the world of entrepreneurship to our kids. How? Brainstorm with them and encourage them to think outside the box. Ask them some key questions: what do they love to do? What are they really good at? What skills do they have? Don’t discount any ideas to start, just write everything down on paper. You can then start to weed out those ideas that don’t resonate with you. Have fun creating flyers, business cards or even a simple website or blog. From dog walking to babysitting to mowing lawns, there is always some way to create cash.

With this spark, amazing things can happen over time. Gift your kids with tools and support to empower them with this invaluable life skill.