Today’s fantastic family finance article is:
Instead of doling out a regular allowance, Cameron Herold (the entrepreneur behind 1-800-GOT-JUNK? who grew it from $2M to $106M) encourages his kids to look for work opportunities around the house and negotiate fair compensation for completing those jobs. His goal is to spark an entrepreneurial drive early on. Similar approaches include encouraging kids to sell their old toys or their own creations, complete expertise/skill building tasks for pay, or tutor/coach other kids in an area of competency. Ideally, kids would learn “how to make money doing what they love.” Have you ever tried a similar system with your kids?