Today’s fantastic family finance article is:
Jack started a business.
Jack had a 45% profit margin his first year of operation in 2014.
Jack secured a business loan.
Jack hired a sales team.
Jack expanded operations to the web.
Jack built partnerships with compatible businesses.
Jack grew 2015 revenue to $25,000 — 12.5 times that of the prior year.
Jack is 10 years old.
Read the story with your kids here.
Yes, it's an extreme example, and Jack had lots of help from his nuclear engineer dad and Young Americans Bank.
But, your kid doesn't need to do anything nearly as elaborate to learn about margins, profit, loss "and all of that financial literacy stuff." A little lemonade or cookie stand on the corner is still a fine place to start.
Get tomorrow’s tip here.