With the state of today's economy, you are not alone if you are looking at your finances with dread. As many of us are concerned with our living expenses, where to cut back becomes a daily concern...
Should we buy cheaper or fewer groceries, school clothes, or cut back on the extracurricular activities our kids really wanted to do? Maybe fewer trips to Grandma's house? You know what I mean, and that's not to mention the many of us who are trying to pair down already paired down budgets.
While some of us are grappling with just getting by, saving for our kid's future seems close to impossible. So how in the world can we increase the odds of being able to offer our kids both a comfortable lifestyle and half way decent savings built up for when they leave home? Experts recommend investing in 529 College savings plans, bonds, and equities. Definitely good advice, but there is an often-overlooked way to help recession proof your kid.
Help them to start their own business.
I know that it might seem unrealistic to you at first, but I've said it before and I'll say it again, working from home is not just for stay at home parents, telecommuting professionals, or internet gurus anymore! Consider Alexa Kitchen of Massachusetts who was already on the road to success as a cartoonist by the time she was 5, or Alexandra McDaniel who started Kids Roar a year ago at age 8 (already gaining attention from the media).
More examples of successful businesses founded by kids and teens include Jason O'Neil and his pencil bugs, Anshul Samar and his innovative Elementeo chemistry game, and we can't leave out Farrah Gray and Ashley Qualls who were self-made millionaires by the ages of 14 and 17...There are so many I could go on and on.
As you can see from these examples, it is completely doable... Kids can indeed create a home business and it is being done over and over again by kids of all ages, backgrounds, and abilities. The biggest difference between these kids and a kid who has yet to start a business is that these kids took a chance on their ideas, took action, and never looked back.
Your kid or teen could be next...In fact, there is a good chance that they have already shown you their entrepreneur spirit by asking you to help him or her start a club, drink stand, or some other means by which they could earn extra money.
Don't ignore it!
Even if your finances are a mess...You can still help increase the odds of your kid or teen having a secure future. In the event they do not make oodles of money, they will still have acquired some business building knowledge and a better understanding of things like problem solving, math, writing and communication skills.
Another side effect of the business-building process is a deeper internalization of his or her sense of responsibility, perseverance, confidence, and a good work ethic...Not bad at all since many experts agree that these are necessary traits to truly be successful in life. Furthermore, you can use the act of helping your kid or teen to build a home business as a way to keep the lines of communication open, enabling you to maintain a strong bond of trust and mutual respect between you.
So if things are looking ominous, and you could use an alternative method of recession proofing and increasing your kid or teen's odds of a having a secure future in today's economy, helping him or her to start a business makes perfect sense.