Freelance
Writers' Series
Career & Business Development Help
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Six a.m.: rise, eat, dress. 7:00 a.m.: get kids up and off to school. 8:00 a.m.: begin to fight traffic. 9:00 a.m.: arrive at a job you hate. Want to offer your child an alternative? Did you know that a 2002 study by the Conference Board reports that 49% of Americans are dissatisfied with their jobs? As the previous owner of a staffing agency,
Usually, the demanding responsibilities of rent, student loans, credit cards, etc. take over, making it hard to focus on what you really want to do. After 3, 5, 7 years in a field, it becomes more difficult make a career move because it often means a salary cut. At this point, however, a salary cut is often out of the question because of the above-mentioned responsibilities. It evolves into a vicious cycle. Don't let your child fall prey to this reality. My pre-teen nephew has had several businesses selling everything from Pokemon cards to video games. His thought pattern is not "what do I want to be when I grow up" but "what business do I want to own when I grow up." The guidelines outlined below will put your child well on her way entrepreneurship. 1. Develop a passion and start a business: Teach your child to focus on what they love to do and figure out how to make a living from it. The seed of entrepreneurship have to be planted. Remember, give a man a food and you give him a full stomach. Teach him how to grow food and you give him independence. 2. Manage debt: Debt is a major factor when considering career choice. Massive debt limits the ability to make life changes. Teaching children to manage debt, especially credit card debt, adds immensely to their future. This also imparts another valuable lesson — patience. Credit cards are excellent financial tools when used correctly. Rarely is a purchase by a teenager so important that it can't wait to be paid for in cash. 3. Invest and save: If your child starts saving nominal amounts of money early, it practically won't matter if they ever make lots of money. Teach them early that securing their financial future is not about how much they make, but how much they save. Investing $100/month and earning a 9% return for 50 years amounts to $1,166,910.35 (before taxes). How many of us blow $25/week without even thinking about it? Oh, if only I had all the money I spent at the Gap while in college. My nest egg would already be secure. But, I digress. If your child saves $25/week beginning at 18 years, without any other form of wealth accumulation, they will be millionaires at 68. This is just one year beyond the official retirement age (67 years for everyone born 1960 and later).SuzeOrman.com is an excellent website to learn about creating wealth. In addition to countless articles, it has many calculators that demonstrate how much you need to start saving today to get where you want to be tomorrow. This is particularly important for the independently employed. Proof? The April 13, 2003 issue of The New York Times Magazine featured a story about a gentleman who used to make 300K/year, and his current employment was selling khakis at The Gap for $10/hour. *********************************
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