We’re Teaching Our Kids to be Financially Responsible Adults
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A True Story about True Young Entrepreneurs
A few weeks ago, we talked about 5 ways you can set your child up for success. Today, we have a very real example of this done well by Juliana Ramirez, entrepreneur and founder of JR Bookkeeping:
My husband and I have 2 daughters, Cecilia (12) and Zuria (10). Both of them work at our family businesses. Zuria works at my dad’s auto parts store on Saturdays for 3 hours, and Cecilia works at JRB for 3 hours per week as well.
Both started working after we had a conversation about things they wanted. We told them that we would pay for everything they need (housing, clothes, food, school supplies/activities, etc.), but they are responsible to pay for the things they want (toys, electronics, etc.) To date, they have earned enough money to pay for their own trip to Disneyland and California Adventure. In addition they are able to buy birthday and Christmas gifts for their little cousins, and really anything else they want.
They have come to understand that earning money isn’t easy and so they are very cautious of how they spend it, which is something I think most people didn’t learn growing up. We have helped them to open their own bank account where they can see how their money is growing. They understand that in order to keep it growing, they must be responsible and show up to work.
Our children work for the family businesses following these IRS guidelines. If you want to find out exactly how we’re doing it, contact us!
In addition, just recently my 12 year old daughter, Cecilia, participated in a Junior CEO program facilitated by the Santa Maria Valley Chamber of Commerce. She learned the basics of starting her own business which she successfully launched on November 20, 2021. She earned the award for “Most Profitable Business.” This would not have been possible if she had not learned the importance of pricing her products correctly and organizing her finances. She has her own QuickBooks Online file and has learned to account for all her transactions. She knows the basics of accounting like Revenue vs. Profit and Cost vs. Investment. (Wonder where she got that from :)) Her sister has also recently joined her in this venture and they will be dividing the work!
Encouraging your children to help you in your business can pay off big time. They could catch your entrepreneurial spirit and do great things themselves!
JR Bookkeeping can help your business too!
As was just demonstrated, understanding and organizing your finances is the key to financial success in your business. If you don’t know the numbers, you can’t make good decisions. That’s where we come in. We’ll get you set up on the best accounting software for small businesses and give you the tools to succeed. Contact us today to receive one month of services free!
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