How To Teach Kids Entrepreneurship

How to teach your kids entrepreneurship. In this video, we're going to talk about how pivotal it is that you start making money with your kids. I can promise you 99% of you watching my channel never learned it. It's time to start today. First, I'm going to talk about why never pay your kids an allowance. Well, first of all, I would encourage you to bring your kids to work. If you have a job, I would encourage you to start talking about money around the kitchen table. I have a millionaire maker game. You can get that at my store and start with Monopoly. Then if you have cashflow, that's fine. Use that. Then grow into my millionaire maker game. It starts at about eight years old and it really goes to the principles of a P&L and a balance sheet and how you do it. But the reason you never pay your kids an allowance, it's like paying them a paycheck. You're teaching them to be an employee. You're going to give $5 a week, $10 a week, whatever your budget is for their allowance, and they get to do whatever they want with it. So what's the difference? What you're teaching them when you just give them an allowance and then you don't have any sort of a budgeting and a structure to what they're spending is, you just teach them to do probably what you're doing. Make it, spend it, make it, spend it, make it, spend it. Horrible pattern. It's not what millionaires do and it's not what wealthy or financially literate people do. So the reason we do never pay your kids an allowance, I made it up with Logan, my son. I don't even remember how little he was. He was really young and we started because he obviously, I wanted him to have money and we started in just like touching money and talking about money as young as two and we traveled all over the world. So we had currency from all over the world. So he would have these different bags of all these different world currencies and we would just talk about what money is. What are coins? What's it made from? Different, you know, some of it's made out of cotton, some of it made out of, you know, some interesting plastic. I don't even know what the money's made out of. My point is you've got to bring money. It's every day in your life. Why aren't you talking about it every day in your kid's life and your teen's life? So in that never pay your kids an allowance, the way that it works is you're going to come up with some tasks that they're wanting to do or that you need them to do. Now to back that up, there's just what we call home chores. There's because you live here chores, I call them. Because you live here, you do certain things and a lot of that is clean your room. That's just because you live there, you can't live like that. So and it also teaches them organization and some responsibility. Then you say, well, what are the extra things? If you want to make some money, entrepreneurial, what do you want to do? Right? Do you want to do dishes? That's up to you if you want to pay that or have that part of home chores. Do you want to scoop snow? We live in Lake Tahoe forever. That was a huge one. Break leaves. Do you want to wash cars? Remember, these are teenagers. They have stuff to do. They want to do technical stuff. I have my daughter who's 15 years old and now building our corporate calendar. So she takes our pictures, has a corporate logo on it and puts together and assembles a calendar that we give as a Christmas gift from our company to specific people. I want to get her into video editing. A lot of your kids are really technical. Have them start leading the cryptocurrency and NFT training. You got to come up with a list and then you negotiate for what it's worth and you have them do the homework. What is that task work? What would an adult be paid if you had to pay an adult to do it? So you're going to come up with how much money they want to make and it's up to you. But if they're going to do it and you're going to hire somebody to do it, why don't you pay your kid? So if they want to negotiate and make $100 a month, if they want to make $500 a month, there's months where Logan wanted to make $1,000 a month. So that's up to you. But if you're already paying somebody and they want to do the task, replace the staff or the person you would hire with what they would want to do. And they negotiate. So that is critical. And the link at the end, I'm going to talk about some of the gifts I'm going to give you that can get you moving and motivated around putting this into your family's life. Number two, let's talk about 21st century lemonade stand. In general, different than the tasks that are mostly home or kind of neighborhood related is what are they good at? What do they want to do? 21st century lemonade stands is growing a company. If you want to do it all the way full out, the way that I would teach you, you start a company for them. You start the LLC. In fact, I'm going to teach you if you're really aggressive to start when they're born and know that that LLC is identified for them when they're 18 years old. So you're going to hand them an 18 year old LLC for their birthday. It doesn't sound sexy. It's not a car. It's not something, a video game, but when they learn the value of it, and if you've taught them the value of it, they have 18 years of credit history, financial history. The thing is amazing. So inside that company, because they can't legally operate inside of it until they're 18, you have to do the work. So this is why it's a family initiative. What are they good at? What's their 21st century lemonade stand? I mean, my kids have done anything from smoothie making, paper wallet making, selling. They both know how to sell. So they would come to my events and they would be a sales rep for 50% of whatever they could sell from toothpaste, tooth whitening, to different facial creams, to my son all the way. Let's fast forward. They've both been paid for tutoring. They're both really great at math. They both know how to tutor. He's been paid for video editing. He's been paid to manage a new country singer's band and contracts. He actually got hired to do contracts. He got hired by schools to negotiate prom contracts. We didn't do it for free. I made him go make money. He had to go negotiate. So you need to lead and be right there and they do the work. So 21st century lemonade stands will change your teenage life. In fact, you're going to get to the end of it and they're going to say, why do I need to go to college? And it gives you a very different conversation of becoming an employee, an entrepreneur, but what do they want to do? My son's chose to go to college because he wanted to go play football and he's becoming a CPA. So that is the pathway to it. And he'll walk out at entrepreneurial CPA. He'll have to go do a little minute in a job, but eventually entrepreneurialism is where he'll land in overseeing what we're doing. So you got to bring it into your house. So from starting with tasks to then putting that business into your family's life, that plus you employing them yourself, park with a little Roth IRA, you make your kids millionaires pretty quick. It's not as difficult. It sounds audacious. Why I wrote the book, Make Your Kids Millionaires. It's a documentary really of the experiment I created and did on both my kids. Partnered with an Air Force fighter pilot, Kyle Beckman, and he did the same experimenting on his two sons. And we both have paths for generational wealth for our families. Before I leave and talk more about the Make Your Kids Millionaires book, I want to just close that entrepreneurial loop for kids. That 21st century lemonade stand is their entrepreneurial venture, their first movement into it. And I would highly encourage you to let them move around. They don't have to commit to one thing. They want to try some, you know, technology sorts of things. Maybe they want to put their little toe in the water and you work with them on a Coinbase or, you know, some sort of a wallet to do some crypto trading. Maybe you bring them out. I have a client that actually has a five-year-old and they took her and her Roth IRA and they partnered with other people and they bought a piece of real estate. And she is so cute. She's five and thinks she owns it. And for the rest of her life, she will get some cash flow from that in partnership with other people. So it's really important that you create the opportunity for them to be entrepreneurs. The tax advantages are extraordinary when they're 18 years old and become your partner as you hand that LLC and they sign into it. And that just gives you and your family complete different tax advantages. And by having a 21st century lemonade stand and being an entrepreneur, you don't go on vacations. You go on business trips. Again, all of the depths of some of these topics, if they're interesting to you, go to my search bar up above and look in my channel to see if I've already done a video about it. If not, go below, put a comments in and say, I want to know more. I really want to learn more and please subscribe. Click that notification button. Make sure you are here five days a week, five days a week. I need to get you financially literate. I already asked you to do it. I'm asking you again and again, and then share, share with the rest of your family, make this a family journey to becoming financially literate together, making money together, becoming wealthy together. The last thing before I close out that I do need to talk about is what do you do with the money with the kids when they get it? Horrible word called budgeting, right? So budgeting is like a diet. It's restrictive. So I use the word forecasting. My daughter and I created a program called Mom's Daughters of Money. It's a financial filing cabinet. When they make money, in addition to the tasks and the 21st century lemonade stand, now you have the conversation of what do you do with it? You don't get to all spend it. So how much of it goes away for long-term vision things that they want? If they want to go to college or they want to start a different kind of business, or they just want to invest. Some of it's for short-term spending, right? So they have some daily cash to move around with. If they want to do a charity, if they need to actually put some money back into their business, they may need to do some investing back in their business. So you decide, I give you lots of ideas in my financial filing cabinet for kids set. So what I want you to do right now is come get all these goodies and you're going to get it by buying my book. So it starts with the MakeYourKidsMillionaires.com book. When you get it, you're going to get Never Pay Your Kids an Allowance. You're going to get the financial filing cabinet. You're going to get the forms I use on the Never Pay Your Kids Allowance task. You're going to get a library. You're going to get three more hours of the 21st century lemonade stand, how to put it in your life and really great practical examples with another gentleman, Jim, that we did that program together. You get about $1,300, $1,400 worth of bonuses for buying a $25 book. So I want you to click on the link. Let's begin this journey together. Stay here on my channel. I'll talk to you tomorrow.