- When my son wanted a new toy, I told him to start a business where he could earn money.
- He decided to help neighbors collect and take out their trash.
- He had to work up some courage, but now he's making money and becoming part of the community.
After listening to my son try and convince me that he absolutely needed whatever the latest toy was that he was fixated on, I replied with, "That sounds like a want, not a need. You can use your money to buy it."
He told me he didn't have enough cash. At 6 years old, his only sources of money were birthday gifts and the tooth fairy.
In our family, we don't give money for household chores as we believe it's everyone's responsibility to pitch in and complete the tasks that keep a household running. We also don't give a set allowance.
My husband chimed in with, "Let's think of some ways you can earn money."
After tossing around a number of ideas, one stood out above the rest: taking in and out the trash and recycling bins for our neighbors. My garbage and recycling truck-loving kiddo was excited and ready to go.
As parents, we're there to support, but not do the work for him. He was about to get a crash course in business and in life.
He first had to gain some confidence
In order to get clients, we helped him prepare a marketing flyer and a short pitch. But when he realized that he was the one who would have to go door to door, he almost gave up before he got started.
This led to a talk about facing your fears, understanding that getting a "no" is simply part of the process, and that you can only control your actions — not another person's.
After gathering his courage and multiple practice sessions, he was ready to go. He knocked on the doors of neighbors he had never met and was rejected more than a few times. But those first few neighbors who said "yes" gave him the confidence to keep going.
Now he has nine clients, but more than that, he has gained skills that most kids don't learn until their teenage years or beyond.
He quickly earned some money
Initially, he charged 25 cents a week, and once he gained experience, he increased his rate to 50 cents. Each month, my husband creates invoices in QuickBooks, and my son delivers them to his customers.
In the first month, one of his clients showed him a water bill with all the extra fees associated with it. He explained that if a company can tack on seemingly random fees, then he wanted to give my son additional pay for good customer service and on-time delivery. His $1 rose to $5.
To help him learn about saving, we opened a bank account and told him that whatever he decides to save each month, we would match, but it needs to remain in his account for at least six months. The rest he can spend as he wants.
Initially, he was excited to spend his money, but as time has passed, he has started to think more strategically because he now understands how much time and effort it takes to earn it.
He's learned about commitment and community
Tuesdays are trash takeout days. It's also a full school day followed by his First Communion class, which means he doesn't get home until around 5:30 p.m.
That first Tuesday, he came home after class, saying he was tired and wanted to rest and watch TV. We reminded him of the timeframe he gave his clients — between 5 p.m. and 6 p.m.— and that keeping your word comes first. After a few grumbles, he got going.
Over the months, he has shown up on time, rain or shine, with a smile on his face and has earned the trust and respect of his customers.
His business has also allowed him and us to become part of the fabric of our community. We moved into our neighborhood a year and a half ago and would wave to neighbors and exchange pleasantries, but now we're forming true relationships.
He's been invited into what were once strangers' houses, been given birthday presents from people he didn't know a year earlier, and walks down the street with a sense of belonging that this is his community.
But most important is how he sees himself. When the subject of his business comes up, he beams with pride, noting that he is a business owner who earns his own money and helps his neighbors.
And that toy he claimed he needed? Turns out he didn't want to spend his hard-earned money on it after all.
The post I don't give my 7-year-old an allowance. Instead, he runs a neighborhood business, where neighbors pay him to take out their trash. appeared first on Business Insider