Once you've succeeded with having your kids business make some money.

That's a very exciting juncture because they get to use that money and learn the next steps of what

happens with that money.

It's not all meant to get spent.

It's meant to be used intelligently.

So we're going to talk about this video saving and having your money make money work for you money making

money for you and other things that money does once you have it.

Sometimes it goes away once you have it.

We'll discuss that too.

So it's important to now talk to your child about how much money to save versus how much to pay yourself

how much to reinvest in the business versus how much it's OK to spend for having fun.

And that is a lot to discuss.

It's a lot to learn and consider.

So you can start teaching about having money make money by introducing your child to something like

stocks or even I hate to say it because I know I'm going to get a lot of flack on you on this point

but even cryptocurrency is like a compelling cooler thing to try than stocks.

And by the way when you're investing in this invest very small amounts.

This is just for education.

So whether you invest in like one share of a stock or one share of a cryptocurrency or half a share

of a cryptocurrency which is possible you can because you can invest in fractions of of them that you

know is just for learning and it's going to even if you buy a tenth of a or a hundredth of a bitcoin

it's going to open a whole new world for your child because they're going to be checking every day and

it's going to be so exciting.

But they're going to learn the psychological process of investing the real life implications of investing

and actually they're going to learn the information about investing about building portfolios about

how to tell if it's good or bad.

So it's going to open a whole new world of learning and what you can also do is look into more hands

on investments like business cards that are not business cards.

Baseball cards you can collect other collectors item something simple like stamps and maybe buying something

and keeping it for the long term and having it be like a longer return on investment.

There's a lot of very interesting things you can do.

And so I'd recommend creating Once you get your first revenue comes in let's say this first hundred

dollars or something.

Maybe sit down and create a break down.

Hey we if we can reinvest we can we can buy like a share of some stock or we can buy a share of cryptocurrency

or we can buy more inventory for our business or we can do this or that.

So that's going to be a very interesting thing because now you're having almost it's investing isn't

the business in itself for most people but it's it's a pseudo business that offers a tremendous amount

of learning opportunity about the real world how business works.

Why a stock or a cryptocurrency goes up why baseball cards go up in value all that stuff is going to

be something that your child will be able to use for the rest of their life.

And something that they're really going to find useful and you might find useful is actually have them

maybe take the family out to something like a restaurant or something not too expensive but something

that's proportional spending to their earning so that they can see how quickly money disappears so that

they start to value earned money.

Because if you just let them save it they'll get into prizes.

You know they'll still be in that mode of really living on your money and taking it for granted and

just saving their money to their account.

But if you make them at least once spend it on the family they will learn how quickly money leaves how

quickly just flies away and how hard they had to work for it.

And next time they'll be asking you for things they'll have a frame of reference for that they'll be

able to relate for how hard it is for you to earn money and to spend money and they'll appreciate it

and maybe ask you for a less frivolous spending and that will actually maybe help you save money long

term ones.

Then once they're able to be in your shoes so maybe have them spend the money.

They'll probably be sad at first but it will be a fantastic learning experience especially if they're

young they'll learn the value of money and these and all these other options are also very really good

secondary learning experiences not businesses in themselves but to those businesses.