As our children grow into teenagers, they desire more independence. Some start looking for part-time work as a way to expand their income. This is a great opportunity for parents to coach and guide children into how to earn money more effectively.
1) Getting A Job
Most of us earn income by getting a job. From young, children may have learnt to exchange effort for money by being paid to do household chores. As teenagers, they now transition into more formal employment by seeking part-time work as a casual at the nearby supermarket or F&B outlet.
Teenagers struggle in this employment process. As adults, we can help guide them in creating a resume and preparing them for interviews. Since independent referrals are required on the resumes, encourage your child to volunteer at a charity and/or help out in school. This allows for valuable experiences that enhance the resume while expanding the network for opportunities.
2) Create Multiple Streams
The new global economy is constantly changing and filled with uncertainty. While the Internet has connected countries, it has also diminished physical barriers that used to protect jobs. There are now new challenges and opportunities in earning money.
It is no longer sufficient to just rely on traditional employment. Teenagers today have complained that it’s harder to find employment as competition is intense. Take advantage of this youth period to think of multiple ways to earn income. This is the best timing to experiment. Perhaps they have skills and can deliver services through Airtasker or Upwork? Alternatively, do they have unwanted items that can be sold on Facebook Marketplace?
The more quickly children can think of ways to generate income, the more resilient they will be in the uncertain economic environment. This also builds their resourcefulness, develop creative thinking skills and hones their ability to problem solve.
As they figure out each income stream, they also learn new knowledge and skills that can be applied in other situations. This expands their skill-sets in the resume, giving them an edge over their peers.
3) Develop Passive Sources
As your child builds more income streams, he/she will quickly realise that getting personally involved will be the bottleneck towards earning money since everyone is limited to being at one place physically at any one time. It is then time to encourage your child to scale up and learn how to use money to make money.
If your child is interested to be an entrepreneur, this is a good way to get him/her started. Otherwise, teach your teenagers about interest (if you have not already done so) and get them acquainted with the adult world of financial institutions. Getting them exposed to banks; learning how to save and invest is critical to their development for financial independence as adults.