A common misconception many parents have is that if their children are entrepreneurial and find ways to earn their own money, then they are good money managers.
While we encourage entrepreneurship in children we must realize that not all entrepreneurs are successful with their money. While many know how to MAKE a lot of money, many of them do not know how to KEEP a lot of money.
The key question to ask ourselves is not if our kids know how to MAKE money (though this is a great skill that we want to encourage in our children), but do they know what to DO with that money once they earn it?
If we look at these children they may be motivated to save enough money for a special purchase or to have enough money to spend however they wish. At the end of it all have they become better money EARNERS or money MANAGERS? We want you to say BOTH!!!
If you have a budding entrepreneur in your home, please encourage them to grow in that direction. At the same time do your children a favour and teach them how to be good managers of the money they are earning. Do this by providing them with a proven money management program based on sound financial principles, which they can use for the rest of their lives.