How to teach your kids all about accounts – let them start their own business!

It’s never too early to start teaching your children about money.  I have started already.  Let me tell you all about my entrepreneurial son, who is only 8 years old – I think it is time I taught him about simple home accounting…see what you think!

My sons are both fully aware of me, their dad, who makes money online and through other ways, as well as through his ordinary job.  They are also fully aware that my attitude towards money is to help other people and not to hold all the money to themselves.  Yes, money helps us to do nice things, but when we can we should look to help other people.

And so it was that over half term a few weeks ago my son, Byron, sat down to make something.  Not money, just something. Like all 8 year olds he was bored.  His mum, my wife, makes bead jewellery for a hobby.  And so Byron persuaded her to let him have a go.  And after some time, and one or two false starts, he managed to make a pair of earrings.

We didn’t think too much of it at the time, it just kept him busy.  His mum can’t wear earrings, so we asked him what he would like to do with the ones he had made.  He said he wanted to give them to one of the girls at school.

After the correct amount of teasing and winding up about having a girlfriend etc. which is only appropriate, after all, we helped him to make a little box and then give it to the young lady.

Said young lady the following day was so pleased that she ran around the playground telling everyone about what she had got.  And her little friends came running over to Byron asking for some too.  As did his teacher!  His teacher was very good and explained that he couldn’t make them for free he would have to sell them.  Immediately my son rose the challenge, but said whatever money he made would be split between church and school funds.

It took a while to help him understand he couldn’t give ALL the money away but that he needed to keep some back to buy new stock. In the end, he got it.

And he made lots.

And lots!

And then this week he went and sold it…all of it!  Amazing really, and he made about $30 profit! And he still has people asking for more, so back he went to the shops to get new stock.

All this led me to realise that he is now ready to start looking at how money works, and how to use a really simple software program to keep a record of his money.  But which one is the best home accounting software package for him to use?

Personally, I like Outright.com.  I discovered it the other day as I was doing some research for something else, and it’s so simple and fast I have been suggesting it to loads of people.  It isn’t specifically child learning software but I think it is easy to use. Tonight I am going to tell Byron all about it.

You never know, if I can teach him this now, there is a chance he will be able to look after me in my old age!