Money is a part of learning. I used to think that there could not be that many differing opinions of money. Most of us realize after being married for a while that money and the personal view of it can be a major factor in whether a marriage makes it. Because of this, kids need to develop an understanding of money and how to view it as the go through life.
Monetize your kid’s ideas as a teaching tool
I think all parents should listen to ideas kids have and monetize them. Just think about all the times your kids give suggestions that you could monetize.
The one that most people think about is the lemonade stand. Help your kids get it going and give them incentives to make it successful. Help them use creative thinking to make more money. Sell lemonade and maybe add cookies. Maybe advertise that part of the proceeds will go to a good cause.
As a dad, show them that making money is a creative exercise and that all that is needed to make money is an idea. Go the extra mile and teach them that part of the cash they make goes to supplies and taxes. Trust me, your kids will absorb these concepts no matter the age. It will also teach your kids about being an entrepreneur.
Turning my daughter’s idea into a product
I have a personal experience with this that has been a great learning experience for my daughter. When my daughter was 12 years old (she is 14 now), she had received an iPhone for getting good grades in school. She had the phone for about a month when she looked at me in the living room and said, “Hey dad, this phone should measure how tall I am.” She insisted that measuring her with the iPhone would be a great app on the app store.
I thought at the time that it was a pretty good idea. The more I thought about it, the more it I realized that it was a great idea for an app in the Apple App Store. We found a developer and had the app, Kid Measure, made.
I showed her how much it would cost to make. I showed her that we had to come up with ways to market the app. It has been a terrific learning experience for her. The real lesson here is that everything in life starts with and idea. Everything. Taking an idea and bringing it to life is what can separate successful people from unsuccessful people.
Being a person that creates something in this world is more valuable than just working for things. Creative people are able to monetize their ideas and potentially make a lot of money.
In my daughter’s case, her app is up on the iTunes store, and she is receiving a residual income for the rest of her life. It has been a great experience and I can see her thinking about what else she can create.
I have honored her idea and it may turn out that I have helped create an entrepreneur for the future. I truly believe that monetizing any idea your kids have can be a great learning lesson in life for them.
What I learned from the app experiment
By doing the app experiment , I learned as a dad that it is important to understand what your kids value. In other words, what is their currency?
In my daughter’s case, she valued the chance to get an iPhone. I made a deal with her that if she made certain grades that she could have an iPhone. Her currency was definitely the phone.
Look at all your kids and understand that they all have a currency and each one is different. One child might value the ability to ride their bike every day. Some may want a TV in their bedroom. Some may value music and the ability to go to a concert. My point here is that by knowing the currency of your child you can develop their ability to set goals and work for that goal. It will also help with them doing the daily tasks involved in reaching that goal. In my house those daily things include making beds and putting their stuff away in their rooms daily.
Three important lessons for kids:
- Everything starts with an idea.
- Monetizing your kid’s idea is a great teaching tool for kids of all ages.
- Know your child’s currency.