I’m All Ears

Hi Scott,

My nine-year-old daughter started a business making earrings and hair-ties last year during lockdown. It’s grown so much she now has a few thousand dollars in her bank account! We have an agreement that she must split the money into reinvesting in her business, saving for the future, and saving for a short-term goal like an iPad (which she actually brought at the end of last year as a reward for hard work). Given the rate her business is going, I’d like to help set her up more for the future, but I’m not sure how to go about it, as I’ve never done this myself. I’m probably not the best role model for money with her. Can you provide any advice?

Tammy

Hi Tammy

Oh I LOVE THIS.

Let me tell you a little secret: you don’t need to know all the answers.

As parents we feel like we should, yet it’s usually better to work alongside your kids and help them work it out themselves. This is exactly what my next book is about. And I’d like your daughter to be a part of it!

So I’ll put my hand up to be both a customer (my wife likes earrings) and her financial coach.

I’ll be in contact next week.

Scott.