Teaching your Nigerian child to make money is easier than you may have thought. As a matter of fact, if you do not take the lead on teaching them, society would find someone else to do just that. I have listed the best tips to help you train your child to make money, some of these tips can be combined with conventional schooling.
Being a father is one of the greatest joy I have experienced. I learned earlier in life that being a father does not make you a dad/parent. Being a dad, however, comes with a lot of responsibilities, responsibilities which some say differentiates a father from a dad.
Eniola, my daughter, spends most of her time with me, except now that she’s been enrolled in a school to learn other things parents might not be in a position to teach.
When she became 3, her requests went off the roof; she would ask to have toys and other things I considered irrelevant – at least to me.
Someday, she came to me as she usually would most mornings, but this time, something was different, she asked: “Daddy, please teach me how to make money.”
That question threw me off guard, but I needed to give my beloved daughter an answer, so I asked her to have breakfast, and I would teach her once I was done eating.
You may have heard of stories of young children who already had businesses as early as age 6; some of them are internet sensations, making it big on Youtube and some traditional business owners who had a lovely idea and found a way to monetize it.
The millionaire in the embedded video was a young 6 year old who made $11 million USD some years back, and was featured to have made $22 million USD last year.
The majority of such children grow up to become multimillionaires before they turned 18, while others just become ordinary, lost all their wealth, and you wonder how that happened.
Many child-stories that fit the scenario depicted above abound out there, but such stories are not commonplace in Nigeria. When would we have such an account in Nigeria?
This article is the ultimate guide on how to teach your kids to make money.
I wish I knew some of these things before Eniola asked me. Unlike me, you do not have to do the hard work anymore, follow this guide, and you would have given your kid(s) the opportunity of becoming the next Nigerian kid millionaire.
Steps To Teach Your Kids To Earn Money
- Let them know that there is a cost to everything
- Teach them the importance and use of money
- Teach them to have savings
- Identify their natural talents
- Teach them the value of work
- Teach them charitable giving
- Teach them to monetize their natural talents
Time needed: 10 minutes.
How To Teach A Nigerian Kid To Make Money
- Let Them Know That There Is A Cost To Everything
Kids generally love to ask for favors – toys, and any other indulgences. Do not see that as a problem rather see such moments as an opportunity to teach your future millionaire a thing or two about the cost associated with such requests. Tell your kid gently that you cannot afford to buy such now and let your kid know that it is okay to be turned down.
At other times, however, pick one instead of two and let your kid know that you could only afford one, and you would come to get the other when you make or earn enough money to provide what the kid wants.
Your selective refusal to grant such requests for gifts would eventually send the message that there is a cost associated with things and you need money to offset such costs.
This move builds determination in kids; it helps them want to know what it takes to be financially independent. Your child would want to make his/her own money to satisfy the desire for toys.
- Teach Them The Importance and Use of Money
Ever wondered when kids genuinely get to understand what money is and used for? My nineteen months old daughter understands money – I taught her from an earlier age; she sees me taking money and exchanging it for items we buy from the grocery stores around us. My daughters learned to pick what they needed at the store then move to the check out point, wait in queue for their turn, and pay for the items picked.
Take your kids to go shopping; but ensure to prepare them for the experience, you could ask them to get some money from their savings if you must. Whatever you do, ensure to tell them that they are going to the store, and payment is the item you exchange for whatever they would pick at the store.
- Teach Them To Have Savings
Financial experts all agree that saving is one of the building blocks of building wealth. A lot of people find it hard to save; some due to their poor finances, and others because they were not taught how to save.
So, teaching your kids how to save is a major legacy you would have bequeathed on the child.
The key to teaching a child to save is to teach them to learn that delayed gratification is excellent. Intentionally hold back on buying things they want, tell them that you do not have money – It is essential to teach children at this age that they may have to wait at times for what they want.
Here is a straightforward but effective method of teaching them how to save:
Make three glass jars available – each labeled “SPEND,” “SAVE,” and “SHARE.” Every time you give your child money or the child receives money, whether from family members or as payout for doing chores around the house like arranging toys, etc.
Divide the money into three equal parts and put them into the jars. Have him or her use the sharing jar for things to be bought and shared with siblings, family, or as an outright gift for someone else. Let the child use the spending jar for items craved for.
Whenever your child requests for something, use the money in the spending jar and let him or her take note of the amount left for spending. The savings jar should only go for items that are set as goals: something costly, especially toys.
- Identify Their Natural Talents
This is tricky – We mostly wish our kids have the talents we do not have but wish we did. So we send them for training to acquire those talents we want them to have. The downside to this is that the child grows up insecure, wanting to please people but never achieving anything significant – mostly.
So How Can You Identify Your Child’s Own Talent?
The answer is simple – Be patient and watch for what your child loves doing, what activities take his or her time, and once you find out, do not try to interfere immediately, set them free.
Once your child is persistent on certain activities, give lots of time for the child to self-learn. You could help nurture by sending the kid to a school or a coach that could help in systematically developing your child’s talent.
- Teach Your Child The Value of Work
Children often have things done for them. Unfortunately, most kids grow up believing that other people would always get things done for them; they grow up with maids at their beck and call and all they need to do is cry to seek for attention.
As a parent, you must teach your child that there are dignity and a lot of reward in getting work done. Make them tidy up after they mess up the room, and at certain times, reward them once they clean up after themselves.
- Teach Them Charitable Giving
It is best practice to teach your kids early in life that if they want to feel loved, they first must give love. Teach them to treat others the same way that they would want to be treated.
In life, there is always that one person other people treat badly, someone bullied, someone looked down on. Getting your child to identify such people and be charitable towards them is a great value to teach your kids. Empathy is an art that must be learned. Teach your kids early in life and that would surely open the right doors when needed.
Get your child to find ways of spending the “Share” Jar appropriately.
- Teach Them To Monetize Their Natural Talents
Everyone out there is gifted a talent or the other by the creator. Of what use is the talent if not monetized?
As a parent, your task is not complete if you do not know how to teach your kids to monetize their talents.
Suggested Reading – How To Start A Blog and Make Lots of Money in Nigeria
- Teach Them To Fight For Whatever They Want
You don’t always have to be first. Sometimes all you have to do is be the last person still trying. When learning to walk, children often fall, they cry but they still get up and try anyway.
So why should life be different? People tend to bring down a child that does not excel academically as others are. Please do not fall into this trap as a parent; take a look around you, and you would actually see that true success does not always come from academic excellence. Teach your child to stand up fighting always – no matter how hard or how many times life deals a bad blow.
I do hope that we would someday change the narrative on our children not being at per with their foreign counterparts – American, European, British, Chinese, and others.
My next article will be on specific things parents could train their children on and monetize for the Nigerian market worldwide. Kindly share this post to help us get better parenting for our children.
Suggested Reading: Top 500 Small Business Ideas For The African Entrepreneur