$20k before 18 - part 3 (Work Hard)

Getting money in your child's account takes a lot more than instructive conversations. While those lay the framework, the money will not simply appear because they have a knowledge and awareness of money.

Again, starting from when they are young, we instill in them the value of hard work, and it grows in importance and commitment as they age.

Work is a natural part of life, and learning the value of that (and pressing through jobs that might be hard or boring) will pay them life long dividends.

In our house this value starts with chores. Sometimes we pay them, usually we don't, but everyone has assigned responsibilities around the house. They learn quickly that work is part of life. Work must be done consistently or our house gets messy and things break. Laundry, after meal chores, helping with meal prep, cleaning bathrooms, and pulling weeds all need to be done often.

Work together – not all work needs to be isolated drudgery. Sometimes we work through a list together, sometimes we work side by side on the same task, and other times we share different parts of a larger job. Cooperation, teamwork, perseverance. The character qualities that sprout along the way as we work together are as valuable as the job that is getting taken care of.

Get a job - none of our kids have done this at a young age, but there are jobs for those eager to get going -- paper routes, mother's helpers, dog walking, pet sitting, etc. Sometime in the middle of their teen years we encourage them to get a regular job. This has generally served well to teach the ability to manage various responsibilities as well as providing a start on their college savings.

Some employers will hire before the age of 16, but most want their employees to be 16 years of age. We have had kids with jobs before driver's licenses, but it is a challenge to plan transportation at times. It has been worth it in the long run, but sometimes I had to figure out if I had time in my schedule for them to get a job. . .

Get a better job – I don't just mean one that pays better. During their last year of high school we work together to find a job that will fit them best.
Sometimes this is the best fit for their personality (our extrovert was a dynamic waitress). Sometimes it lines up with their desired career path (our oldest worked in an IT department and our second worked in the children's ministry department at church).

Not always about the money, another important lesson they can learn before they head into adult hood. Yes, it needs to pay the bills. No, they don't need to make more than anyone else on the block. We have been quite fortunate that each of our kids so far has found a job that was skill-building, enjoyable, and built up their savings in the process.

Working young and working hard are probably the most important components of them actually seeing the bank account grow (once they know they need to save more than they spend). It is amazing how quickly the paychecks can add up when they are working hard and have a goal in focus.