One of the greatest lessons I learned from my parents as I grew up was saving money for a dream purchase.
When my twin and I were just turning into wonderful and perfect teenagers (a fact not exactly verified by our parents), we really wanted to purchase a motorcycle. We lived out in the country, and a motorcycle would be a great way to explore our farm and beyond. Our father came up with a great way for us to earn the money to purchase it.
In one of the farm fields, we grew soybeans. The field was producing a fabulous crop of weeds that year. Dad said he would pay us one penny for every weed we pulled or cut down. We pulled enough weeds to buy the motorcycle. It was a Honda C-70 Passport, and it was awesome! Good planning and hard work – coupled with saving – led to a rewarding purchase.
One of the greatest things you could do for the children in your life is to help them fully grasp this concept as it will equip them with a key skill necessary to live a fully funded life.
NOTE: This is an except from my book for young people – What Everyone Should Know About Money Before They Enter The Real World. It is written for young people just beginning their money relationship. You can learn more and purchase this book and its related study guide HERE.