If you ask her what she wants to do when she grows up - she will say she wants to be the "boss" of a store where she sells cats, takes care of them like grooming/ vet services and has an airplane to transport them to other states for adoption.
She had drawn up intricate floor plans of how she will set up the store, and is eyeing a vacant KMart store for her business - so cute!
So while those plans are percolating in her head, she has been busy with other ventures.
Last Spring she had a business of selling cat fur - a small baggie for $1 - to use around outdoor plants to keep rabbits away. She sold some to my neighbor and my Mom bought a few baggies. Our sweet cat Coral (RIP) was shedding and loved being brushed, so for a few weeks of shedding season Beanie was making cash that way.
She does not get an allowance but gets opportunities to earn money by doing things that are not required of her. She does not get paid to do chores or keep her room clean simply because she lives in the house too and is a contributing member of our family. However, if she helps me wash the car, for example, she will get $2 since that is something extra she is helping with.
Now she has started a new business of picking up mail, watering plants and pet sitting. She started picking up mail for our neighbors across the street and has decided to expand her services to more households and earn money over summer.
Yesterday we went around our street and dropped off flyers to folks we know. Its a small street ~12 houses, we know almost everyone by name.
I was so proud watching her going up to the door by herself -- I was on the road. She was all masked up, rang the doorbell and introduced herself and explained her business while handing the flyer. My neighbor across the street used her services and are so generous. She had already made $60 the past month. Now several other folks have promised to use her "help service".
Next step is to get her to do some simple Accounting (Cash In /Out) so she can track her earnings and outgoing expenditure. She has $98 in her wallet already!! We went to the Farmers Market and she took out this wad of cash, my eyes nearly early fell out of my head. Now she can only keep $20 in her wallet when we go out.
I also want to take the opportunity this summer to teach her to
(a) put half her earnings in the bank -- I know she will hate that because once it goes in the bank it never comes out!
(b) give herself budget of $10 per month to spend. If she needs something more that that for example an LOL doll which costs $13-$15 then she needs to wait until the next month.
(c) to keep her cash in one place. I see piles of bills all over the house. I have told her multiple times to put them in her wallet and keep the wallet in the purse, but no. I got tired and warned her if I see a pile of cash I will confiscate it. So I did one day - for a few hours. There was drama and indignation, but I think she got the point.
My parents instilled in me the value of saving and living within my means. I want to do the same for Beanie. Last month, she was due to earn $30 for 10 days of mail pick up, and she wanted to buy something and spend the money. I told her "No, you do not spend money you have not yet earned"...she was not pleased but that is the type of lessons she needs to learn.
She has had a bank account since she was 3years old, mainly birthday/XMas money, etc, but now she can deposit her earnings too!
She is looking forward to a lucrative summer.
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