Let’s talk lemonade stands. National Lemonade Day is August 20th, and we’re here to bring awareness to one of the most fun and creative ways your children can make some pocket change. It’s their first dollar earned, their first “business” and possibly, their first experience with success/failure.
To your kids, it’s just another summer activity. To you, it’s an opportunity to introduce them to important life skills they will need- and ultimately, thank you for. Here are some of the skills children both learn and obtain from running a lemonade stand:
Finances and the Value of Money
A lemonade stand can give kids a great education on the cost of goods, profit and loss and the time and effort that goes into making money.
What ingredients and other supplies are needed for the stand? How much do they cost? Are there ways to cut costs? Where will they get the money to pay for everything? How much will they charge for the lemonade? How many glasses do they need to sell to make a profit? These are important lessons for children on what’s involved in starting and running a business as well as understanding basic finance.
Once they earn money, parents can also guide children on making decisions about how to spend and save their money.
How are they spreading the word about their stand? Are they making signs to post around the neighborhood? Are they telling everyone at soccer practice? Will they design a stand to attract attention or give their stand a name? Should they offer something to entice people to their stand like discounts or cookies? Kids can get creative about different ways to promote their stand.
Team-Building and Teamwork
While this could be a one-person project, some help from others is often involved. Children learn how to build their “A-team” at this stage. Someone might be responsible for making the lemonade, someone might be the cashier, and another might pour the lemonade and give it to the customer. Managing, delegating, following instructions and cooperating with others are part of this process.
Communication and Customer Service
For children on the shy side, this is a chance for them to step out of their comfort zone and gain confidence initiating interaction. Sure, there are people who will approach a lemonade stand on their own. However, most of the time, the kids are trying to encourage individuals to come by shouting, “Lemonade!” and asking passersby if they want a glass. Children strengthen their manners using “please” and “thank you,” but also learn professionalism in dealing with customer requests, handling money and delivering their product and good service. They also learn how to deal with rejection politely since not everyone will want to buy lemonade.
These valuable life skills they learn will help your kids become money masters. So encourage your kids to set up a lemonade stand this summer. Please share a photo of their stand and be sure to tag us! We’d love to see the future entrepreneurs of America.
Ready or not, 2018 is here! Most people see a New Year as a perfect opportunity for a fresh start. 40% of Americans made New Year’s resolutions for 2018, but the reality is, not all Americans will maintain their annual promises.
It’s finally here, the biggest shopping day of the year!
Black Friday is the most anticipated shopping event of the year but it’s also potentially the most problematic. Whether you shop at 1:00 am or 10:00 pm, Black Friday shopping can be overwhelming. Here are some tips on how to have a stress-free day.
It is important to prioritize where you want to shop and what you want to buy. Make sure you look at the Black Friday advertisements to see the store’s deals and operating hours.
Plan what you want to purchase. Shopping on Black Friday is always filled with crowds. It is best to know what you are looking for so you can save time and money.
As I wrote in a previous blog, I have been jumping on the “Thankful Train” and looking for ways to teach my kids to give back. But the more I thought about it, I realized I needed to emulate giving back as well. We usually donate money to charities that are important to us but we didn’t think it was enough to show our kids that we were taking action ourselves. So my husband and I volunteered to be our childrens’ school captains of a charity fun run supporting the local NYC Ronald McDonald House. Over 30 schools in NYC participate with over 1,000 runners. The kids raise money to support their run, in turn supporting the Ronald McDonald House.
Everyone seems to be jumping on the Thankful Train in November, including me and my kids. A few weeks ago I started to think of ways I can teach my kids to give back no matter how small. Fortunately, my children attend a school where giving back is important and part of their education. So luckily for me I didn’t have to look too far.
Halloween is a day of entertaining tricks, delicious treats and ghostly costumes. Throwing a Halloween party is a great way to ensure a “spooktacular” time for your kids and their friends!
Decorations are a must have for your child’s Halloween party!
Get some pumpkins, spider webs, lights and bats to “spookify” your home.
You can either make your own decorations or purchase at any store. Stores like Party City, Target, Wal Mart and Jo Ann’s Fabrics carry an array of halloween decor, candy and treats.
Carol Sankar an international business consultant spoke at a Ted-X talk and said, confidence, this is the missing link that makes women successful. She calls it the “confidence factor.” Is it the way girls are raised or society that makes them less confident?
Women are as successful but are less confident than men, according to a report titled “The Status of Undergraduate Women at MIT.”
Many women suffer from the imposter syndrome. Facebook COO Sheryl Sandberg told us before Lean In, was published: “There are still days I wake up feeling like a fraud, not sure I should be where I am.”
This happens with my friends all the time. If they are applying for a job, they will not throw their hat in the ring if they don’t have all the qualifications. Let’s say they have 8/10. They will not apply. Men on the other hand will have 3/10 and go for it!
In the midst of the sentiment that you are surely feeling during this time, there’s a lot to think about to prepare your college student for the next four years. One of the things you are probably thinking about is whether or not you should get them a credit card.
Where did the summer go? It’s time to dust off your annual Back to School shopping list and get shopping!
Back to School shopping can be overwhelming, especially when your child is getting older and needs different supplies than previous years. There are a lot of stores that are currently having sales to make your Back-to-School shopping experience seamless and affordable.
It is that time of year again, tax season! Many Americans have completed their taxes far before the 2017 deadline, April 18th. However, many Americans still have not. It wouldn’t be Tax Season without a few procrastinators, right?
According to the IRS, 83% of Americans will receive an average refund of $3,120 per tax return. One of the most well thought out financial plans are often about how one should spend their tax refunds. Should you go on a well-deserved vacation? Buy a new pair of shoes? Indulge in a Spa Day? How about paying some long over due bills?