7 Tips From Parents Who Are Raising Kids To Be Money-Smart

“It’s never too early,” quipped Warren Buffett, a businessman, philanthropist, and one of the most successful investors of all time, during an interview with Yahoo! Finance.

He referred to learning the value of money, the difference between needs and wants, and the importance of savings—valuable concepts that children encounter early on. For the shrewd billionaire, it’s never too early to help young minds grasp these ideas.

Kidpreneurs Unleashed, a workshop-and-mentorship program for budding entrepreneurs, was spot on in nurturing future Filipino business leaders during the program’s culminating bazaar held last April 27 to 28 at the Entrep Corner of Robinsons Galleria in Ortigas Center.

KIDPRENEURS UNLEASHED

^{Kidpreneurs Unleashed participants}

“I was already surprised by the workshops because they turned financial terms into kids’ lingo,” shared Hazel Tanedo-Tan, project head of ICA XOGENS Batch 2001, the organizer of Kidpreneurs Unleashed. The essential concepts in financial literacy were taught by Primary House Manila, the implementing partner of Kidpreneurs Unleashed.

At the two-day Kidpreneurs Unleashed bazaar, she was drawn in even more by the great turnout. “The support is overwhelming,” she described. “The workshops have been attended by 120 kids, and we can see the demand is here at the bazaar. I can’t even imagine myself, at a young age like these kids from 6 to 12, thinking about these things.”

Mommy Hazel with a few parents and their young entrepreneurs shared with us their experiences and lessons after taking part in Kidpreneurs Unleashed. A lot of Filipino families can find these useful not just for financial literacy, but also in enhancing their traits and relationships with their kids as well.

Lessons from Kidpreneurs Unleashed entrepreneurship program

1. Fear is part of the process.

Among the numerous takeaways from the workshops and bazaar, Mommy Hazel and her son both realized that fear is just part of the process. “I think one of the biggest factors in entrepreneurship is fear,” she shared. “In the workshop, my son and the rest of the kids were taught that fear is something that you will encounter no matter what. And that’s normal.”

KIDPRENEURS UNLEASHED

^{Mommy Hazel Tanedo-Tan}

Since there’s nothing one can do to avoid it, fear can be turned into fuel for success by making smart decisions and then taking action, she continued. They agreed that fear can be a catalyst for better ideas to solve any potential problems in the future.

And while fear can greatly hold back children, the fact is, adults still experience different levels of fear. Overcoming it at an early age gives kids a great advantage.

2. Ideas can strike anywhere.

When Santi Tenorio and his younger brother Sian were on their way home with their mom Chesca, they were asked what they wanted to sell at the Kidpreneurs Unleashed bazaar. That’s when their eureka moment struck inside the car: a box of brownies called Slammin’ Brownies. They went with what they could pull off and thought of how to make it even more special.

KIDPRENEURS UNLEASHED

^{The Tenorio brothers}

The boys finally came up with a clever marketing idea using golden tickets. They’ve inserted these tickets in several boxes, so a few lucky customers can get a chance to win a signed jersey of their dad, LA Tenorio, the legendary PBA point guard who also represented the country for the Smart Gilas national team.

“One of the biggest lessons I’ve learned is to be ahead and prepare,” said Santi. “We worked hard for this, and we’re just happy we have this promo with my dad.”

3. Let your kids get creative.

“They thought of pastries and then decided on brownies. It’s all their idea,” shared Chesca Tenorio, mom of Santi and Sian. “At that point, they were so interested and excited with their idea.”

Mommy Chesca, fully aware of the influence of video games on kids, drew upon the idea of earning points and collecting coins, which are apparent in many games. She encouraged her sons that in the Kidpreneurs Unleashed workshop and bazaar, they could earn a realistic and tangible reward, which is money. The catch is that they have to prepare something creative. “I made them approach the program and activity like a game and instilled discipline along the way.”

Santi and Sian impressed their mom by designing the logo and choosing the colors and fonts for their small business themselves using the online app Canva. They also wowed the crowd at the bazaar, taking home the Best in Ad Design.

4. Take the opportunity to bond.

For Mommy Chesca, bonding over basketball with her boys Santi and Sian is easy for her husband LA. That’s why when they signed up and joined Kidpreneurs Unleashed, she finally had her chance to bond with them over things she truly knows.

“Coming from the corporate world, I’m happy that I can finally share things that my kids can learn like money, transactions, marketing, and sales,” she said. “They had three days of workshops, and they came home with papers showing a business model and vision board. Helping them do these and the worksheets, I was so happy to do these with them.”

5. Kids can rise to challenges

“I think she has the potential to become an entrepreneur,” shared Pia Laurel, after seeing her daughter Siena excited and immersed in the Kidpreneurs Unleashed bazaar. “She’s such an extrovert, and the event enhanced her skills in talking to people. She wants to interact even with strangers to sell to them.”

KIDPRENEURS UNLEASHED

^{Siena and her fellow kidpreneurs}

Mommy Pia’s guidance allowed her daughter to come up with the idea of selling patches. From the creation of the idea, coming up with the business name, booth decoration, and even counting the money, she left it to Sienna and her friends to team up. On their day at the bazaar, they sold out quickly, hence winning The Blockbuster Award at the bazaar. “They were so proud because they cleared up all their stocks. We didn’t expect the big turnout, but it was great.”

6. Teamwork makes better results.

Siena and her school friends Margot and Tori came up with Patch Up Boutique because they all enjoy designing their bags with patches. At first, they were unsure about the direction, whether food, painting, or slime.

“It’s important to support each other’s ideas because at first, we were clueless. It was hard to come up with a good idea,” Siena shared. “I learned about teamwork and working together, and it was so much fun seeing smiles on people’s faces when they got their patches.”

7. Great things start small.

Among the parents that have joined Kidpreneurs Unleashed, one similarity emerged: they allow their children to start earning their keep in simple things like house chores and good behavior. When they earn it, they can deserve something good in return. It will all relate to running a business, knowing how to earn money, and choosing the best way to spend it.