Today we'll cover Part 3 of a piece from Money titled "How to Make Sure Your Kids Will Live Better than You", an article that offers several ways to make this wish a reality. Here's Money's advice:
Strategy No. 3: Hone their competitive edge
The paternalistic, cradle-to-grave employer is so 20th century. Kids of the new millennium can expect to switch jobs several times in the course of a career, and perhaps industries as well, as technologies change, companies seek to keep costs down and global competition stiffens.
While you can't know which jobs will be in demand a generation from now, you can count on workers with an enterprising and entrepreneurial bent to have an edge.
"We've got to prepare our children to be flexible and self-sufficient to survive in an unpredictable job market and a changing economy," says Bonnie Drew, an executive at YoungBiz, which teaches business skills to young people.
Nurture your child's inner entrepreneur in the grade school years by helping him find odd jobs to do, like washing cars or raking yards. Encourage moneymaking projects such as a used-toy sale or a lemonade stand. They provide an opportunity, says Drew, to talk about various aspects of a business, including how to market it and set a price that will turn a profit.
Be sure also to make your own work visible, talking to your kids about your job, taking them with you to the office occasionally and maybe even giving them a task or two to do.
Good tips! I think I'll incorporate some of these into our financial teachings as our kids get a bit older.
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