Is Your Child an Entrepreneur?

Teaching children good financial habits is one of those things that comes with time, but can really pay off (pun intended) in the long run. Billionaire Warren Buffet’s Secret Millionaire’s Club is encouraging kids to learn smart budgeting, saving and investing strategies through the fourth annual “Grow Your Own Business Challenge.” Entry to the challenge, sponsored by Genius Brands, is for 7- to 14-year-old entrepreneurs with original business ideas to share, and deadlines Jan. 31.

The Grow Your Own Business challenge works like this: Come up with a concept for a brand new business or come up with a twist on an existing business idea to make it better. Individuals or teams of two to four can submit their ideas online or by mail, and individuals can submit more than one idea. One individual and one team will win the $5,000 grand prize, but their are more prizes to win.

Last year, local student Jake Johnson won $5,000 for his business Beaux Up that mixes and maches interchangeable bow tie halves to create new looks. And a team of students from Hornets Nest elementary were finalists at the national competition for their project Helping Fields that allowed community members to sign up and pay a small fee to join and use a school garden that also provides healthy options to classmates who don’t have enough food to eat on weekends.

Even if your child isn’t ready to pitch their big business idea, they can learn some good financial tips through activities on the Secret Millionaire’s Club website. Money doesn’t grow on trees, so seems like a good idea to start early with sensible spending and saving plans kids can understand.