In his new children’s book, The ’s: A Investing Family, author Ivan Nemorin teaches children about investing, fostering a love of entrepreneurship at an early age. In the story, the ’s son, Maddox, doesn’t understand why his family owns several properties. Why do they own so many homes, even though they already have a house to live in? To teach Maddox about and entrepreneurship, his parents take him through the process of listing and renting out a home.
Here is our exclusive interview for Funky Frugal Mommy about how to teach kids about becoming a successful entrepreneur!
How can you teach kids about entrepreneurship?
Teaching kids as early as possible is best. When you introduce the at early age ids tend to lean on those concepts as they grow older. we can introduce the concept of profits. We can lead by example by showing a profit on anything purchase. My mom was a major contributor to my entrepreneurial spirit. She would take me to wholesale markets and buy costume jewelry and bed sheets. She would then turn and sell them at a profit. I got to witness the process of a purchase then a resale at a profit.
What are some age-appropriate lessons you can teach kids about entrepreneurship at different ages?
At ages 5-8 we can teach kids the concept of earring money. Provide a service such as mowing the lawn and for service can get paid. Normal chores around the house can earn them money. By doing this we are showing them how to earn money. At age 8 and up we can begin to teach them how to make a profit by buying and selling. A good example is to have them buy something they would like to sell and turn a profit. cards, cookies, candy, the list goes on.
How can you foster a love of entrepreneurship early in kids?
Introducing the concept of profit is a great way. soon you can get them to sell something and make a profit the better. It will also help build self esteem and skills that children usually hold on to.
How can you teach kids about real estate in investing?
One great way to teach real estate investing is through my favorite board game Monopoly. Monopoly has all the basic foundational knowledge of real estate investing. buying property, paying rent when you land on someone else’s property. You have the cash flow concept and property ownership all wrap up in one game.
Your books depict a black entrepreneurial family. Why is it important for children of color to see examples of urban entrepreneurship?
My book is on a true story my family. We notice the need to share our story with urban America because most images of black families in the media tend to be negative. We also wanted to share a resource that urban America tend to miss out on at early age. This early exposure to real estate entrepreneurship can supply another avenue to create wealth