Posted by Rugile
There is a one really important lesson all children need to learn – it’s the value of a dollar, and how hard it actually is to earn one.
All 6-year-old Emmett wanted was a bike, but his father didn’t want to give it to him that easy, so he came up a clever idea. He told his son that he needed to earn the bike money himself. “He got some old toys and stuffed animals together and put them out for sale. He ended up making $70 that day. He made enough to get his bike. The next day, we happened to be walking around Sam’s Club and saw this snow cone machine. He asked if we could get that instead of the bike so he could start his own business and make more money.” Emmett’s dad checked with the township to make sure that he did not need a permit for his business.
After a brief discussion the boy’s parents agreed to help him with his business, but on one condition – he had to sell snow cones for at least one hour every Saturday. “His first time out he made $12, then $17, then $25 and he’s been hovering around there ever since.” And just like that Emmett started his business with only a bag of ice and three flavors. “He’s responsible for tracking his supplies and knowing when he needs to buy more, spending the money for all future flavor purchases, eventually buying us out of the business (pretty much repaying us for the other half of the snow cone machine), and paying ‘taxes’.” According to his dad, Emmett is planning to save his money for college, but little does he know that his ‘tax money’ is already going into his college fund!
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More info: FiveOverFive
Meet Emmett, a 6-year-old who really wanted a new bike so his dad decided to teach him a little lesson about business
His parent’s told him that he should earn the money himself so Emmett asked them to help him buy a snow cone machine so he could start a business
He started with a bag of ice and three flavors, and after he saved enough for a bike he decided to grow his business instead
Emmett’s dad did check with the township to make sure he didn’t need a permit, so he wouldn’t get shut down like these kids on a memorial day
He now has 21 flavors and has been invited to local events to sell his snow cones
Emmett even has to pay ‘taxes’ to his parents for buying him a snow cone machine, he’s saving the rest of his hard-earned money for college
Many people were praising Emmett’s father for teaching his son a valuable lesson about money and business