Just when you think you have your kids figured out, think again. Kids are extremely perceptive and will do some amazing things given the opportunity. Take Lily Born, now a 13-year-old entrepreneur who wanted to solve a problem that was personal to her.
When Lily was just 8 years old, she noticed that her grandfather was having difficulty drinking from cups without spilling. Why? Unfortunately, Lily’s grandfather suffered from Parkinson’s disease. She approached her father wanting to provide a solution for her grandfather, and he used that opportunity to teach her about prototyping.
With Lily designing the solution, and her father helping her with the rest, they successfully created the Kangaroo Cup. Lily used moldable plastic to build several prototypes before finally creating a no-spill cup. The Kangaroo Cup has three legs that make it far harder for someone to tip it over or spill. As it turns out, the cup was helpful for her father too! Lily created another version of the cup to save her father from spilling coffee onto his laptop. This time, the cup was built in a local pottery studio using ceramics.
Lily’s dad loved his daughter’s creation so much he asked her if she would be interested in making more for other people. They spent a lot of time designing a new product out of clay, and ended up traveling to China hoping to learn about production. After finalizing the design and picking a manufacturer, Lily needed funding to make the new dream come true.
Lily and her father made a video for Kickstarter (a crowdfunding platform), hoping to raise $25,000. Not only did Lily pass her goal, but her family had a lot of fun putting together the website and video! People all over the world loved the idea of the Kangaroo Cup and donated over $62,000.
Trial & Error
Now that Lily had the funds and a production facility, she had to perfect her invention. She recognized that there were many improvements that she could make. For example, her friends broke a few Kangaroo Cups playing outside of the house. She even received feedback that people would love a design that was better suited for children, and had more comfortable handles. After several versions of the cup, the final version was created.
The Company & Press
With Lily’s creation now available, she started the company Imagiroo where she sells the cups online. Each cup sells for $13 and ships all over the world. Lily has since sold over 11,000 cups! Moreover, LIly donates part of her profits to support STEM education for young girls, and donates cups to not-for-profit organizations that help adults and kids with mobility issues.
Lily has since shown her invention at the White House Science Fair, and has been featured on CNN Heroes, Headline News, NBC Nightly News, NPR’s Weekend Edition, Fast Company, Business Insider, and more. She loves to inspire others, and is constantly thinking about what will be her next invention.
Dave Ramsey is an American financial author, radio host, television personality, and motivational speaker focused on encouraging good money management skills for all ages. But, he didn’t start out this way.
Dave made plenty of money when he was young, but poor money management decisions resulted in significant debt. As a result, he lost everything he saved and was embarrassed to ask for help. Dave was determined to figure out how money works and to better manage his situation. He read every book available, interviewed older wealthy individuals, and more. Ultimately, he realized that the world wasn’t out to get him. As it turns out, it was his own decisions that ruined him financially.
After moving back into real estate and bailing himself out of financial distress, Dave realized he wanted to help others with all the knowledge he had gained. He began Ramsey Solutions in 1992 to “counsel folks hurting from the results of financial stress.” Dave wrote several books on the subject and eventually started a radio call-in show that airs nationally.
As you can imagine, Dave has several tips for your kids to learn early. Check out just a few of these below!
Elementary School Age
- Use a clear jar for saving. There are a lot of piggy banks that are pretty cool looking! Try to find one that is also clear so your child can see their money growing. This should be a fun thing for you and your child to sit down and discuss. Watching three quarters turn into 8 quarters is a big deal! This will also encourage saving.
- Show them that stuff costs money. It’s one thing to have money and another to understand what it actually means. The next time you take your child to the store, have them bring some physical money with them from their piggy bank. When they find something they want to purchase, have them hand their money to the cashier. This will be far more meaningful than a simple lecture about money because they will visually witness the result.
- Teach them opportunity cost. Your kids need to learn that when they decide to purchase something, it generally means they can’t purchase something else. So, if they want to purchase a video game, show them that they won’t have enough money to pay for the new pair of shoes they want as well. Tradeoffs are critical, and can easily be taught in this manner.
- The importance of giving. Once your kids start making or saving money, take time to discuss the importance of giving to others in need. If they are passionate about animals for example, help them pick a shelter they can either give money or time to help out. Your kids will see that giving helps others, but that they will also feel good about it as well.
- Work for money. Your children will have a lot of free time during breaks, summers, and more. Helping them find a summer job at their local ice cream shop for example is a great way to show how working will provide them the additional money they seek.
- Teach them the danger of credit cards. As soon as your teen turns 18, they are going to want a credit card and will receive mail from banks trying to provide it to them with “attractive” promotions. Teach them why debt is dangerous and how to protect themselves.
These are just a few of the tips you can use to teach your kids how to manage their money. Its best to start as early as possible promoting positive money management skills because it will be a critical asset for your kids as they grow up.