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Earn money this summer

April 23, 2012
Monday, 23 April 2012 19:55 Edmund Lao / Personal Finance
SUMMERTIME is here. Summer has always been a season of fun for children. Summer means school is out, children are free to enjoy their vacation. The weather is hot and most of the times are spent in the beaches. There are kids who keep themselves busy with whatever exciting activity they can fill up their idle hours with. What’s more, it is also possible for kids to have fun and make profit at the same time.

There are plenty of ways that children can make money during summertime which can be quite educational for them, too, as it would teach them about responsibility, and wisely managing their time and money. Below are some good ideas on how to make money during summer vacation.

A good old-fashioned lemonade or halo-halo stand is an especially popular and profitable endeavor during the hot summer months. Another option is to make ice and put an ice-for-sale tag on the wall.   If the kids happen to have a knack for baking, they could sell homemade cookies and pastries. Putting up a garage sale is also a good way to make the kids to get rid of some of the junk cluttering up their room and actually make some money from them.

Another typical summer job for kids to try out is putting up a mini car wash. This particular job can be tedious, but it can be fun in its own way, especially if one has a group of friends to help them out. All the materials that would be needed are a bucket, water, car soap, a sponge, a window cleaner and some old towels.

If the child happens to have a particular talent or skill, he may be interested in making money by sharing his knowledge with others. He could offer to tutor younger kids on certain subjects he happens to be good at, be it science, mathematics or reading. If your child is an athlete, he could try coaching sports such as basketball. If he is artistically-inclined, he could teach arts and crafts. Or, if he’s a talented musician, he could give lessons on singing or playing an instrument.

In a way, this (and for that matter, all the other summer moneymaking ideas) is a great way of preparing kids for the future, as they already have the experience in putting their gifts to marketable use early on in life.

Years ago, when I was in Grade 5, I learned the value of hard work in earning money. That time, my auntie had a flour business. Since I frequent her place during vacation to read newspapers and komiks, I had a bright idea when I saw her working on her business. So I offered to help and was tasked to sew the sack that has 25 kilograms of flour. In a day I was able to finish more or less 12 sacks and was paid P2. Although I was tired, I am happy since I already am earning money. After 5 p.m., I then go to my uncle’s hardware until 8 p.m. I was paid P1. All in all, I earned a total of P3. In two months time, I was able to save P144. Not a bad amount since our currency was stronger compared to the present.  Here is the best part. I did not realize then that what I was doing also gave me a glimpse of what I will be doing in the future but on a bigger scale.

First, working in my uncle’s hardware gave me the experience in electrical and household repairs. At a very young age, I was already doing repairs of items such as fluorescent lamps, emergency lights, flash lights, electrical stove, electric iron to name a few.

Working in the hardware has become my hobby and passion that never in my wildest dream that in the future I will be very interested in the field of electricity that will prompt me to take up Electrical Engineering in college. My original dream that time was to become a doctor. I ended up becoming a doctor performing surgeries for electrical items, not on patients.

Second, every time I was paid, I immediately deposited the money in my bank, Traders Royal Bank. One can already guess my age already. Interest was being paid in a monthly basis. When I see my passbook with a 25-centavo interest, I am very happy, not because of the amount, but because I earned that amount without exerting any physical effort. It was already a passive income. Again, it did not occur to me that in the future, I will fall in love with the wonderful world of financial planning and investment.

As an adult, I learned to make money by working hard, and later I learned to make money because I realized that money can work 24/7 without complaining since money does not get tired like us. The 25-centavos interest I earned when I was a boy was an experience that will make me study passionately and be an advocate of financial planning. I can jokingly say that instead of becoming a medical doctor, I am now financial doctor although unlicensed. Interestingly I became a doctor in two fields rather than the one I dreamed of when I was a child.

Based from my experience, earning money during summertime is not only fun but may also be a window to one’s future career. I can say that unknowingly, I was already learning both sciences at the same time. More important, I learned the difference between active  and passive income at a small scale. Kids must be taught not only to earn money but also to value, save and invest or grow the money that they have earned. After all, money should be the one to work for us and not the other way around. To parents, encourage kids to earn this summer and teach them the value of saving and investing.

Happy earning!

****

Edmund Lao, RFP® is a registered financial planner of RFP Philippines. Learn the essentials of personal finance and become certified. Join RFP Batch 27 from April 28 to June 16. To know more details, visit http://www.rfp.ph or inquire at info@rfp.ph.

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