Teaching kids about money in tough times

October 14, 2011 3:26:45 PM PDT
Eleven-year-old Seth Holloway has quite a little business out of his Apex home. He's running a chicken coop, caring for dozens of chickens and turning their golden eggs into cash.

"I have collected on average $2,000 dollars from the chickens," he said.

"We started business because our neighbor told us it would be very fun for me and my brother to just go out and collect eggs. "And then we found out a lot of our friends really like to have fresh eggs, so we turned it into a business," he continued.

and that business is teaching Seth some valuable lessons.

"I have to put in shavings for their nest boxes and I have to collect eggs every day," he explained. "Make sure the electric fence is on for predators and I have to feed them five pounds of feed every day.

Seth's mom says the he's learning about work and money at a young age.

"By him saving and knowing the value every time he sells and does the eggs, that's the value. He's got a sense of responsibility," said Shari Holloway.

"One day he broke seven eggs out here. He had a little mishap and broke seven eggs, and he was so upset. He came in the house and was crying because that was $2," she recalled.

Seth's father says he son has learned more than just animal husbandry.

"It's not just about taking care of the chickens, taking care of the eggs, collecting the money. It has everything to do with running a small business. You have to pay this bill. When you're going to expand, what you have to do for considerations, and that alone is tremendous for him," said Tad Holloway.

Experts say the most valuable thing you can do for your kids is start teaching them early about money - how to make it, save it, and give it

"We still don't let him make any foolish decisions," said Seth's mom. "And he still likes to tithe to the church, and he likes to go to the food bank, and he gives some of his money to the food bank. So he's very responsible with his funds."

"Any time it's his money, he really considers it hard before he pays for it," said Seth's dad.

And with his own money earned, Seth puts some back into the business and spends some.

"I have bought chicken feed which I buy from Pittsboro Feed and they deliver every Thursday, and I also bought a TV not too long ago and I'm in the process of saving up for a car," said Seth.

And he'll get there one egg at a time.

"It makes me feel very proud and very I'm always very stunned to see how much money I made," said Seth.

Seth sells his eggs for more than $3 dollars a carton.

His is a real life lesson in money, but there are plenty of virtual ones, including online games designed to help teach kids about money and finance.

Learn more at: www.prosperity4kids.com

And: The Washington Department of Financial Institutions

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