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Saving Money for a Farm - Here's the Start

Sligh1

Sligh1

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My boy Charlie is 12. Second year doing lawns. Instead of us bringing him to the jobs with his mower- he’s mobile now! He’s got 8 lawn jobs. I said “what u think of putting 50% away/invest towards land?” He said “why not all of it?” Ha!!! Want him to enjoy some of the $ he gets too. Good lessons. Neighbor kids 10-15 ask me about buying farms too. “SAVE NOW!!! By time u in 20’s u be so far ahead!”
Still can start at ANY AGE but neat to see the kiddos working & taking same path I did it at their age. He is better worker than me & he’s self motivated…. My parents had to force it on me for a while. ;). Just happy seeing this.
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LOVE THAT! I could go on and on about this topic (kids and young people working, saving, etc, towards goals)...but suffice to say, this kid gets it!! Good GREAT job mom and dad!!! Congrats to all! If he lived closer, I would give him some more work.

My kids got through college debt free, after so many told us/them that it couldn't be done, and at age 28 and 31, are in their second homes...trading up after a few years in their starters, etc, etc.

IT CAN BE DONE...if you are focused, hard working, etc, it can be done. I can tell by that pic that your son will be one of the ones that does it too.
 
That’s awesome, Skip! Good for him.

Our kids have a mowing biz as well. We treat it like a business—they pay themselves $15/hr, track expenses, keep books, calculate gross margin per customer, put money aside for cap exp of new mower, etc. Great learning for them!


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Same here son is 12 and has 7 lawns. One thing i heard on Dave Ramsey that made sense to me was to tell your kids to do 3 envelopes. Lable them save, spend, and charity. He did that and decided on 75% save, 15% spend, and 10% give away with my guidance.

Cchadww i like the business model will help them big time in the future.
 
Slick said:
Same here son is 12 and has 7 lawns. One thing i heard on Dave Ramsey that made sense to me was to tell your kids to do 3 envelopes. Lable them save, spend, and charity. He did that and decided on 75% save, 15% spend, and 10% give away with my guidance.

Cchadww i like the business model will help them big time in the future.
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3 we did used peanut butter jars with our boys. :) Save, spend and give. Lifetime lessons were learned and habits were formed that are invaluable now for them as adults.
 
My 2 1/2 year old daughter collects our eggs and helps feed chickens. What we sell, she gets. Obviously dad doesn’t make her pay for the feed or anything at this age (although after I say the numbers you are going to think I’m crazy).
One thing I have valued is raising her so she wants to help and work, she’s a shadow to me. We raise lots of chickens, sells lots of eggs, do other random things.(she steered the tractor while planting plots- actually fairly straight) She’s 2 1/2 and has 5800 in her savings from EGG SALES (also chicks, chickens, and some produce). But she helps and wants to be involved. Does she know what she’s actually doing? Nope- but she’s getting a work ethic and we’re saving money for her while also covering the light feed costs we have. Win win.
 
Next step: charge him a 50% equipment premium so he’ll learn the business side of things. Can also start contributing to a Roth IRA as he has earned income. Those dollars will multiply many times over if they get to work this early. $500 put away today turns into 22k by retirement.
 
Skip let's get him in some green equipment. The curb appeal will have all the customers calling. ;)
 
gsquared23 said:
Next step: charge him a 50% equipment premium so he’ll learn the business side of things. Can also start contributing to a Roth IRA as he has earned income. Those dollars will multiply many times over if they get to work this early. $500 put away today turns into 22k by retirement.
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Good call!!!! Here’s deal I got so far… I bought mower & this year I’ll pay for gas. He mows our yard for free. I’m ok with that.
He’s got a grandpa who is great with investments…. I’ll look at Roth IRA. It’ll be that or mutual fund
What I did… I started around 10-11-ish??? I put all my funds in mutual funds. At 22 I graduated college & had $40k. I cashed it all out that week I got outta school & bought 80 acres.
 
abell3 said:
Skip let's get him in some green equipment. The curb appeal will have all the customers calling. ;)
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Look at that cart!!!! Top of the line plastic Deere cart! (Made in China ;) ). It sure works great though. The rider is mainly for transport & he uses push mower. Which I love that he does that. & weed whipper & blower.
He comes home & works in his garden.

COSTS: riding mower I got for free & put $500 into repairs. 100-200 for cart. Whipper, blower & mower: $500. Heck of a business for lil over a grand.
Mower $ & $ he’s saved since little… has $4,550 in his account right now. That’s at 12. I’m really liking this.
 
newfarmer said:
My 2 1/2 year old daughter collects our eggs and helps feed chickens. What we sell, she gets. Obviously dad doesn’t make her pay for the feed or anything at this age (although after I say the numbers you are going to think I’m crazy).
One thing I have valued is raising her so she wants to help and work, she’s a shadow to me. We raise lots of chickens, sells lots of eggs, do other random things.(she steered the tractor while planting plots- actually fairly straight) She’s 2 1/2 and has 5800 in her savings from EGG SALES (also chicks, chickens, and some produce). But she helps and wants to be involved. Does she know what she’s actually doing? Nope- but she’s getting a work ethic and we’re saving money for her while also covering the light feed costs we have. Win win.
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$5800?!?!?! At 2.5?!?! Holy cow!!!! That’s amazing!!!!! We need a new biz venture!!!! U got a billionaire in the making!!!
 
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