10 years old is a great age to teach kids how to earn extra money — they’re still young enough to listen to you, but old enough to do some actual work. Here’s the story of J’s first side hustle — selling Christmas cookies to family and friends.
In the spring, J will be eligible to test for his black belt!
The cost of this particular test is $430.
Hold the phone. What?!
Cost of Karate
J has been training for about four years now. There are lots of costs associated with karate including:
- Tuition ($95 per month)
- Testing fees ($60-$75 each time; initially four times per year, then later two times per year)
- Tournaments ($50+ each; around twice per year)
- Uniforms ($40+ when he needs a new one, about every two years)
- Other incidentals like patches, bags, fundraisers, parties, etc.
I split the costs with J’s dad and so far we’ve footed the entire bill.
Benefits of karate
There’s no denying that karate is a great activity. J learns responsibility, leadership, personal protection, coordination, focus, how to get along with others, commitment, personal development — the list is endless.
Because karate is important to us and because J gets a lot out of it, we’re fine with the cost.
Pitching in towards the test
But because he’s getting older and I want to engage him, I told him that he was responsible for 10% of the testing fee.
The idea is:
Little things that seem insignificant in the doing, yet when compounded over time yield very big results… I call them simple daily disciplines. Simple productive actions, repeated consistently over time. That, in a nutshell, is the slight edge.
There are many small, positive actions you can take every day. They probably don’t look like much and in fact, they’re often super easy to do. Over time, these repeated actions will yield big results in your personal and financial life. Like with the rule of 72, the success curve is exponential.
So if it’s so easy, why doesn’t everyone do this? Because they’re also easy not to do. People underestimate their power.
Recently J and I read How to Turn $100 Into $1,000,000 by James McKenna and Jeannine Glista. The book is a goldmine of financial information, written in a sassy, fun and engaging way. Read our summary and enter to win a copy below!
Today’s post comes to you from my son, J! He’s here to talk to you parents about paying your kids for chores.
Hi, I’m J. Here are some reasons why you should pay your kids for doing chores. One, you won’t have to do them yourself. Two, if your kids don’t do any chores they won’t make as much money as they could be making. If you pay them to do chores, they can earn money and learn how to manage the money. Three, if your kid doesn’t do work around the house, how will they know how to do it when they grow up?