Start a Family Business

I’ll admit up front that this article isn’t a feel-good puff piece. I am writing this article to shed some light on our children’s hardships as they enter the workforce. I will recommend some things we can do now to help them along their way.

Let’s take a look at the reality of education and employment in today’s society. Formal education is not teaching our children to think critically. Our children are being pushed through a system that does not care about them. 

As they continue to college, the same principles apply; however, they are now paying for this education. When our children arrive in the workforce, they will not have the mindset nor education to build wealth. Formal Education is meant to make employees.

6 Types of Income Streams

Our children are taught that the only way to make money is through a job. This mindset is the most dangerous thought-process our children face and what we need to combat as parents. 

The world is changing, and these corporations no longer have any loyalty to their employees. If you follow the stock market, you will know that Wallstreet celebrates when corporations cut jobs—reducing overhead and increasing profits.

So imagine our child growing up to be an engineer. Spending all kinds of money and finally landing a job at a good company. Things are going well, and in six months, the company lays our kid off. 

What are they going to do? The cost of living is so high they haven’t saved up much money. They are applying for more jobs in their field, but there are dozens of applicants for each position. These are the common scenarios that many of our children will face. Look at what happened during the financial crisis of 2008 and the pandemic of 2020.

Now, what can we do as parents? First, we need to learn about the new world, and more importantly, how to make as much money possible in it. If we as parents do not know how to invest in the stock market, invest in cryptocurrencies, buy real estate, or start businesses, how can we expect our children to do so? 

I Live Paycheck to Paycheck

The most dangerous mindset that we can teach our children is to rely on a job as their only avenue to make money. This mindset is crippling the current generations, past and present. People are going to school to get huge degrees, taking more courses for certificates and qualifications. The world has put so many roadblocks in front of simple jobs.

We need to learn how to make real money. I am not saying you don’t send your kids off to college or for them to not work a job. I am saying they need to build multiple income streams as early as possible. 

Along the lines of various income streams, a family business can be a godsend throughout our kids’ lives. Think about it, who would you trust more, you or some nameless, faceless corporation? Hopefully, you said yourself. 

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I just wrote an article on running a passive Airbnb business. The idea is to let my kids stay in the house, not work a job, and turn the master suites into Airbnb listings. Doing the math, they could live in the home for free and turn in a $1,000/month profit.

Now, I can already hear some people saying, $1,000/month is nothing. Parents, we need to understand how money works. What is the highest expense that we all face? Housing costs. So if our kids can turn a profit from housing, that is huge. Not only that, the Airbnb business would be primarily passive, so they would be free to pursue other ventures. 

Think about it, if the Airbnb business covers all their housing and utilities, all they would need to spend on would be food. Another idea I had was to create a dog park in a section of our three acres. Again, this would be a relatively passive income stream as well. Let’s say they bring in $1,000/month from these as well.

What if they started a Tesla rental car business and an 18 Wheeler Truck trailer rental? Once these are up and running, they do not require much work as well. Let’s say that they make a combined $2,000/month from these.

These income streams are pretty passive, and the kids could be making $4,000/month from these, with no housing costs. So which is the better income? They could make $75,000/year at a job (and pay housing out of pocket) or $48,000 passively from home (with no housing costs). 

20 Creative Ways to Make Money From Home

I pray that you choose the $48,000 passively. The best part of this scenario is that the kids are insiders in their own business. This means that if they want to earn more money, they can add a tiny home to Airbnb, add another Tesla to the car rental business, or add another truck trailer to the 18 Wheeler business. Now they have increased their profits, and don’t have to work much more. 

The businesses are all ones that we, as parents, can start thinking about and starting now. We can discover what industries our children love and start gearing income streams for them today. If our kids love animals, why not create a petting zoo? What if our children love fitness? Why not open a gym on our land? 

It may make it sound easy, but what is problematic about it? I am reading a book on how to start a microbrewery. I do not plan to open a microbrewery, but why not learn? Opening a microbrewery is more complicated than most businesses because of the alcohol portion of the company. So if I know how to start one, I can learn to create any other business. 

Understand that not every business has to be some grand event. We need to help our children establish income streams, plain and simple. If they can bring in an extra $2,000/month while they work their job, they have that much more freedom while on their careers.

Advertising 102: Left Brain vs. Right Brain

Are you well-rounded enough to create multiple income streams? I know that we all want to play soccer with our kids and take them to the science fair. Don’t get me wrong, these things are amazing. However, we need to understand how to make cold-hard cash in today’s society. 

Nobody is going to magically teach them the ends and outs of how to make money. Mentorship is dead. And if we leave it to their jobs to make all their money, good luck. I envision a future where my sons and their wives will both stay home with their grandchildren. 

You see, if I understand business, real estate, and investing, then I can leverage my knowledge to get my kids to the point where my wife and I are getting to now. Except they do not have to wait until their 40s. As I wrote in “Hustle in Your 20s and 30s, Enjoy Your 40s and 50s,” if our kids can get off to a fantastic start, they will be set for life. 

If you don’t know much about business, real estate, or investing in stocks and crypto, here is an article that kind of captures all of these in one, “The Well-Rounded Millionaire.” From there, here is a list of business books I recommend, “Read These 10 Books before Starting a Business.”

It is incumbent on us, as parents, to learn the ways of making money and pass this knowledge on to our children. I am sorry, but that is the hand we have been dealt. If you start learning now, you will be in great shape to be a mentor and resource for your children. And what greater form of love can there be than to be a rock throughout their life? Good Luck!

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Disclosure: I am not a financial advisor or money manager, and any knowledge is given as guidance and not direct actionable investment advice. I am an Amazon Affiliate. Please research any investment vehicles that are being considered. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it.  I have no business relationship with any company whose stock is mentioned in this article.