Jeannine Glista is the executive producer of Biz Kid$, an Emmy-award winning financial literacy show for kids. She co-authored the children's book “How to Turn $100 into $1,000,000.” Biz Kid$ has featured financially savvy kids, including a teen Broadway stars and a 10-year-old entrepreneur. Glista shared her advice for parents of entrepreneurial children.
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This interview has been lightly edited for style and clarity.
How can saving money at a young age set kids up for future success?
The more kids save at a young age, the less they have to save when they're older because of the power of compound interest. Saving early means their money has enough time to grow on its own. Earning money at a young age, if it’s saved and invested instead of spent, can have a huge impact on a kid's ability to become wealthy later on in life.
Why is it important for kids to take control of their financial future?
So that they have choices when they become adults. When you’re financially stable you can make choices for a better life, but if not you could end up stuck in a situation that may not work for you. Don’t like that job? Quit, and do something else. Don’t like where you live? Move. That relationship is not working for you? Leave.
How do you foster an entrepreneurial mindset in your kids?
Encourage them to try selling something — anything. Forget the business plan, that can come later. Just make something and sell it, or come up with a service and offer it. The rest can be figured out along the way. Once they get a taste of making their own money there’s no turning back.
Find out what their passion is and help them build a business around it. If they are passionate about their business they will have more staying power to work at it until they succeed.
What’s the best money move you’ve ever made?
Bought a rental property in Ontario, Canada in 2008. It’s now paid off and has good cash-flow.
Do you have any financial regrets?
Big time! Especially not paying enough attention to my money, and actively trying to manage it.
What’s the best money you’ve ever saved?
When I was in my late 20s and early 30s I tried to save a lot, and I’m now seeing the benefit of that, 25 years later.
What’s your current money goal & how are you working toward it?
My goal is to be more organized about how we manage our financial household. My husband and I recently took Dave Ramsey’s Financial Peace University to help us achieve this goal. Even though I knew all the concepts, thanks to Biz Kid$, I wanted to make sure that my husband and I were both on the same page about how to manage our finances. Our biggest challenge has been trying to live on a budget.
Image: Nastia Kobzarenko