Summer Jobs: Everybody Wins!

Every kid looks forward to those wonderful summer months that offer lots of free time to hang out with their friends, swim, bike, and generally have a good time. But you know as well as we do: It's never long before many kids get bored with doing nothing other than hitting up Mom or Dad for a few bucks to pay for all that fun.

With that in mind, parents are now starting to search for positive ways to avoid the summer "blahs," help their kids to make some much-needed cash, and pick up valuable real-life business experience.

Much needed by both your child and the business world.

Here's something to chew on: A U.S. Department of Labor survey from a few years ago revealed that 30% to 50% of young people who left school had little or no knowledge of foundational skills required to hold a good job. At the same time, more than 50% of U.S. employers reported that they cannot find qualified applicants for their most basic entry-level positions. Students surveyed said that very little of what they learn in high school is helpful when they enter the workplace after graduation.

That's why we're a big fan of summer jobs and entrepreneurship, which give young people the chance to develop skills, learn how to work with others, and explore the world of business.

To help you get started, here are some of the best sources of summer job information:

  1. Check out www.coolworks.com. It's a comprehensive source of interesting summer jobs. We found it lists more than 35,000 jobs in interesting places, in the United States and overseas. All positions are listed by state and region, and by job category.
  2. Call your local chamber of commerce and ask if any members may need some summer help. If you or someone you know is a member, get a full list of members and send each a notice of your child's availability for the summer.
  3. Visit the Federal Job Center online at www.fedworld.com. Or you can check your local directory for the office nearest you.

And if summer jobs are scarce in your area—even after you and your kids have looked where we recommended—why not help your kids start their own business. Talk about real-world experience! Mowing area lawns is a great place to start.

Everybody wins with summer jobs. Your child gains valuable experience, both in the business world and in managing some of that money he or she is bringing in. The employer gets a good employee for a few months. And you can relax!

Teaching your children smart money management is one of the greatest gifts you can give them! Start with these guides:

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When opening a savings account for your child, make sure their Social Security number is used as the account's tax identification number. That way, as long as your child is under age 14, interest earned will be taxed at your child's lower tax rate, not at your tax rate. This rule holds true as long as your child earns less than $1,300 a year in interest.

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