written by Financial Planners Association |  

Your teen’s first experience working for an employer marks a milestone in their lives. While they might have earned allowances when they were younger for chores and for neighborhood babysitting, that first real job with a paycheck is a chance for a child to learn how to make smart choices with the money they earn.

Hopefully you’ve had a chance to teach them about putting money aside in a piggy bank or saving for particular toys, treats or activities long before now. When it comes to the job search or counseling on money issues, here are some things that parents can do:

Talk about your own work values: Kids learn by example. At ages earlier than most parents might believe, kids pick up whether their parents have a good or bad relationship with work and money. Think about what you say about your own job – do you complain a lot about your boss or co-workers? Do you gripe about your paycheck? Are you realistic about the good and bad days? If you’re passionate about what you do, do you talk to your child about that in a way they can understand? One of the best lessons a parent can teach a child about work is a simple one: Do what you love. Once a child understands this, they’ll begin to understand that work isn’t about money alone. 

Discuss what a child s to do: Sometimes the best job in the world for an unfocused teenager might be in fast food or construction because those jobs are tough, tiring and not-too-subtle reminders that getting a college degree can vastly widen one’s horizons. But if they have special skills, such as working with computers or teaching kids, that’s an opportunity to get them thinking about jobs that are more rewarding and pay potentially more than minimum wage. So don’t discourage self-employment. The skills a teenager uses to earn income at 14 or 15 might pave their way to a college scholarship at 18. Also, don’t fail to mention the benefit of working summer internships in their chosen interests when they get to college.

Know the law: If your child gets a job at a nationally known employer, chances are that standard work rules will be followed. But it’s good for parents to know what those rules are and to make sure their kids know them too. Parents and teens can do some research themselves about teen work, work rules and safety by visiting the U.S. Occupational Safety & Health Administration’s Teen Workers Web site.

Teach your kids to job-search an adult: Get your kids to start looking for work months ahead of when they’ll need the job. Get them to read the want ads. Have them check salary averages for the jobs they’re thinking about on the Internet. Have them check out prospective employers as well – the Internet will allow them not only to learn about the company, but possible problems the company has as well. There’s really no reason to wait – anything you’ve ever done to check out a future employer, teach those skills to your teen. Also, ...