written by: Coach Funk, CFP® at www.SavingsCoach.com
Hanging out with my 10 and 12 year old nephews last weekend, I heard excitement in their voices when they looked up from their iPod apps and told me about cooking dinner for the family last week. They told me the great lesson they learned here is that they get to keep the PROFIT. This means they have to figure out how much the ingredients cost, then price the menu based on how much they want to make. They get to design the menu and let everyone choose what they want. Then they go to the grocery store with mom to buy the ingredients, and finally they have to cook and serve the dinner.
Mom was just going to give an allowance anyway; instead, she got to spend quality time with her boys at the grocery store, had dinner prepared, served… and dishes cleaned by her two excited boys. Now they have money to buy more apps. The boys gained a greater appreciation for what food costs, that they need to charge more than the costs to make a profit, and what mom’s favorite dish is so they can charge the most for it.
Here's the menu my nephew created. Click it to view full size.