As parents, we want to give our children every possible advantage to help them grow up to be mature, responsible, contributing members of their communities.
Teens and college students who work part-time in high school or college earn 16 percent more after college than those who do not. And colleges are factoring in work experience as a vital component of the college application process more than ever before.
Here are five reasons it is critical for teens to have a part-time summer job:
1. Discover the value of a dollar.
Working and earning money helps your teen understand the real value of a dollar. Often teens can develop what I call “magical thinking about money”—that it simply appears to facilitate their lifestyle. By earning their own money, teenagers will better distinguish needs from wants. It also empowers them to make informed choices. Will they choose to spend $150 on that pair of designer jeans after they realize that at $7.25 per hour those designer jeans will actually “cost” close to 21 hours of work? And that’s before state and federal taxes and social security—all facts of life your teen will quickly become acquainted with.
2. Develop interpersonal and time management skills.
Holding down part-time jobs in high school and college imparts lessons and rewards that will serve your teen throughout their lives. Their worldview will broaden by interacting with people from a variety of different backgrounds and ages. They will have to adhere to expectations of people outside of their family and peer group, which will increase confidence, responsibility, and appreciation for the unique demands of working.
3. Significantly enhance their college applications.
While being class president and captain of the swim team can help distinguish your teen on a college application, more and more colleges today are just as heavily valuing work experience. The country’s top universities, such as Harvard, believe in the direct correlation between an applicant’s work experience and their anticipated success in college. They advise applicants to focus on their roles and responsibilities, as well as what they have learned from each of their varied work experiences to help demonstrate their ability to handle the academic rigors they’ll face in college.
4. Acquire healthy money habits in a controlled environment.
High school is the perfect time for your teenagers to start learning to earn because they are protected by the safety net of living at home. It’s a great incubator to explore the vast world of working and earning in a controlled environment where they can make mistakes that won’t negatively affect their future financial lives. If they mismanage their budget, and overspend one month, they won’t be faced with missing a rent payment or not having grocery money. Instead they can ease into money management and choices.
5. Cultivate an entrepreneurial spirit.
The notion of “work” is evolving rapidly, and now more than ever before young adults have unique opportunities to explore entrepreneurial endeavors. Perhaps your teen can identify and leverage their skills and interests to earn some money. Does your teen love dogs? Encourage them to consider launching a dog-walking or dog-grooming business. How would they get clients? What equipment would they need? What is their earning potential? By answering these and other questions with your guidance, your teen will develop creative problem-solving skills and self-confidence.