Whenever I pass a lemonade stand on the side of the street, I pull over. Regardless of where I’m going, how busy I am, or whether I’m thirsty or not I pull over and buy a couple of glasses.
It’s a personal policy.
I did the lemonade stand thing many times when I was a kid, and I know how discouraging it is to not have any customers. I also know how awesome it feels to have someone take the time to stop and help you reap the rewards of your hard work. I absolutely LOVE seeing a kid’s eyes light up when I tell him or her I’ll take three glasses and a cookie to boot.
A lemonade stand is also a fantastic way for kids to learn about finances. A lemonade stand owner has to deal with making a product, advertising, selling, giving change, paying for their expenses and then calculating their profit. Most lemonade stands are put together by young children, so I get excited about the prospect of contributing to such a fun and educational experience for them.
This perspective is also why I also did my own personal fist pump when Shannon Ryan from The Heavy Purse asked if I would take a peek at her new children’s book, “The Lemonade Stand.” Shannon is a certified financial planner, and as a mother has a special place in her heart for advocating financial literacy in children.
The book has all the things I would have expected along the lines of kids setting up a lemonade stand to make some money. It illustrated product expenses, calculating profit, and splitting up those profits between all the co-owners of the business.
But the book also touched on many other important topics.
The story of the lemonade stand is wrapped with a story of two kids wanting to have some new toys, and getting a lesson from their friends about putting in the time and effort to earn money to buy what you really want later, instead of a cheap substitute now.
It’s a lesson of hard work and getting the best value for your dollar.
The thing I liked best about the book, however, is the fact that this is a story about kids. Adult interaction is very minimal. It’s the kids talking to and teaching each other about finances. Lack of communication played a huge part in my wife and I racking up a mountain of credit card debt, so finding literature that promotes communication of finances by children, between children was refreshing.
I chuckled a little at lemonade recipe given at the end of the book (which I actually intend on trying at some point). Not only is it useful, but it passively suggests to readers to try their hand at their own lemonade stand. I think it’ll work. I could envision kids buying the book at a school book fair, reading it, and then showing their parents the recipe asking to have their own lemonade stand.
The next time you’re driving down the street and see a lemonade stand, remember this book and pull over. Not only will you get a delicious drink, you could be teaching that child a financial lesson that they’ll remember for the rest of their life.
In celebration of the release of the book, Shannon is providing a coupon code to allow you to get $3 off if you purchase the book through her website. Just enter coupon code TOUR3114 during the checkout process. Also, and this is where things get SUPER exciting, Shannon is giving away an iPad Mini to one lucky reader. Details on that giveaway below, take a few seconds to enter, and GOOD LUCK!
The Lemonade Stand – iPad Mini Giveaway
July 14-31, 2014
Sponsored by The Heavy Purse
Co-hosted by Are Ya Gonna Eat That, Broke Millennial, Budget and The Beach, Budget Blonde, Budgeting for More, Busy Mom Budgets, Cash Cow Couple, Cents and Sensibility, Club Thrifty, Color Me Frugal, Debt Debs, Debt Roundup, Disease Called Debt, Eat Laugh Purr, Enemy of Debt, Eyes on the Dollar, Femme Frugality, Financially Blonde, Frugal Rules, Living Richly Cheaply, Luke 1428, Making Sense of Cents, Money Saving Dude, Monster Piggy Bank, Not Now Mom’s Busy, Reach Financial Independence, Shoeaholic No More, Stacking Benjamins, Tackling Our Debt, The Broke and Beautiful Life, The Finance Girl, The Frugal Farmer, The Random Path, Thrifty Dad, VeegMama and Young Adult Money.
Join Lauren and Taylor in their continuing money adventures in The Lemonade Stand by Shannon Ryan, CFP®. Shannon is a Mom on a mission to help busy parents teach their children simple, value-based principles that guide their money decisions and support their long-term financial well-being.
“Everyone handles money. Unfortunately, not everyone does it with confidence. Money has long been a taboo topic in many homes, which makes it even harder for parents to know where to start or what to teach. So I created a series of children books to help parents ease into these important conversations. Financial literacy is one of the most loving gifts you can give your children, and I encourage everyone to make money conversations a priority in your home.”
We’re Giving Away an iPad Mini to One Lucky Reader!
Help us celebrate the release of The Lemonade Stand and join Shannon in her mission to increase financial literacy in both children and adults.
The giveaway runs from July 14-31, 2014 and is open worldwide.*
* A winner located outside of the United States will receive a cash equivalent prize via PayPal.
Who’s kids haven’t had a lemonade stand? Seems like it’s ever kids first business venture. Definitely worth checking out.
I think it is their first business venture and my girls really love them now. 🙂 I like it because it’s a good opportunity for them to entrepreneurial. They are getting smarter and smarter about costs. Looking for the best deals on napkins and cups. Figuring out what days and times work the best. Watching the weather forecast, looking for the hottest days. Beyond just being smart about how they use their money (which I really want them to do!), I love that they are becoming such savvy entrepreneurs too as that is a skill that we too often forget to teach as well. I hope you’ll check out my book and be sure to register for the giveaway! 🙂
I love Shannon’s save, spend, share philosophy, though I do prefer my lemonade with a little less sugar 😉
You and me both, Stefanie. 🙂 I decided since it’s a small glass and a treat – I would grin and bear it. Sometimes we can get buy with a little less and sometimes we can’t. 🙂 I’m glad you love the save, spend and share philosophy too. It’s such a simple concept but it makes a huge difference. The girls have become so thoughtful about how they use their money and while they still make the occasional mistake – they also learn something too. Thanks for your support, Stefanie!
We are teaching our daughter about investing, saving and not having debt. Don’t buy what you can’t afford to pay cash for. We are stress the difference between “wants” and “needs”, interest, dividends and saving.
Fantastic, Michelle! I love hearing how parents are talking to their kids about money. It makes a huge difference. Learning to live within your means is so important as these days it’s very easy to beyond their means. Great job!
I must admit I’ve never been one to pull over for a lemonade stand because all I’m thinking of is the sugar and calories. Ugh, silly! It’s totally not the point. I too had stands growing up and it does feel good when someone stops by for a glass…even if they threw it out (as long as it wasn’t in front of the kids). I’m going to make much more of an effort now!
I should try to find a sugar-free or reduced sugar recipe. We could see it for a premium, right? Especially in LA! 🙂 I know the girls love it when people stop buy and their coin jar starts to fill-up. It makes them want to do it more often and think of ways to increase their profit.
We’re skipping the lemonade stand for our kids. Instead, we’re going to have them try their hand at an Etsy shop. They’ll figure out a product they can contribute to and make them, market them, and ship them. It’ll be part of the homeschool curriculum for our 11 and 7 year old.
I love it, Bryan! Whatever your kids are interested in doing to earn money and strengthen their entrepreneurial skills is a great idea! What a wonderful, practical learning experience for them. The best part is it also a lot of fun for them too. 🙂
Travis – thank you for your wonderful review. Your support means a lot to me. And I’m pretty sure Lauren and Taylor would love you as a customer to their lemonade stand. 🙂 Save, spend and share have become so much a part of the girls’ life that they are surprised when friends struggle with their money and want to help them, which makes me so proud.
I so love this idea! I remember my children with a lemon stand and how excited they would become when they sold a glass. Kudos.
There is a difference between the things that you want (and sometimes can’t afford) and the things that you truly need. We stress this in our house all the time. If you want something, you need to earn it (through allowance and/or good behavior) and then be choosy about what you spend the hard earned money on. Don’t just run out and buy the first thing you see..
maybe save that money and earn more money and be able to buy something better. We teach that.
Two things that first come to mind in regard to what my parents taught me about money: Always pay your credit card balance in full each month & tithe at least 10% of your income to God.
In my neck of the woods, you also see the occasional small roadside fruit stand manned by young children. I love to buy fresh fruit from a young entrepreneur.
My parents didn’t give me very much in the way of financial advice though my mom did open a credit union account and credit card (with a low limit) for me. I do enjoy reading blogs like these and perhaps when I have kids I can pass on the knowledge I have gained.
What a delightful way to give back, Travis. When you think about it, it seems kid’s lemonade stands have been around for years. I wonder when they first started. Shannon’s book certainly tells a modern day tale of a ‘ancient’ tradition.
I am teaching my children that money comes from work and they must budget in order to not over spend and save. I learned about money from the mistakes my parents made.
LOL, we always stop at lemonade stands too. There’s nothing like the smile on a kid’s face when they make a sale. 🙂 This is an absolute great book for kids – and parents too!
I have 5 kids – 3 grown and 2 wee ones and it is SO important to teach your kids the importance of money! you can bet that my little ones will learn how to handle money as well as SAVE money.
Love this blog and I plan on reading this book. 🙂
My parents started discussing saving money for college with me and my sister in the 3rd grade. This is one early memory I have of money.
I teach them about money by giving them an allowance for doing chores. Then, if they want to buy anything, they have to use their own money or save it.
This is a really great review, Travis. I’m curious what the recipe is now 😉 I will most likely get these books for my cousins for their birthday or Christmas. Happy to be co-hosting a giveaway with you!
I love Shannon’s book!
I bought a couple of painted rocks from some kids in my neighborhood recently. I didn’t need the rocks. It was about helping them enjoy some success. If you can experience that as a kid you can get the umph mercer to be successful add an adult.
I’ve seen the Lemonade Stand everywhere. Shannon must be incredibly proud of what she’s done with the book! Thanks for sharing another review!
Now that we live in the “country” with an acre of land we plan to plant vegetables in a large garden. I envision our now toddler selling veg at the side of the road.
My kids are now in their teens and 20s – sigh. This would have been a great starting point to teach them the lessons of personal financial management that are more challenging to teach now. But there’s always the next generation. Hmmm . . . I’m seeing some smart advance Christmas shopping on my part, and a chance to teach my niece’s and nephew’s children a great lesson while their young. The question is, will my Visa Debit card do the trick so I can make this purchase online? We’ll see : )
my parents did not teach me about money, i taught myself, and so i teach my children how to handle money as well.
We gave up our allowance to buy a dishwasher for the family (because we hated doing dishes that badly!). It taught us that we have to work for the things we want.
Don’t ever have debts!!! My parents keep saying…welll not always 100% possible
I love my kids. Thats enough
i used to teach my kid with everything i could find as to draw it— usually it was fruits—- and keep the picture in his mind as to understand the calculations!!
They gave a little bit of money every month.
It take years to completing the entries above,what a contest people….
dropped in at the deep end at the age of 12 when I took over the running of the household – learnt very quickly
Getting allowance and learning to save and spend wisely
thanks for lovely chance! 🙂
cogitoergosum8587@yahoo.it
I’ve never been one to pull over for a lemonade stand because all I’m thinking of is the sugar and calories 😛
saving is the thing which everyone should teach their child
I had a chore chart, and I earnt my money. 🙂
teach them with praktical lassons
we were taught as kids not to use credit for buy anything, if you don;t have the cash you don’t need it, my parents charged up their credit cards if anything was charged it was paid off right away
parents taught about money through example of never having any debt -no credit cards, no loans, always using cash and being wise about decisions on how money was spent (needs vs wants)
I had a piggy bank and i gathered all money i was given on my b-days there. When a had enough money I could buy some toys.
Every chinese new year , My parent would take the angpow from me and stuff into a bank account which later used to sponsor college fees partially
My children are still to young, but I’ve I’ve seen some interesting ideas here.
It’s tough to teach our kids if we can’t be models of our own lessons. I simply tell them not to be like daddy, because he has little or no money.
As for my parents: There were numerous times growing up when money was tight. Through the experience and their example, my parents taught me never to fear it. My parents were the epitome of this tact. I couldn’t begin to count how many important things my parents taught me about money without me even knowing it. I learned that as a couple you need to work out your financial life along with what is really important to each other. My mother taught me more about productivity habits.
My grandparents would always give my brother and I an allowance everyday! 🙂
purposedrivenlife4you(at)gmail(dot)com
I was taught to ” stretch just as much as my rug is long “
We teach our kids to work hard, shop for deals and to put some of their income aside for savings to not spend it all
my parents taught me by barely giving me any. lol they gave us a very small allowance a week and that was how we learned.
i always wanted this but my parents didn’t allowed me 🙁
looking forward to this 🙂
I WAS TAUGHT TO EARN MONEY AND MY PARENTS GAVE ME AN ALLOWANCE EACH WEEK. THEY SHOWED ME I NEEDED TO WORK FOR MONEY, I THEN STARTED BABYSITTING ON TOP OF SCHOOL AND WENT A GOT A JOB AT 15 AS WELL. IM TEACHING MY KIDS THE SAME THINGS
I taught them on how to spend their money wisely by showing them the right thing in buying nutritious foods. I show them the differences of buying food to supermarket and to wet market. I also advice them to save money so that in the future, they know how to handle money very carefully
Kids follows example more than words teach them with examples less words
I love Shannon’s save, spend, share philosophy, though I do prefer my lemonade with a little less sugar
I love Shannon too. Thank’s for contest.
Lemonade for ever. Thank’ for contest
my parents taught me to be prudent with money and save for rainy days
My mom always told me to always have an emergency fund and save save save and to not always by the things you want but what only what you need.
i always told them to save half of their allowance and save it
I try to stress the importance of paying for everything with cash. I don’t think spending money on a credit card shows much responsibility to a teenager. We also have a piggy back with 4 sections: Save; Spend; Donate; Invest.
I’m teaching them about money by opening them a bank account, it’s not atm but it’s a passbook so that they can see how much money do they have, if it is going up or if it is going down. It’s effective.