I should totally be in bed right now. But I was eager to put pen to paper and share this great moment in homeschooling today…
So this weekend, my daughter (2nd grade) will be a vendor in her first craft show. For 5 weeks she’s been making rainbow-loom bracelets, collecting eggs from our 30 chickens and crafting stationary from her art projects. In an effort to teach her the relationship between income and expenses, I sat her down this morning with receipts in hand. I wanted to show her what I had spent to get her ready for this show.
$24.00 – printing (stationary)
$27.00 – egg cartons (fancier egg cartons than your avg run of the mill)
$10 – craft fair booth fee
$12 – rainbow-loom rubber bands
Total expenses: $73.00
I then explained that these are monies she owes me to help reimburse my cost. With that her eyes filled with tears. “It’s not fair! I don’t have the money, and I don’t know how I’m going to pay you.”
“Hold on, hold on,” I quickly said. “Your expenses are just half the story. Let’s now talk about your potential profit – the money you will get once you sell your inventory.
Stationary – $40
Eggs – $48
Rainbow Loom bracelets – $40
Total potential revenue: $128.00
Less Expenses: $73.00
Net Profit: $55.00 (+ a real living, breathing education in finance!!!)
Seeing the potential, her tears faded and a huge smile broke out on her face! She now understood how it all worked. She then said (and mind you we only have 2 days before the show) excitedly, “Oh – can I make more stationary or bracelets? ‘Cause if I work more, I could make more money!” Smiling, I said slowly, “You got it!”
So on Saturday comes the fun part – the selling! And of course more education to come…marketing her items for sale with signage and pricing, welcoming her customers with a smile and answering any questions they have, and making change for the customer, just to name a few. I’m excited to watch education LIVE Saturday morning as she puts together all she’s learned. And in the process – hopefully make a profit! But then again – in the game of life – that doesn’t always happen either and there are grand lessons to learn down that road, too! Stay tuned…
What a great lesson – and a well told one, to boot. Wish we could be there to buy something from her, but I know it will go well.
Thanks, Ben! She’s super excited!!
I’m so excited for you all! Got snippets of Julia’s crafts, and now Marin’s….how I wish I could be there to observe the lessons and BUY THE GOODIES!!! Have a wonderful day!