FLIPPING open their laptops, Harley and Hunter started looking into product research and raising inventory for the Amazon products they’re hoping to launch online.
But you’d be mistaken for thinking the brother and sister duo are successful entrepreneurs looking for their next business venture.
Harley and Hunter went to am e-Commerce day at Amazon to learn about launching products[/caption]
Instead, Harley, 11, and Hunter, 9, are the children of Jessica Crane, 37, who is determined to make them millionaires by the time they’re 30.
Speaking to Fabulous Digital, the self-made millionaire living in Bristol, has revealed exactly how she’s turning what some may see as just an ambitious dream into a reality for her young kids.
Jessica, who grew up on a troubled estate in Ward End, Birmingham, convinced a local hair salon to take her on as an apprentice at just 12-years-old.
She worked her way up to salon manager, moved into training, then set up a coaching business which is now global, with a multi-million revenue.
She also runs a thriving property company and has made her young children shareholders – as part of her long-term strategy for success.
“I’ve definitely been involving the kids more heavily in my coaching business too – especially as they’re getting older,” says Jessica.
“My biggest thing is in school, you don’t learn how to make money.
“You’re there to conform, you don’t come out of it a person who is fully capable of looking after yourself with financial education and all the rest of it.
“We’re definitely getting them interested in different ways of earning money and different interests.”
SHAKING THE CONSUMER MINDSET
Like many girls her age, Jessica says her daughter Harley is obsessed with all things skincare, not to mention Labubus – a line of collectible plush toys that have taken the world by storm.
“What we’re talking to Harley about is that the general public will be a consumer and will spend hundreds of pounds on Labubus which, in 12-24 months, are going to be stuffed somewhere that no-one’s going to look at ever again.
“It’s the people who are making these items, branding, marketing and selling them and thinking about how to position them as a trend, who are making millions and millions.”
So when Jessica’s daughter Harley asked for a Labubu, the business-minded mum saw the opportunity to use it as an educational lesson.
“We said to her if she wanted a Labubu, instead of getting an actual toy, she could spend her money on Labubu stock.
“The stocks at the time were around £200 so we said if she puts in £100 then we’ll match it because in a year that might be worth £600.
“Then, when her friends are no longer interested in their toys, she would’ve made money on it.”
Harley helping her parents out at a press event[/caption]
Harley and Hunter help out with chores to earn £20 pocket money per month[/caption]
“We just try to financially educate them about making decisions on what they’re buying and not having this consumer mindset.”
To ensure her kids grow up business-minded, Jessica likes them to be surrounded by the right people too.
“My daughter has worked at events with me over the last year and has worked on exhibit stands,” Jessica explains.
“Getting them to speak to people – that’s one thing the kids these days struggle with, actually holding conversations.
“So I’m like, you’re going to come and stand at the event, be on the exhibit stand, speak to people, interact with people, watch the speakers and listen to their stories.”
She continues: “I want to put my kids in rooms that they find inspiring and not just putting them at school where they’re in their little bubble, which can be quite negative.”
LAUNCHING AMAZON PRODUCTS
Just last week, Jessica took her kids to an Amazon e-Commerce day where they learned about launching their own products.
For beauty-obsessed Harley, this involves launching an ice skincare roller for your face.
“You always want to find a high demand, low competition product,” Jessica explains.
“So to make it stand out so it’s not a like-for-like product, Harley wants to bundle it with a headband and cuffs that you can put on to prevent your hands from getting wet.”
And for football-mad Hunter who plays for Bristol city, he’s been looking at football sets with cones and ladders, and hopes to include challenges with it as well – bits that he’s learnt.
“Now the kids have got some homework to research their products and the demand for them, to find their suppliers, and they’ve got to go and raise money for their first inventory for that product,” Jessica explains.
“They’ll then be able to try and sell a couple, reinvest that profit back into more stock and so on – they’re both really excited about it.”
We just try to financially educate them about making decisions on what they’re buying and not having this consumer mindset
Jessica Crane
To get money for the inventory, Harley and Hunter help out with basic chores around the house, which Jessica pays them £20 per month for.
These include emptying and loading the dishwasher, keeping their bedrooms tidy, doing homework and just generally tidying up after themselves.
Harley also has some birthday money saved up, and will offer her parents a helping hand at upcoming events.
“In September we’re launching our clothing line,” Jessica explains.
“There will be a donation to Women’s Refuge with every item bought.
“It’s up Harley’s street because it’s more fashion and beauty so she’ll come with me for the day to get all of the photos done.
“She’ll be on hand to help with carrying stuff, lugging our photographer’s stuff around and just generally helping out.
“We’ll pay her about £40 for that day depending on how many hours she does.”
PUSHY PARENT?
Jessica’s good advice for parents wanting to build wealth to be passed down
- For children to develop a good money mindset, help them to analyse their spend/save behaviour. Encourage them to set their own goals.
For example, Harley wants to save £100 this year, so when we’re out shopping and she asks for something, I like to test how much she actually wants it. If she thinks she’s using her own money, she suddenly won’t want it so much. Hunter, meanwhile, always spends on football boots, which he sees as a sound investment, given he wears them seven days a week”.
- Check you’re getting the best return on their savings. Would an ISA be better? Studies show that compound interest over the past 20-30 years has turned some millennials into ISA millionaires. Get kids to consider putting their Christmas and birthday money into savings accounts and ISAs. Teach them how to budget and know that anything’s possible if you’re willing to do the work.
- The truth is, it’s a tragedy that children don’t learn about money, mortgages, debt, interest, compound, etc in school. Find fun resources to teach them at home. Most importantly, you are their role model – set the example you want them to follow.
And for anyone who may accuse Jessica of being a “pushy mum”…
“I think it’s only pushy if they don’t want to do it,” Jessica hits back.
“That’s why you have to understand what their interests are.
“If I was making them sell board games on Amazon, they’d have no interest.
“It’s got to be aligned with their interests so they actually want to do it.”
Jessica believes that key to success for both herself and her kids is setting goals.
“We set goals as a family every year,” the mum-of-two reveals.
“We have a goals board that we wrap in Christmas paper – it’s the same one we’ve had since Hunter was about 18 months.
“Whatever you do in life you’re going to have to work hard, so they learn that they need to set a goal and then work hard to achieve that goal.”
“I think it’s only pushy if they don’t want to do it
Jessica Crane
She continues: “For me and my husband, he played professional sport, so we just have those characteristics if I’m being honest.”
Jessica previously spoke to Fabulous abut how she’d like to see her children become ISA millionaires by the time they reach their 30s.
Speaking of her property business, Jessica said: “In time, they will become company directors and manage the property assets, which will produce income and increase in value.
“This income can be used as a salary or towards pension contributions to further compound – that’s how to get money making more money.
“They have ISAs, which I contribute to, but I want to instil in them the value of hard work, ambition and grit.
“I’ve already got them working on house renovations where I can, knocking down walls, removing wallpaper and helping with tip runs.”
Jessica also told how the amount she invests in their future varies from month to month.
If she’s purchasing a property, it could be over £100k, though given their age, she doesn’t “overly share” details of the fortune they will one day inherit.
I want to put my kids in rooms that they find inspiring and not just putting them at school where they’re in their little bubble
Jessica Crane
“Neither my husband nor I will inherit any significant sum, which is a driving factor,” the self-made millionaire explained.
“We have everything in place with wills, insurance, life cover etc – but I never want my two to take their foot off the pedal by waiting for their inheritance to come their way.”
Despite working to instil financial literacy in her children from a young age, Jessica stressed the importance of allowing children to be children too.
“My son loves football and plays in his academy practically seven days a week,” she added.
“My daughter loves everything girly and we give her ample opportunity to play.
“They’re aware of everything we’re doing and are learning important financial skills, but it’s just a small part of their lives.”