Passive Income - Teach Them Young

July 18th, 2007 | stacey | Financial Freedom, Financial Independence, Passive Income

One college realizes the value of passive income techniques and is seeking to teach children before they even get to a university. Recently Loyola University’s Family Business Center organized a workshop for almost 40 children and their parents from local family businesses whose annual sales are from $10 million to $2 billion.

The goal of this program at Loyola was to teach kids basic concepts about business, such as cash flow and creating passive income. The program also gave children the chance to meet other kids like them, with family fun businesses. In fact, Ferrara Pan Candy Co. let children see how they work behind the scenes to show the benefits and realities of working in your own family business. According to Lou Pagano, a descendant who now runs Ferrara, “The family business keeps the family together. There is no dollar value that you can attach to that.”

Andrew Keyt, the executive director of this innovate program, indicated that it is the only one of its kind in the country for children between the ages of 7 and 17. A program such as this is intended to encourge kids to see the worth of the family business, as well as to truly appreciate the fiscal terms attached to doing business. A business that is already established is a great advantage, as well as an incredible opportunity to earn money, gain financial freedom and create various types of passive income. Young people who are technologically savvy with fresh ideas can help to bolster the family business in more ways than they may have imagined possible.

One of the many students who was encouraged and inspired by the program plans to study business in college and return to work at the family business with his dad, who is the CEO and the young man states, “I’ve grown up with it, and I wouldn’t mind working with my family.”

With many young people struggling to start business or find a way to earn passive income, those who have access to a family business are already ahead of the game.

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