You can even start teaching them about retirement investing: Consider helping your teen open a Roth IRA, even if you have to fund it yourself. That way, working kids can put up to $5,000 (or up to their earnings, whichever is less) into an account, invest it in the market, and they won't pay taxes on income or withdrawals, assuming the assets remain in the Roth IRA until the age of 59 and a half. It might be pretty difficult to convince your kid to part with a sum of his or her hard-earned cash, but if you can afford to make the contribution, you'll be giving your child a head start on retirement. And setting a good example for later in life.
THE RIGHT JOB FOR YOUR TEEN
Finding a job will take some effort, but opportunities abound for responsible, eager kids. Some are obvious: retailing, food service, camp counseling. You may have friends or colleagues who have or know of opportunities. Many local governments maintain job listings for teenagers.
Some teens or their parents want to work in more grown-up environments, perhaps related to future career choices. That can be a great experience, but don't dismiss the idea of a more menial job. Mopping floors, busing tables and serving food teach many of the same lessons as being a gopher in a busy office, perhaps with a touch of humility to boot. You and your child should work together to find the right job, which will also depend on the choices in your area.
I certainly don't condone overdoing it. The summer job experience doesn't have to be a 40-hour-a-week grind from June to September. Teens can work part-time, or for just part of the summer; they should have time for leisure during the summer vacation, for being with friends and for enjoying time with their family. But a summer job can be a powerful rewarding experience, especially when it is about more than just earning some spending money. It will build character, develop confidence and engender a sense of accomplishment. It will also undoubtedly help prepare your child for the challenges - and pleasures - of the grown-up working world.
I also believe it's fine for teens to work part-time during the school year, as long as it doesn't interfere with academics or extracurricular activities. Some experts believe that part-time work actually helps academic performance; it forces kids to manage their time more effectively - participating in a team sport or a musical group can have a similar impact. Obviously, if a job does get in the way of their education, you need to step in.
If you think your child is ready, help him or her get a job. Then assist in turning the job into a learning experience.