So you think that kids today don't know the value of a dollar? Never do an honest day's work? Expect things on a silver platter?
Then you've never met Erica Gluck, 15, whose bright idea at the age of 7 launched a family business. Erica is part of a new generation of young entrepreneurs. With people like Bill Gates and Michael Dell as their role models, these kids are proud to wear a label that their counterparts a generation ago couldn't even define.
I was privileged to interview Erica and other young entrepreneurs as part of a special report I did for Kiplinger's Personal Finance. In this week's column — and several more to follow — you'll meet some of these impressive kids and the parents who play a key supporting role in their success.
"You can't be laid-back with a child like this," says Mary Gluck, Erica's mother.
Aside from their close family bonds, what struck me about these young people was their enthusiasm and enterprise. They all capitalized on simple ideas that took advantage of their talents and interests. Interview these kids and you want to smack yourself in the forehead and say, "Why didn't I think of that?"
When Erica Gluck was 7 years old, she wanted to earn money so badly that she threatened to sell her teddy bears on the sidewalk. Then she had a better idea. She went to two brothers who ran a pasta shop her family frequented and asked if she could sell their pasta at weekend farmers' markets in the San Diego area.
The family bought 120 packages the first week at $1.25 each, and sold them for twice that much. Erica's pasta sold out, and Erica's Pasta was born.
Mary, an interior designer by profession, and Erica's father, Chris, formerly a general contractor, now devote all their time to the business, which has expanded to include additional food products and cookbooks with recipes Erica helped her dad whip up. You can see some of their recipes on their Web site at www.pastapress.com.
Erica's little sister, Katie, 12, has hatched her own sideline, Katie's Koop, selling fresh eggs at the Sunday market. Erica herself has a flair for food aesthetics, setting up food demonstrations and "getting people to try new things," says her mom. Both girls are so critical to the business that "we'd have a hard time running things without them."
Have a question about kids and finances for Dr. Tightwad? Write to Dr. T at 1729 H St., N.W., Washington, DC 20006. Or send the good doctor an e-mail message (and any other questions for this column) to jbodnar@kiplinger.com.