Palestine Chamber Magazine 2018-2019 - Page 15

PA L E S T I N E C H A M B E R.O RG the watermelons until they sold out July 4th week. They sold about 450 watermelons this summer. The neat thing about this - this is 100% theirs. The profit is theirs but so is the risk and the expense so they know they have to have good melons, a good price, and they have to be there to sell them or they wasted money investing in the product.   How do you coach them to handle their money? We set up a savings account for our boys when they were very young.  It is in their name and they get a quarterly statement.  We have always told them that you should take a little to play with but also save what you don’t need.  They have heard many, many conversations about budgeting and planning, for future additions with the store, and they always ask questions.  One of my greatest life lessons was my mom making me pay for 1/2 of my first car.  I had a payment schedule and if I missed the due date, she charged me a late fee.  I thought it was awful because none of my friends had that experience. The lesson: I hate paying anyone interest and I am never pay late!  13 How do these life lessons prepare them for their future? I hope they always know what it feels like to earn their own money. There is something about earning something because of hard work that makes you appreciate it more.  Sam’s watermelon money will help him buy his first car this year!    Favorite business quote? “you are what you do, not what you say you’ll do” The boys have learned a lot of lessons with their watermelon business both good and bad. They had to learn about losing merchandise and understand it is part of running a business. They have had to learn about competition and partnership. They have learned their customers will come back if they are respectful, polite and have good service. One of my favorite moments was last year, Sam and Reed made the decision, 100% on their own, to give veterans a discount. I can’t deny, Stephen and I were very proud. VOTED #1 TAX PREPARER! SERVICES • Income & Payroll Tax Returns • Tax Planning • Bookkeeping • Financial Statement Frank Campos and the rest of the team at Frank Campos & Associates want to say, “Thank You” Palestine, for voting Frank Campos your favorite tax preparer for 201 8 ! Frank Campos & Associates, PLLC www.FrankCamposCPA.com WE SEE BEYOND NUMBERS 901 N. MALLARD ST. • PALESTINE • 903-723-6064 Locally owned and governed by the members we serve. The connections we make are more than just electricity.