Money Smarts Blog
Member story: Sweet treats give local kid baker sweeter goals
Aug 22, 2022 || IHMVCU
Raleigh Gibbons, an incoming fourth grader, is just like you. He plays guitar. He’s in sports. He sometimes ventures into the world of Minecraft. And he’s earned enough money through his bakery to visit Disney World.
Wait, what???
Yup. Raleigh became so passionate about one of his hobbies that he figured out how to make money while having fun at the same time. Binge-watching Bake Squad and other popular baking shows inspired his creativity, which turned into buying a cupcake kit, which turned into opening Sugar Daddy’s Bakery in Galesburg.
OK, maybe he’s not just like you — but you can definitely learn a thing or two about this pint-sized entrepreneur.
You’ve got some big goals. How do you know when you reach them?
Raleigh: To reach my goals, I count my money and know how much to subtract for the ingredients. Then, because I know how much I charge for cupcakes, I know how many more we need to sell to hit my goal.
What have you learned about money since you’ve started your business?
Raleigh: You have to spend money to make money!
Mom: That’s right. When pricing the cupcakes, you take into consideration the cost of supplies and also how much time it takes to get the cupcakes done. It’s not always about money, it’s about working hard and making your dreams come true.
Raleigh: And giving cupcakes to people makes me feel good.
What’s the hardest part about running Sugar Daddy’s Bakery?
Raleigh: None of it’s easy, and none of it’s hard. Well … maybe coming up with new flavors. The next new flavor is going to be Bomb Pop, which is a blue raspberry cupcake with cherry frosting. My favorite is cotton candy, but lemon and strawberry shortcake are what people buy the most.
What did it feel like when you hit your goal of saving up enough money to go to Disney World?
Raleigh: (giggles)
Mom: He pinched me and asked if he was dreaming.
To stay on track with his goals, Raleigh’s mom helped him open a savings account. At IHMVCU, we created a junior savings program to help kids and teens save for everything from video games, to phones, to cars and more! Plus, as part of the Balance Builder Savings Crew you’ll get tips and cool activities every so often that’ll help keep your piggy bank happy.
As Raleigh’s experience in the business world grows, so do his goals. So far, he’s made enough to take his dream vacation to Disney World, and he recently checked buying a double oven off his list. Next up: Purchasing a cupcake truck!
Does your kiddo have a passion that could turn into something more than just a hobby? Check out these quick tips on how Raleigh’s mom, Jessica, handles her son’s big dreams (and the cashflow that comes along with it).
As a parent helping your child run a successful business, what are your conversations around money? Do you talk about it often?
Jessica: I handle all the social media, but make sure he’s the one handling money. He counts money out, pays for supplies at the store, puts receipts where they need to go and brings cash back. He’s very involved and sees the process. The value of money is what I’m trying to teach him now.
What advice would you give to other parents who are helping their kidpreneurs?
Jessica: Allow your child to find their passion and support their dream. It’ll help them develop life skills to become a productive and accomplished member of society.
Member story: Sweet treats give local kid baker sweeter goals
Aug 22, 2022 || IHMVCU
Raleigh Gibbons, an incoming fourth grader, is just like you. He plays guitar. He’s in sports. He sometimes ventures into the world of Minecraft. And he’s earned enough money through his bakery to visit Disney World.
Wait, what???
Yup. Raleigh became so passionate about one of his hobbies that he figured out how to make money while having fun at the same time. Binge-watching Bake Squad and other popular baking shows inspired his creativity, which turned into buying a cupcake kit, which turned into opening Sugar Daddy’s Bakery in Galesburg.
OK, maybe he’s not just like you — but you can definitely learn a thing or two about this pint-sized entrepreneur.
You’ve got some big goals. How do you know when you reach them?
Raleigh: To reach my goals, I count my money and know how much to subtract for the ingredients. Then, because I know how much I charge for cupcakes, I know how many more we need to sell to hit my goal.
What have you learned about money since you’ve started your business?
Raleigh: You have to spend money to make money!
Mom: That’s right. When pricing the cupcakes, you take into consideration the cost of supplies and also how much time it takes to get the cupcakes done. It’s not always about money, it’s about working hard and making your dreams come true.
Raleigh: And giving cupcakes to people makes me feel good.
What’s the hardest part about running Sugar Daddy’s Bakery?
Raleigh: None of it’s easy, and none of it’s hard. Well … maybe coming up with new flavors. The next new flavor is going to be Bomb Pop, which is a blue raspberry cupcake with cherry frosting. My favorite is cotton candy, but lemon and strawberry shortcake are what people buy the most.
What did it feel like when you hit your goal of saving up enough money to go to Disney World?
Raleigh: (giggles)
Mom: He pinched me and asked if he was dreaming.
To stay on track with his goals, Raleigh’s mom helped him open a savings account. At IHMVCU, we created a junior savings program to help kids and teens save for everything from video games, to phones, to cars and more! Plus, as part of the Balance Builder Savings Crew you’ll get tips and cool activities every so often that’ll help keep your piggy bank happy.
As Raleigh’s experience in the business world grows, so do his goals. So far, he’s made enough to take his dream vacation to Disney World, and he recently checked buying a double oven off his list. Next up: Purchasing a cupcake truck!
Does your kiddo have a passion that could turn into something more than just a hobby? Check out these quick tips on how Raleigh’s mom, Jessica, handles her son’s big dreams (and the cashflow that comes along with it).
As a parent helping your child run a successful business, what are your conversations around money? Do you talk about it often?
Jessica: I handle all the social media, but make sure he’s the one handling money. He counts money out, pays for supplies at the store, puts receipts where they need to go and brings cash back. He’s very involved and sees the process. The value of money is what I’m trying to teach him now.
What advice would you give to other parents who are helping their kidpreneurs?
Jessica: Allow your child to find their passion and support their dream. It’ll help them develop life skills to become a productive and accomplished member of society.
