Monica just offered her son a meaningful gift to mark his entry into adulthood.
“Happy birthday,” she said in an Instagram post celebrating him turning 18. “For your birthday I’ll give you $1,800 to have fun, right? And I’m gonna give you $18,000 to invest in yourself and your business…and we’re gonna sit down and map out your business plan how you want.”
She added: “I wanted to be better for you, grow for you, change for you, and accomplish things unimaginable for you.”
The award-winning singer’s decision to make this early introduction to entrepreneurship is on par with what economists say parents should do for their children’s financial literacy.
In a 2020 report, CNBC pointed out that Behavioral researchers from Cambridge University suggested that parents should start introducting their kids to money concepts as early as three years old.
“If every child could understand from an early age what their options are with money, then 15 years from now they might make different choices,” an expert told the outlet. “Developmentally, kids can understand from a very early age that you can do four basic things with money. You can spend it, save it, invest it or give it away.”
Monica joins a slew of other celebrity parents that have tangibly invested in their children’s business aspirations, which include Snoop Dogg and his son Cordell’s metaverse platform, Will & Jada with Jaden’s water company and Ludacris and his daughters’ animated brand empire.