The Gillette family of Goshen, Indiana: (L-R) Jasmine, Justin, Micah, Max, Melissa and Miles
On school days, Miles Gillette wakes up at 6:30 a.m. While his younger siblings get ready for school, Miles, 15, grabs a quick breakfast and takes off for his job: mowing lawns in the neighborhood. He has enough time to mow a few yards before his classes at the high school start at 8:30 a.m. Last spring, when he was in junior high, he made about $60 any given morning.
Miles and his siblings – Jasmine, 11; Max, 8; and Micah, 6 – each have their own tasks around the house and yard. All four kids pitch in with landscaping chores, such as picking up walnuts or weeding, and Jasmine has also begun mowing lawns in the neighborhood. Their parents, Justin and Melissa Gillette, say this is how their children have developed a strong work ethic from a young age.
The siblings are focused on saving as much as they can before they become independent and leave home. Their parents give them the technical know-how to bank or save for retirement, and all four kids have retirement accounts.
“Both Melissa and I are busybodies, so it’s really easy for us to carve out the time to teach things to kids,” Justin said. “We’re watching the future develop in front of us and we know that’s going to get them and their grandkids such a good life.”
The Gillettes are members at Everence Federal Credit Union, and they are fans of the banking options and benefits available for children. When the kids need to do some banking, Justin drives them to one of the Goshen, Indiana, branches and lets them handle their transactions. The kids know the credit union staff and feel comfortable asking questions and requesting help if needed.
Miles Gillette, 15, mows a lawn in Goshen as part of his landscaping business.
“Youth Savings Celebration week is always a highlight of our children’s summer,” Justin said. “The credit union has snacks, games, and of course the extra $5 for putting $15 into their Youth Savings Accounts. Overall, I’m thankful for Everence helping us parents as we work to pass economic principles down to our children.”
Miles, who opened a youth savings account with Everence Federal Credit Union at age 9, tracks his account’s interest rates and, with his dad’s help, decides whether to transfer money to another account with higher rates. In December 2023, Miles also opened a checking account for his summer landscaping business.
“I wanted an account that would hold my money before I transfer it to my retirement account,” he said.
Kristen Heisey, President and CEO of Everence Federal Credit Union, noted that one of the primary goals of programs and events like the annual Youth Savings Celebration is to help families foster financial literacy and build children’s confidence in banking.
“Teaching kids and young people to have a healthy relationship with money related to earning, saving, and giving is foundational to their future success,” she said.
PERSONAL LESSONS
From a young age, Justin understood that he lived in a low-income home. His parents had split up when he was 3, and he lived with his mom in an apartment in Ironton, Missouri, where members of their church would bring them food and furniture. His mom worked with a tight budget and made sure they always had their basics covered, but they often relied on assistance for clothes or transportation.
“It sticks with you from a young age, and you realize you have to work hard to make a change,” Justin said from his home in Goshen.
That’s why, at age 13, he set two rules that would guide him through life: first, to always be the hardest-working person in any setting, and second, that no job was beneath him. Within a year Justin and his best friend, Kevin Pollock, began mowing yards, often doing so before school – just as Miles does now.
At age 16, Justin ran his first marathon. By the time he graduated high school, Justin had run about five marathons – including the race he won the day of his high school graduation. He decided to make a career out of it, enrolling at Goshen College to continue his training. In his career he’s run hundreds of marathons and has more than 100 first place finishes.
In college Justin met his wife, Melissa, who is also a marathon runner. A few years later they bought a house and started growing their family.
Running marathons was ultimately what Justin did to break the cycle of poverty – between sponsorships and prize money, Justin was able to make enough to pay his house off within seven years while Melissa was in graduate school. That was the milestone he had set to consider himself fully financially secure.
“I had to, mentally,” he said. “I needed to know I have secure housing. No worries of missing a payment or a bank foreclosure, fears that were part of my life growing up. I took our older kids with me to the bank the day we paid off our mortgage.”
PASSING DOWN WISDOM AND DISCIPLINE
At age 13, Justin and Kevin challenged and motivated each other to achieve their shared goal of becoming millionaires. Through hard work – and, as Justin admits, a bit of luck – they both succeeded. His friend owns a successful landscaping company in Missouri.
Jasmine Gillette stuffs firewood bundles to be sold at stands around the county.
Despite their accomplishments, Justin and his family lead a modest life. Their home is spacious enough for the family, the kids go to public school, and Justin continues to run, while Melissa, who earned her Ph.D. in 2014, works in clinical genetics at the Saint Joseph Medical Group.
Justin and Melissa emphasize the importance of making saving a priority for their kids. They explain that while they, as parents, can cover everything their children need, any allowance or earned money should go into savings.
“I had to use a lot of the money that I made when I was younger, whereas they don’t have to do that,” Justin said. “They will be able to use their saved money to go to college if they so choose.”
Given his personal history with money, Justin stresses the importance of including his kids in family conversations about money and encourages other families to do the same.
“When your kid leaves the house, if they have no clue what something costs, you’re essentially setting them up for utter failure,” he said. “They’re going to be overwhelmed.”
For parents looking to establish a foundation of financial literacy for their kids but unsure where to start, initiatives like the Everence Federal Credit Union’s Youth Rewards Program can provide valuable first steps.
“Our youth rewards program is a great way to encourage greater interaction with the credit union while reinforcing positive behaviors like savings, referring a friend, volunteering and getting good grades,” Kristen said. “It’s not too late to sign up to earn rewards!”