As a parent, I've raised two boys. The rules were, "Do what you want as long as it doesn't harm you or anyone else, doesn't cost me money, doesn't involve my things, and doesn't involve my time".
So they made flame throwers out of aerosols, the youngest blowing his fringe off when he decided to aim the flame at an empty can. Heavens, they both learnt quite a bit that day.
I bought them an axe each, I told them to go chop a tree down. I had to shout at them out of the window, "Not the bloody tree in our garden, the ones down at the river". Their couldn't be bothered to walk 1/4 mile, so the axes were relegated to the garage. But I use them for firewood now and then.
Also, the youngest wanted a Coronation sandwich for his meal at the pub. He was 11. I told him he wouldn't like it. So after one bite, he looked sad and said, "I don't like it". He learnt quite a bit that day, as he sat hungry till supper time.
So within those limits, my kids grew up, on decent salaries and professions, and everyone says, "What smashing lads you have". Oh, and both are very street wise.