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10 tips for teaching kids about money:
Great convo with Buck Hartzell and @asitmap
1 - Teaching them to save is the most important thing. BY FAR. Build that habit in them early.
2- Live frugally yourself. Kids are watching.
Great convo with Buck Hartzell and @asitmap
1 - Teaching them to save is the most important thing. BY FAR. Build that habit in them early.
2- Live frugally yourself. Kids are watching.
3 - Talk about money openly. Answer their questions. Money shouldn& #39;t be taboo.
4 - Seed them $200 and tell them to start a business. Lawn mowing / dog walking / babysitting / grocery delivery....etc
4 - Seed them $200 and tell them to start a business. Lawn mowing / dog walking / babysitting / grocery delivery....etc
5 - Match their savings, dollar for dollar, on their birthday.
They MUST invest the match.
Teaches them that everything they buy really costs double.
Can get expensive when they are teens -- but worth it!
They MUST invest the match.
Teaches them that everything they buy really costs double.
Can get expensive when they are teens -- but worth it!
6 - Give them $100/week on vacation.
They can spend it however they want, but that& #39;s all they get.
Don& #39;t pay for any extras beyond lodging/transport/food.
They can spend it however they want, but that& #39;s all they get.
Don& #39;t pay for any extras beyond lodging/transport/food.
7 - Listen to money podcasts while in the car.
@themotleyfool
@AnswersPodcast
@ChooseFi
@AffordAnything
@MFIndustryFocus
They will pick things up. They& #39;re listening.
@themotleyfool
@AnswersPodcast
@ChooseFi
@AffordAnything
@MFIndustryFocus
They will pick things up. They& #39;re listening.
8 - Show them the relationship between profits & stock prices.
Disconnected in the short-term.
100% connected in the long-term.
Disconnected in the short-term.
100% connected in the long-term.
9 - Talk about businesses they like/know at the dinner table.
What& #39;s better -- $DIS plus or $NFLX?
$ATVI or $EA?
$DPZ or local chain?
Why is $GME doing bad?
You might be surprised are their insights.
What& #39;s better -- $DIS plus or $NFLX?
$ATVI or $EA?
$DPZ or local chain?
Why is $GME doing bad?
You might be surprised are their insights.
10 - If they are reluctant to learn, pay them to write you a book report.
$100 for a 1 page summary on great money books like:
Wealthy Barber
Richest Man in Babylon
Choose FI
Rich Dad, Poor Dad
Millionaire Next Door
$100 for a 1 page summary on great money books like:
Wealthy Barber
Richest Man in Babylon
Choose FI
Rich Dad, Poor Dad
Millionaire Next Door
Any other suggestions on how to teach kids about money/investing?
I& #39;m all ears!
@morganhousel
@patrick_oshag
@awealthofcs
@ReformedBroker
@TMFStoffel
@Matt_Cochrane7
@DavidGFool
@worstideas
I& #39;m all ears!
@morganhousel
@patrick_oshag
@awealthofcs
@ReformedBroker
@TMFStoffel
@Matt_Cochrane7
@DavidGFool
@worstideas
