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Episode 107: I often receive questions about how to teach kids to invest…but I prefer to teach them to SAVE. Remember a key wealth building principle is that you must first learn to Earn & Save and only then Invest. It’s the same for kids. Especially since their time reference is so SHORT.
- Parents should teach by example.
- Have money and economic conversations with them that teach them HOW TO THINK with logic and reason.
- Explain the principle of SCARCITY.
- Encourage them to save money they receive from gifts or working.
- Make them wait an appropriate amount of time before purchasing something with “their” money. [Maybe one day for a child that wants a toy and weeks/months for a teenage that wants a car.]
- Provide them opportunities to experience INCENTIVES.
- Pay them for chores or help them find jobs.
- Match their savings.
- Chip in to help them with a purchase once they’ve met a threshold.
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Hosted by John Pugliano. The Wealthsteading Podcast teaches 10 wealth building principles to help investors build wealth and attain personal freedom.
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Copyright © 2015 Investable Wealth, LLC. All rights reserved. This podcast is for informational purposes only and is not intended to be a solicitation, offering advice or recommendation of any security. This podcast does not intend to provide investment, tax or legal advice. The content is strictly the observations and opinions of Investable Wealth, LLC. The information in this podcast is not intended for distribution to, or use by, any person or entity in any jurisdiction or country where such distribution or use would be contrary to law or regulation. Investable Wealth, LLC is an investment advisory firm licensed in the State of Utah.