Talk to Kids

August 06, 2014

It is so important to talk to your kids about money. I love it when my clients bring their kids into my office to meet with me and talk about money. Sometimes kids need to hear from a third party how to save and invest money. It is important to talk to kids of all ages about money so that they are on the right track for their financial future.

A great way to start talking about money is a family 401(k). With a family 401(k), you as a family come up with a goal for your money; you as a parent can offer a matching program as well. The goal could be a pool, a trip or a new "toy" for the family. So, for example, if your child puts $1.00 into the family 401(k), you could match her 50 cents. This way they can learn about 401(k)'s so when they start their first job they will understand the concept.

One thought on “Talk to Kids

  1. I always find the articles re: money and children most interesting. In order for the lessons to be learned, however, there has to be some money available for the child to be able to work with it. It is obviously very important to learn about finances early – which I did not – but there has to actual money to do it with. In many instances actual money is not there for the child to learn about it. In my growing-up years it was absolutely (almost sinful) to discuss finances of any sort. I am sure many women in my age bracket had the same experiences. Everything I know now I picked up on my own after I opened a checking and saving account in my own name.

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