Talk to Kids

August 07, 2013

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, you put money in and then if your daughter puts $1.00 into the family 401(k), you could match her 50 cents. This way she can learn about 401(k)'s so that when she starts her first job she understands the concept of the 401(k) and concept of investing.

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