A: I pay them their age per week.
Q: When can you start teaching them about investing and a more sophisticated way of managing money?
A: At ten, you can start investing some of their long-term savings in the stock market. They are picking the stocks, however they want to do it. Maybe your child picks Disney. You get the annual report, you go online, you talk about how Disney owns ABC and other things, you talk about how you are taking a trip to Disney this summer. It comes alive. At twelve, they can start learning about mutual funds. You can also start weaning them off the system with the jars. You set up a bank account. At this point, you may also want to provide them with a clothing budget. They get a certain amount of money four times a year.
Q: Any other advice on teaching little ones about money?
A: Talk to kids about money. Make the world your classroom. Talk to them about how much things cost at the grocery store.
Q. That’s interesting. When I was growing up, we never talked about money in my family. I had no idea how much money my parents had.
A: For many of us growing up, it was always the biggest secret. Money is something we should be talking to our kids about.
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