I created a brokerage account for my son at 9. He is now 15 and has $32k in an account. Had I kept money in an envelope or a bank account he would have nothing. I have showed him multiple times on how compound interest and growth can happen in the market. Now he is excited about saving and investing.
The more family’s talk about money with their children the better off they will be!!! The worst thing you can do is hide debt or lie about expenses to your children! They will understand and they can learn from your mistakes!
Make the kid earn the money from something. They will learn their lesson quickly. I help at my parents vegetable garden at a young of 10 or 9 years old. I help out a few hours a week. I save a lot in my piggy bank and then someone stole my money. My younger sister say is child abuse and she is stupid for say that. She is terrible with handling money. She about 34 years olds.
Well he's not teaching them about savings. They have spend money and if they spent it they are broke. You dont use your savings for random purchases. Little ones would spend all their money on chocolate and toys. You have to help them learn.
At that age it is normal for the kids to ask to spend money that is supposed to be saved. Heck, I still fight that temptation. The thing is as parents we have to firmly and lovingly remind the child they have certain amounts designated for certain things. When my kids were that age, savings were for big toys, a video game and money to buy Christmas gifts for grandma. Now as teens their short term savings is for gifts and expensive wants while their long term savings is for a future car and related expenses and possible expenses in college.
When a 16yr old is working making money and they want a Roth IRA would it be a custodial account? You mentioned they have to be 18 to sign a contract so how would that work?
I pay my 6yo $.50 to take out the trash. He collects the trash from bathrooms, adds it to kitchen trash, replaces the bathroom bins, takes the bag out to the dumpster at the top of our driveway, and replaces the trash bag himself. I throw in $.25 for taking the recycling out and an extra $.05 if he remembers to check the mail on the way back down the driveway. He is thrilled about earning money and begging for more chores to earn more! Also, he recruits his (very eager) 3yo brother to help him. If the little one takes out the recycling (paper bag) when his brother does the trash, he gets the $.25. He has to replace the paper bag, too. I’m wondering if I should be paying them more, but I figure it’s better to start too low than too high?
Idk for me my mom made a savings and spending account and every time we got Christmas we got to decide how much money goes in each of them and we were basically not supposed to touch the savings and normally I did half and half or 75 savings 25 spending and it actually was a good idea IMO
I think the dad just needed some guidance. Thanks for the video. I’m still learning to be better with money and I’m trying to kids as well. I feel a lot better now.
Great watch! This information is so valuable, especially during these times when being financially stable is so important. Thanks for sharing such amazing information dear.
Um… tell them NO! They will get used to it.
I created a brokerage account for my son at 9. He is now 15 and has $32k in an account. Had I kept money in an envelope or a bank account he would have nothing. I have showed him multiple times on how compound interest and growth can happen in the market. Now he is excited about saving and investing.
A child would not be telling me to go to the bank for a dime. He is out of his mind. It's theirs when I give it to them. Tell them NO
Wow taxes is big!!!! You should teach your kids to do them and how to as soon as possible!!!
The more family’s talk about money with their children the better off they will be!!! The worst thing you can do is hide debt or lie about expenses to your children! They will understand and they can learn from your mistakes!
When I got my first job my parents took all my paychecks to "teach me about bills".
Make the kid earn the money from something. They will learn their lesson quickly. I help at my parents vegetable garden at a young of 10 or 9 years old. I help out a few hours a week. I save a lot in my piggy bank and then someone stole my money. My younger sister say is child abuse and she is stupid for say that. She is terrible with handling money. She about 34 years olds.
Wait a minute… Dave is doing great and not better than he deserves?
I love the kid saving tips since I have 3
Give them an allowances/commission and help the kid to manage those funds.
Teach them about stocks, and the power of investing vs savings
Well he's not teaching them about savings. They have spend money and if they spent it they are broke. You dont use your savings for random purchases. Little ones would spend all their money on chocolate and toys. You have to help them learn.
Woah I just realised that Rachel is Dave's daughter from this video
She can take the money out of her envelope if she buys online
!!BETA MALE!!
This guy is the textbook definition of a pushover!!
lol my granny never taught me about money. how are these parents lacking with their kids.
At that age it is normal for the kids to ask to spend money that is supposed to be saved. Heck, I still fight that temptation. The thing is as parents we have to firmly and lovingly remind the child they have certain amounts designated for certain things. When my kids were that age, savings were for big toys, a video game and money to buy Christmas gifts for grandma. Now as teens their short term savings is for gifts and expensive wants while their long term savings is for a future car and related expenses and possible expenses in college.
Wait don’t you need a credit card to buy sth on Amazon?
When a 16yr old is working making money and they want a Roth IRA would it be a custodial account? You mentioned they have to be 18 to sign a contract so how would that work?
Come on dude, tell your kid no. How difficult is that?
Investing gives better return rates than savings accounts. I believe that's the heart of the question.
Give them cash, force them to split it up into 3 parts. Saving, spending AND giving.
I pay my 6yo $.50 to take out the trash. He collects the trash from bathrooms, adds it to kitchen trash, replaces the bathroom bins, takes the bag out to the dumpster at the top of our driveway, and replaces the trash bag himself. I throw in $.25 for taking the recycling out and an extra $.05 if he remembers to check the mail on the way back down the driveway. He is thrilled about earning money and begging for more chores to earn more! Also, he recruits his (very eager) 3yo brother to help him. If the little one takes out the recycling (paper bag) when his brother does the trash, he gets the $.25. He has to replace the paper bag, too. I’m wondering if I should be paying them more, but I figure it’s better to start too low than too high?
It’s so funny cause people think Dave’s tough if he doesn’t finish them in my mortal combat voice the commenters do
Idk for me my mom made a savings and spending account and every time we got Christmas we got to decide how much money goes in each of them and we were basically not supposed to touch the savings and normally I did half and half or 75 savings 25 spending and it actually was a good idea IMO
I think the dad just needed some guidance. Thanks for the video. I’m still learning to be better with money and I’m trying to kids as well. I feel a lot better now.
Great watch! This information is so valuable, especially during these times when being financially stable is so important. Thanks for sharing such amazing information dear.
I always wait for your videos as they are so informative and effective. Thank you for always sharing the correct information. Keep posting.
Hello, Please continue to post such an informative and creative videos. Therefore, people like us will be motivated and learn in real life.