My son came to me the other day (he is almost 17 at the time of this post) to ask me what classes he can take on investments. Before we even get to investments let’s start with keeping your money up and learning how to do right with bills and the money you already have first. Before investing in stocks or things, you need to have a decent savings account, learn how to get to the money, and learn how to manage your money before investments. Here is what I did with my teens to get them ready for the money world.
Got them a bank account at the age of 13 (some banks do it sooner but my bank would not allow it until 13)
They also get a small bill to start off and as they age they get another bill and another bill. So 13 they get Disney+, then 14 they may get another streaming service, then 15 the water bill, and so on and so on. At 18 they are welcome to stay ( I won’t kick mine out unless they don’t follow the simple rule of being in my house by midnight or stay out where you at) and at that point, they will have a bigger bill to pay.
They earn money by getting A’s (I pay 5 bucks for every test and quiz grade) and doing extra chores. They get one a day that they must do and then anything extra they can earn $10 per chore. They can also help me with my business or do something on their own to make money by tutoring or babysitting.
They must get a real job at 16 to learn how to work with others. 10% of their paycheck comes to me to put towards their savings. The rest to pay their bills and they can do whatever they want with leftovers.
Now after all of this we can learn how to invest. Here are some resources
I told my son to follow Chris Sain
Listen to Earn Your Leisure which gives practical steps that aren’t boring on money.
Parents ask your kids a few questions to see where their money mind is…
If a stranger called you today to say you won 1 million would you believe them?
If you won 50k what’s the first thing you would do with it?
What is the difference between wants and needs?
Why is it important to save money?
What’s the difference between a bank card and a credit card?
How much would a week’s worth of grocery cost or if I give you $100 can you make 3 days’ worth of dinner out of this? (I actually took my kids to store to test them on this to see how they budget in a real-world situation)
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