Most parents rarely think twice about paying for kids’ education. But grandparents and parents alike have concern over the attitude many kids take when it come to the value of the dollar and how much it really costs to fund a good education. This concern is at the forefront of parental thought if affluence has been a part of their upbringing.
Here are three tips from the book Stock Market Pie: Grandma Helps Emily Make a Million, a starter’s book on financial responsibility by J.M. Seymour:
Walk the Talk: Kids learn to spend and save from watching you. Include kids in discussions of family finances. Bring them in the loop on how major purchases – and education – are made.
Get Real: Open a savings or investment account jointly, then help your children fund it and find good investments and a simple way to track ups and downs.
Make It Fun: The earlier you start the better. But it should be fun and a rewarding experience to encourage kids to stick with it. Pick a few publicly traded companies that offer products your kids purchase or have an affinity to. Shop the mall or online for targeted products and then discuss the upside and downside of those investments.
Love this great advise! In 2008, I wondered when our lifestyle in this valley will just stop spinning off, and here, we need to get back to the basics, of setting aside some money, make appropriate adjustments in our spending habits, staying possitive with the opportunities of reinventing our family together. Time for a clean slate and a fresh start. I will read the book and pass on this article, thanks Scott!