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how to teach your kids about money ?
- pay them money for chores ( eg cleaning dishes , keeping their room clean and organized)
- give them a piggy bank – where they can deposit the cash
- open a bank account for them – where they can deposit their money and see it grow
- allow them a privilege to buy something they like
- if they don’t have enough money to buy something , tell them that they can accumulate the money by working so many hours / days
- explain to them how savings works and how they can earn interest in banks
- if they are over 18 , open a trading account for them
- give them an education on how to trade and let them EARN money from the stock market – it is a good exercise – but keep an eye on their trades
- have a discussion on their trades – let them document their trades – why they took the trade ( if there was a buy or sell indicator ) , how much did they spend on the trade , what was the commission
- document the trades in a notebook or an excel file and calculate the total at the end of the week or the month.