I teach my kids about money. You wouldn’t expect any less of me. But I don’t stop at budgeting and saving for purchases, I’ve recently gotten my oldest into investing. I get emails from 20 year olds who know nothing about investing, I get emails from 40 year olds who are scared of risking their money, and I get emails from 60 year olds who are asking if it’s too late for them to get in the game. These are the exact reasons why I’ve started educating my daughter about investing at age 6. I want her to understand that purchasing stock means you own a part of a company. I want her to understand that if the company does well, she does well. And vice versa! I want her to understand the reason why she’s investing is to save for the future. In her case, she’s investing to save for college. Buying and monitoring stock can teach her all of this.
If you want to get your kid investing early, I recommend using Loyal3.com. With Loyal 3 there are no fees, you can start with as little as $10 a month, and you can choose to buy stock in companies you know and love. It’s perfect for beginners.
But don’t listen to me talk about it, I had Ollie on my Fox59 segment last week to tell her side of the story. Check it out here:
Peter Dunn a.k.a. Pete the Planner® is an award-winning financial mind and a former comedian. He’s a USA TODAY columnist, author of ten books, and is the host of the popular radio show and podcast, The Pete the Planner Show. Pete is considered one of the foremost experts on financial wellness in the world, but he’s just as likely to talk your ear off about bass fishing.