Lynn forwarded an article from CNN Money entitled “Five gifts that will make your kids rich”. The five recommended gifts are:
- A Roth IRA — “Best way to make your kid a millionaire.” Kids are best suited to take advantage of the wonders of compound returns. Encourage a teenager to open an IRA, and offer to match their contributions. (Ad: Buy Stocks for $4 at ShareBuilder.)
- Alexander, Who Used to Be Rich Last Sunday — “Best book for teaching little kids the value of a buck.” Judith Viorst is best known for Alexander and the Terrible, Horrible, No-Good, Very Bad Day. Here Alexander learns the value of saving.
- Payday — “Best board game for learning money-management skills.” The classic board game about money. (Yet I don’t think I’ve ever played it.)
- The Sims 2: Open for Business — “Best for the aspiring entrepreneur.” This expansion pack to the popular computer game allows players to run their own business.
- Contribution to a 529 Plan — “Best gift from grandma.” A fantastic way to contribute to a child’s college fund.
For more detailed information on each suggestion, read the entire article.
The holiday season is about more than gifts, of course. Marie Sherlock, author of Living Simply with Children, has written a couple of great articles about the subject. In “What kids really want for the holidays“, she explains that children get value from family, an even pace, realistic gift expecations, and tradition. (Which is probably why I have such fond memories of The Cinnamon Bear so much.) Sherlock has also shared four steps to a more meaningful, less commercialized holiday: search your soul, focus on meaninful traditions, downscale gift giving, plan for next year.
I will post a variety of frugal holiday tips in the next few weeks. If you have a good story or suggestion, please send it in!
[CNN Money: Five gifts that will make your kids rich]