Comments on: Growing Money: A Complete Investing Guide for Kids http://www.getrichslowly.org/blog/2008/01/22/growing-money-a-complete-investing-guide-for-kids/ Common sense advice on money saving tips, how to get out of debt, high interest savings accounts, cd rates, money market accounts, mortgage rates, money management and more. Sat, 25 May 2013 17:04:08 +0000 hourly 1 http://wordpress.org/?v=3.0.1 By: Teach Your Kids To Save - MomGrind http://www.getrichslowly.org/blog/2008/01/22/growing-money-a-complete-investing-guide-for-kids/comment-page-1/#comment-120962 Teach Your Kids To Save - MomGrind Wed, 05 Mar 2008 22:17:53 +0000 http://www.getrichslowly.org/blog/2008/01/22/growing-money-a-complete-investing-guide-for-kids/#comment-120962 [...] Growing Money, a Complete Investing Guide for Kids [...]

[...] Growing Money, a Complete Investing Guide for Kids [...]

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]]> By: Colin Joss http://www.getrichslowly.org/blog/2008/01/22/growing-money-a-complete-investing-guide-for-kids/comment-page-1/#comment-114310 Colin Joss Mon, 28 Jan 2008 05:34:24 +0000 http://www.getrichslowly.org/blog/2008/01/22/growing-money-a-complete-investing-guide-for-kids/#comment-114310 Jerry, My daughter still thinks ATM is magic money machines.. and I'm having difficulties telling her that it is not. Please do tell me when you solve this. Colin Joss East Lothian, Haddington United Kingdom Jerry,

My daughter still thinks ATM is magic money machines.. and I’m having difficulties telling her that it is not.

Please do tell me when you solve this.

Colin Joss
East Lothian, Haddington
United Kingdom

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]]> By: Colin Joss http://www.getrichslowly.org/blog/2008/01/22/growing-money-a-complete-investing-guide-for-kids/comment-page-1/#comment-114011 Colin Joss Sat, 26 Jan 2008 02:36:55 +0000 http://www.getrichslowly.org/blog/2008/01/22/growing-money-a-complete-investing-guide-for-kids/#comment-114011 Also.. I see that most potencial issue of teaching kids about saving and investing, is to get them real hands-on experience. I tried to teach frugal life and saving habit to my kids, but if their established grand parents (my father & mother, of course) who happens to live nearby give them just about anything they want and they don't want, then teaching them to feel your need and get satisfied with enough will be rather difficult. Also..

I see that most potencial issue of teaching kids about saving and investing, is to get them real hands-on experience.

I tried to teach frugal life and saving habit to my kids, but if their established grand parents (my father & mother, of course) who happens to live nearby give them just about anything they want and they don’t want, then teaching them to feel your need and get satisfied with enough will be rather difficult.

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]]> By: Jerry http://www.getrichslowly.org/blog/2008/01/22/growing-money-a-complete-investing-guide-for-kids/comment-page-1/#comment-113824 Jerry Fri, 25 Jan 2008 03:53:02 +0000 http://www.getrichslowly.org/blog/2008/01/22/growing-money-a-complete-investing-guide-for-kids/#comment-113824 Teaching kids about money is a gift that can lead to wisdom beyond their years, as well as save them tons of heartache later in life! At some point they need to learn about such things as savings, investments, health insurance - (not to mention the fact that ATMs are NOT magic machines that make money!). I will look at this book for my daughter. Jerry www.leads4insurance.com Teaching kids about money is a gift that can lead to wisdom beyond their years, as well as save them tons of heartache later in life! At some point they need to learn about such things as savings, investments, health insurance – (not to mention the fact that ATMs are NOT magic machines that make money!). I will look at this book for my daughter.
Jerry
http://www.leads4insurance.com

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]]> By: Colin Joss http://www.getrichslowly.org/blog/2008/01/22/growing-money-a-complete-investing-guide-for-kids/comment-page-1/#comment-113602 Colin Joss Thu, 24 Jan 2008 03:26:37 +0000 http://www.getrichslowly.org/blog/2008/01/22/growing-money-a-complete-investing-guide-for-kids/#comment-113602 I don't think it will wrong by simply giving the book to my children. Usually kids listen and follow example, so we'd better read it and start exposing to our children through life examples. Colin Joss East Lothian, Haddington United Kingdom I don’t think it will wrong by simply giving the book to my children. Usually kids listen and follow example, so we’d better read it and start exposing to our children through life examples.

Colin Joss
East Lothian, Haddington
United Kingdom

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]]> By: Troy http://www.getrichslowly.org/blog/2008/01/22/growing-money-a-complete-investing-guide-for-kids/comment-page-1/#comment-113462 Troy Wed, 23 Jan 2008 15:24:56 +0000 http://www.getrichslowly.org/blog/2008/01/22/growing-money-a-complete-investing-guide-for-kids/#comment-113462 Holly, to answer your question about saving... I tell my kids that each December I will match 100% of what they have saved and not touched for the previous year. They get $20/month, are required (our rules) to save at least 20% of it, but can save as much as they like. My wife and I match their YTD savings (not cumulative, but what their new savings this year) 100% each December when we get our bonuses... they LOVE that, and it's a great incentive for them to save. They also understand that whatever they save is to STAY in savings or be moved to other investments... once they put it in the savings pot, it stays there. The siblings see how much each other's "net worth" has grown to, and given that they all receive the same "income", but have very different "net worths", the power of saving early and holding it is peer-driven. Holly, to answer your question about saving… I tell my kids that each December I will match 100% of what they have saved and not touched for the previous year. They get $20/month, are required (our rules) to save at least 20% of it, but can save as much as they like. My wife and I match their YTD savings (not cumulative, but what their new savings this year) 100% each December when we get our bonuses… they LOVE that, and it’s a great incentive for them to save. They also understand that whatever they save is to STAY in savings or be moved to other investments… once they put it in the savings pot, it stays there. The siblings see how much each other’s “net worth” has grown to, and given that they all receive the same “income”, but have very different “net worths”, the power of saving early and holding it is peer-driven.

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]]> By: Alya http://www.getrichslowly.org/blog/2008/01/22/growing-money-a-complete-investing-guide-for-kids/comment-page-1/#comment-113324 Alya Tue, 22 Jan 2008 22:27:11 +0000 http://www.getrichslowly.org/blog/2008/01/22/growing-money-a-complete-investing-guide-for-kids/#comment-113324 Nice tip to teach children to start young....thank you! Nice tip to teach children to start young….thank you!

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]]> By: Teaching Kids About Money | 60 Second Finance http://www.getrichslowly.org/blog/2008/01/22/growing-money-a-complete-investing-guide-for-kids/comment-page-1/#comment-113241 Teaching Kids About Money | 60 Second Finance Tue, 22 Jan 2008 16:51:49 +0000 http://www.getrichslowly.org/blog/2008/01/22/growing-money-a-complete-investing-guide-for-kids/#comment-113241 [...] over at Get Rich Slowly has a book review of Growing Money: A Complete Investment Guide for Kids. Based on his review I’m going to [...]

[...] over at Get Rich Slowly has a book review of Growing Money: A Complete Investment Guide for Kids. Based on his review I’m going to [...]

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]]> By: HollyP http://www.getrichslowly.org/blog/2008/01/22/growing-money-a-complete-investing-guide-for-kids/comment-page-1/#comment-113232 HollyP Tue, 22 Jan 2008 16:05:29 +0000 http://www.getrichslowly.org/blog/2008/01/22/growing-money-a-complete-investing-guide-for-kids/#comment-113232 I'd love to know how your sibling got your nephew to think about actually saving. Despite repeated efforts to get them to save, my kids want to spend every cent as soon as it hits their palms. I’d love to know how your sibling got your nephew to think about actually saving. Despite repeated efforts to get them to save, my kids want to spend every cent as soon as it hits their palms.

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]]> By: MoneyChangesThings http://www.getrichslowly.org/blog/2008/01/22/growing-money-a-complete-investing-guide-for-kids/comment-page-1/#comment-113227 MoneyChangesThings Tue, 22 Jan 2008 15:46:32 +0000 http://www.getrichslowly.org/blog/2008/01/22/growing-money-a-complete-investing-guide-for-kids/#comment-113227 One of these year everyone will be raving about your financial ed comic book, JD!! This subject is dear to my heart. there are two things I hammered into my children. One was consciousness raising about advertising hype and marketing to children. We subscribed to Zillions, a consumer reports magazine for kids (now online perhaps?) and they thought all the insider info was hilarious, like how cereal photos on cereal boxes feature white glue, not real milk, which is why the cereal never looks soggy. The second point I often made was that just because peers spent a lot of money on stuff didn't mean they had a lot of money - their families might not have many resources at all. Case in point - i once dropped my daughter off a the best-dressed fifth grader in her school's house - the one who shopped for hours every weekend, never wore the same thing twice - and it was quite a modest house. This was just a family into shopping, not particularly wealthy. I still remember how shocked my daughter was, since our house was way bigger [not that it matters, but we do have a much nicer house]and I was very restrictive in how much time we even went to malls, let alone bought stuff in them. So she learned that there isn't necessarily a correlation to how people spend and what's in their bank account. Now my daughter is a complete cheapskate about clothes. brag brag!!! And believe it or not, my son is a financial educator. I have a children's financial education label at MoneyChangesThings, you're all invited. http://moneychangesthings.blogspot.com/search/label/children%27s%20financial%20education One of these year everyone will be raving about your financial ed comic book, JD!!

This subject is dear to my heart. there are two things I hammered into my children.
One was consciousness raising about advertising hype and marketing to children. We subscribed to Zillions, a consumer reports magazine for kids (now online perhaps?) and they thought all the insider info was hilarious, like how cereal photos on cereal boxes feature white glue, not real milk, which is why the cereal never looks soggy.
The second point I often made was that just because peers spent a lot of money on stuff didn’t mean they had a lot of money – their families might not have many resources at all. Case in point – i once dropped my daughter off a the best-dressed fifth grader in her school’s house – the one who shopped for hours every weekend, never wore the same thing twice – and it was quite a modest house. This was just a family into shopping, not particularly wealthy. I still remember how shocked my daughter was, since our house was way bigger [not that it matters, but we do have a much nicer house]and I was very restrictive in how much time we even went to malls, let alone bought stuff in them. So she learned that there isn’t necessarily a correlation to how people spend and what’s in their bank account. Now my daughter is a complete cheapskate about clothes. brag brag!!! And believe it or not, my son is a financial educator.
I have a children’s financial education label at MoneyChangesThings, you’re all invited.
http://moneychangesthings.blogspot.com/search/label/children%27s%20financial%20education

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]]> By: Eric Nagel http://www.getrichslowly.org/blog/2008/01/22/growing-money-a-complete-investing-guide-for-kids/comment-page-1/#comment-113224 Eric Nagel Tue, 22 Jan 2008 14:57:32 +0000 http://www.getrichslowly.org/blog/2008/01/22/growing-money-a-complete-investing-guide-for-kids/#comment-113224 As a Cub Scout leader, one of the electives this year is about money, spending and saving. I'll be sure to do this with my kids. I wish I learned these lessons as a child. ING has <a href="http://www.orangekids.com/" rel="nofollow">Planet Orange</a> which may help teach kids about money, too. Eric As a Cub Scout leader, one of the electives this year is about money, spending and saving. I’ll be sure to do this with my kids. I wish I learned these lessons as a child.

ING has Planet Orange which may help teach kids about money, too.

Eric

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]]> By: Ron@TheWisdomJournal http://www.getrichslowly.org/blog/2008/01/22/growing-money-a-complete-investing-guide-for-kids/comment-page-1/#comment-113217 Ron@TheWisdomJournal Tue, 22 Jan 2008 14:23:35 +0000 http://www.getrichslowly.org/blog/2008/01/22/growing-money-a-complete-investing-guide-for-kids/#comment-113217 Sounds like a very interesting book. I have a three kids ages 14, 13, & 8. This might be something good for them to read. @Pippin Have you tried Investopedia? Sounds like a very interesting book. I have a three kids ages 14, 13, & 8. This might be something good for them to read.

@Pippin
Have you tried Investopedia?

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]]> By: ThomB http://www.getrichslowly.org/blog/2008/01/22/growing-money-a-complete-investing-guide-for-kids/comment-page-1/#comment-113211 ThomB Tue, 22 Jan 2008 13:38:32 +0000 http://www.getrichslowly.org/blog/2008/01/22/growing-money-a-complete-investing-guide-for-kids/#comment-113211 I got this from the library. It is really good. My big problem is getting my kids interested in saving and investing. They have a good amount saved, but they don't seem to think about how they could grow it. They are 15 and 11 years old. Any suggestions for how to engage them? I got this from the library. It is really good. My big problem is getting my kids interested in saving and investing. They have a good amount saved, but they don’t seem to think about how they could grow it. They are 15 and 11 years old.

Any suggestions for how to engage them?

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]]> By: Pippin http://www.getrichslowly.org/blog/2008/01/22/growing-money-a-complete-investing-guide-for-kids/comment-page-1/#comment-113210 Pippin Tue, 22 Jan 2008 13:34:24 +0000 http://www.getrichslowly.org/blog/2008/01/22/growing-money-a-complete-investing-guide-for-kids/#comment-113210 Sounds great, but could I just ask, is this a general 'how money & investment works' book, or does it get into US/North American centric? (an important issue to consider for basic readers) And can anyone recommend a virtual share trading game? MoneyObserver (here in the UK) used to have an annual competition, but it seems to have stopped now. Sounds great, but could I just ask, is this a general ‘how money & investment works’ book, or does it get into US/North American centric? (an important issue to consider for basic readers)

And can anyone recommend a virtual share trading game? MoneyObserver (here in the UK) used to have an annual competition, but it seems to have stopped now.

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