Parents want their kids to be successful and develop life skills, but I am often asked, “when and how do we started?” My suggestion is to get started early. The first step is to open an investment account for your child. Now that the success account is open it’s time to make a game to fill the account. All of us have known life events. Education, car purchase, home purchase and retirement. These events happen whether you are prepared or not. The game is to fill the bucket to help offset future financial stress. Here are some ideas that you can consider:
- Found Money: Make a big deal when you find money. Any amount! Let it accumulate and put it the investment account.
- Change in your pocket: Collect your change each night and put it in a jar that the whole family can see. Call it investment change. Once a month send your bounty in to the investment account.
- Garage sale onto Craigslist: Start a business of buying things cheap. Repackage and represent on EBAY or Craigslist. Wow! You and your child have started a business. Keep good records (keep score). Send a portion of the profits into the account.
- Sell things: old toys, baked cookies, lemonade, things you don’t need any more and then, or course, send the proceeds into the account.