The groundbreaking book “Munny Journey™” has been available for over five years but the concepts aren’t new. A friend and business partner of author Brad Dugdale, has been using the concepts outlined in the book to provide for the future financial security of his nine year old daughter.
Darin Hayes works with Dugdale and when his daughter Teagan was born he took Dugdale’s advice, opened an investment account, and began consistent contributions amounting to $1 a day. Beginning with that first dollar, Hayes has now invested a little over $3,500 into a mutual fund that has a current market value of nearly $6,000. Dugdale’s book illustrates how it’s possible to create a millionaire with just $1 a day and Hayes is confident his daughter is well on the way to financial freedom.
Hayes says, “I invested in something called the Young Investor Fund because of the low minimum for initial investment and ongoing contributions.” Hayes continues, “The fund also has a philosophy of educating kids about investing and personal finance.”
Hayes says the account was started as an experiment to put the Munny Journey concept into practice. “We hope that this fund allows Teagan the freedom and flexibility to pursue work based on her dreams and interests, not on potential financial rewards. This isn’t about becoming rich, it’s about financial security and creating savings habits at a young age,” says Hayes.
Using mutual funds as an educational tool can be incredibly beneficial for children. Research conducted by the University of Kansas shows that starting savings accounts for young children leads them to accumulating more assets as they age.