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.
The Young Investor Fund
The Monetta Young Investor Fund NASDAQ: MYIFX has officially partnered with Munny Journey. The Monetta Young Investor Fund is a no-load mutual fund that invests half of its portfolio in Exchange Traded Funds (ETF’s) that track the S&P 500 Index combined with investments in large-cap growth companies that are recognized by most investors. The fund is designed to get kids involved in the investment process with an innovative portfolio structure, a financial literacy program and tuition discount credits that may be applied at over 225 colleges nationwide. The minimum initial investment is $100, with the establishment of a $25 monthly automatic investment plan. For more details on the plan, please visit the Monetta Young Investor Fund website.