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Money Tips for Four, Six and Ten Year Olds Blackfoot ID

As you follow the 10/10/10/70 concept, be consistent with depositing money monthly. Every month your child will start to see how their money starts working for them, your child will start to see the power of interest, compounding and the special gift that all children have, which is time.

Mr. Michael Ray Anderson, CFP®
(208) 785-1819
PO Box 778
Blackfoot, ID
Firm
Edward Jones
Areas of Specialization
Asset Allocation, Business Succession Planning, Estate Planning, General Financial Planning, Retirement Planning
Key Considerations
Average Net Worth: $1,000,001 - $5,000,000

Average Income: $100,001 - $250,000



Data Provided by:
Mr. David L. Eckman, CFP®
(208) 533-6115
900 Pier View Dr.
Idaho Falls, ID
Firm
Wells Fargo Advisors, LLC

Data Provided by:
Wells Fargo - Blackfoot
(208) 782-2350
109 S Broadway St
Blackfoot, ID
Type
Branch
Office Hours
Mon-Thu 09:30 AM-05:00 PM
Fri 09:30 AM-06:00 PM
Sat 10:00 AM-04:00 PM
Sun Closed

Wells Fargo - Idaho Falls Westside
(208) 533-6155
635 N Skyline Dr
Idaho Falls, ID
Type
Branch
Office Hours
Mon-Fri 09:30 AM-06:00 PM
Sat 09:30 AM-04:00 PM
Sun Closed

Wells Fargo - Idaho Falls
(208) 533-6024
900 Pier View Dr 2Nd Flr
Idaho Falls, ID
Type
Private Client Services
Office Hours
After Hours call toll free: 1-866-460-8470

Ms. Vicki Motloch, CFP®
(208) 529-3993
1075 S Utah Ave Ste 100
Idaho Falls, ID
Firm
Waddell & Reed
Areas of Specialization
Retirement Income Management
Key Considerations
Average Net Worth: $500,001 - $1,000,000

Average Income: $100,001 - $250,000

Profession: Government Employees

Data Provided by:
US Bank - Blackfoot Office
(208) 785-4430
9 S Ash St
Blackfoot, ID
Languages
Spanish
Drive Up Hours
Mon 09:00 am to 05:00 pm
Tue 09:00 am to 05:00 pm
Wed 09:00 am to 05:00 pm
Thur 09:00 am to 05:00 pm
Fri 09:00 am to 06:00 pm

US Bank - Shelley Office
(208) 357-3457
201 W Pine St
Shelley, ID
Languages
Spanish
Drive Up Hours
Mon 09:30 am to 05:00 pm
Tue 09:30 am to 05:00 pm
Wed 09:30 am to 05:00 pm
Thur 09:30 am to 05:00 pm
Fri 09:30 am to 06:00 pm

US Bank - Idaho Falls Office
(208) 525-1600
330 Shoup Ave
Idaho Falls, ID
Drive Up Hours
Mon 09:30 am to 05:00 pm
Tue 09:30 am to 05:00 pm
Wed 09:30 am to 05:00 pm
Thur 09:30 am to 05:00 pm
Fri 09:30 am to 05:00 pm

Wells Fargo - Idaho Falls Main
(208) 533-6025
320 A St
Idaho Falls, ID
Type
Branch
Office Hours
Mon-Thu 09:00 AM-05:00 PM
Fri 09:00 AM-06:00 PM
Sat-Sun Closed

Data Provided by:

Money Tips for Four, Six and Ten Year Olds

Provided By: 

Money, Taxes & Small Business

Money Tips for Four, Six and Ten Year Olds
By Lori Mackey 
Email
Mar 29, 2007, 23:09

   

Your adult habits form in childhood, if a child starts the habit of taking a dollar and spending a dollar, that child is learning the habit of living paycheck to paycheck. But, if a child creates the habit of dividing their money before they spend, this will be as natural as walking and talking.

If a four year old takes a dollar and saves 10 cents for giving, saves 10 cents for investing, saves 10 cents for savings and takes the 70 cents and spends it wisely and practices this habit with every dollar, they automatically will have a head start with their financial future.

At the age of six, start implementing the allowance system, give each child chores and responsibilities that are expected everyday, some activities they will earn money for and some are expected because they are part of the family. You can use chores to break bad habits, teach independence, and the concept of earning.

Make a habit of allowing your child to bring their earned income to the market, store or mall, if they find something they want and ask you to buy it for them, just say, Yes, you can have that, but you need to use your own money. The typical response will be, But I do not want to waste my money! And, you respond with, Well, I don t want to waste mine either.

10 year olds are motivated by money, if you start teaching kids the power of investing and saving their money, they will listen intently. Go online and show your child investment calculators. Show them what the $50.00 video game would be worth in 55 years if they invested the $50.00 instead of spending it. The key is to show kids the power of invested money. Once kids see how money works, they will think twice before spending their money.

As you follow the 10/10/10/70 concept, be consistent with depositing money monthly. Every month your child will start to see how their money starts working for them, your child will start to see the power of interest, compounding and the special gift that all children have, which is time!

No matter how old your child is, it is never too late to start teaching them the value of money and how it can work in their favor.

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Lori Mackey, an award-winning author, founder of Prosperity4Kids, Inc., is recognized as a leading expert ...

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