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Money Tips for Four, Six and Ten Year Olds El Dorado AR

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.

Ms. Laney J. Mitcham, CFP®
(870) 862-6641
308 N Jefferson Ave
El Dorado, AR
Firm
Wells Fargo Advisors

Data Provided by:
Kristina Bolhouse
The Arkansas Financial Group, Inc.
(501) 376-9051
1001 N. University Avenue, Suite 200
Little Rock, AR
Expertises
Advising Medical Professionals, Estate & Generational Planning Issues, Women's Financial Planning Issues, Retirement Planning & Distribution Rules, Retirement Plan Investment Advice, Helping Clients Identify & Achieve Goals
Certifications
NAPFA Registered Financial Advisor, CFP®, CPA/PFS

James Ashby
Mustard Seed Financial, LLC
(870) 234-1618
202 S. Pine, Suite 102
Magnolia, AR
Expertises
Retirement Plan Investment Advice, Ongoing Investment Management, Planning Issues for Business Owners, Retirement Planning & Distribution Rules
Certifications
NAPFA Registered Financial Advisor, CFP®, CPA

Mary McCraw
The Arkansas Financial Group, Inc.
(501) 376-9051
1001 N. University Avenue, Suite 200
Little Rock, AR
Expertises
Ongoing Investment Management, Helping Clients Identify & Achieve Goals, College/Education Planning, Newlyweds & Novice Investors, Retirement Planning & Distribution Rules, Advising Medical Professionals
Certifications
NAPFA Registered Financial Advisor, CFP®

Mr. Matthew E. Morrison, CFP®
(501) 975-7924
22 Rahling Circle
Little Rock, AR
Firm
Ameriprise Financial, Inc.

Data Provided by:
Cynthia Conger
Cynthia L. Conger, CPA, PA
(501) 374-1174
2300 Andover Court, Suite 560
Little Rock, AR
Expertises
Women's Financial Planning Issues, Helping Clients Identify & Achieve Goals, Financial Issues Between Generations, Ongoing Investment Management
Certifications
NAPFA Registered Financial Advisor, CFP®, CPA/PFS

Edward Mahaffy
ClientFirst Wealth Management, LLC
(501) 603-0406
1501 N. University, Suite 615
Little Rock, AR
Expertises
Ongoing Investment Management, High Net Worth Client Needs, Tax Planning, Helping Clients Identify & Achieve Goals, Estate & Generational Planning Issues, Retirement Planning & Distribution Rules
Certifications
NAPFA Registered Financial Advisor, CFP®, ChFc, MBA

L. Stephen McNamara
McNamara Financial Planning, LLC
(870) 897-8147
2510 E. Nettleton Avenue, Suite 9
Jonesboro, AR
Expertises
Tax Planning, Estate & Generational Planning Issues, Retirement Plan Investment Advice, High Net Worth Client Needs, Middle Income Client Needs, Investment Advice without Ongoing Management
Certifications
NAPFA Registered Financial Advisor, CPA/PFS

Alvin Rogers
Financial Legacy Management Inc.
(501) 224-7256
10801 Executive Center Drive, Suite 205
Little Rock, AR
Expertises
Planning Issues for Business Owners, Middle Income Client Needs, Ongoing Investment Management, Advising Medical Professionals, Retirement Plan Investment Advice, College/Education Planning
Certifications
NAPFA Registered Financial Advisor, CFP®, MBA

Mr. Lester P. Matlock, CFP®
(501) 537-1100
11 Corporate Hill Dr
Little Rock, AR
Firm
Ameriprise Financial Inc

Data Provided by:
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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