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Money Tips for Four, Six and Ten Year Olds Gallatin TN

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.

Donald Claussen
Financial Pathfinders, LLC
(615) 824-2322
101 West Ridge Road
Hendersonville, TN
Expertises
Newlyweds & Novice Investors, Advising Medical Professionals, Retirement Planning & Distribution Rules
Certifications
NAPFA Registered Financial Advisor, CFP®

Mr. Thomas Stephen Cooper, CFP®
(615) 293-4076
1204 Nashville Pike
Gallatin, TN
Firm
Investment Professionals, Inc
Areas of Specialization
Comprehensive Financial Planning, Education Planning, Employee and Employer Plan Benefits, Estate Planning, General Financial Planning, Insurance Planning, Investment Management
Key Considerations
Average Net Worth: $1,000,001 - $5,000,000

Average Income: $250,001 - $500,000

Profession: Not Applicable

Data Provided by:
Mr. William Daniel Prestage, CFP®
(615) 826-5749
181 E Main St Ste 7
Hendersonville, TN
Firm
Wood Financial Group, LLC
Areas of Specialization
Comprehensive Financial Planning, Retirement Planning, Wealth Management
Key Considerations
Average Net Worth: $500,001 - $1,000,000



Data Provided by:
Mr. Joseph M. Starr, CFP®
(615) 824-9850
104 Camarado Ln
Hendersonville, TN
Firm
American Heart Association

Data Provided by:
Mr. David A. Rhodes, CFP®
(615) 553-5007
3735 N. Mount Juliet Rd.
Mt. Juliet, TN
Firm
TrustCore Financial
Areas of Specialization
Asset Allocation, Charitable Giving, Comprehensive Financial Planning, Divorce Issues, Education Planning, Estate Planning, General Financial Planning

Data Provided by:
Dale Alan Mingledorff, CFP®
(615) 452-2349
343 Hancock St Ste B
Gallatin, TN
Firm
Horace Mann Investors
Areas of Specialization
Investment Planning, Retirement Planning, Wealth Management

Data Provided by:
Mr. Joseph N Montalbano, CFP®
(615) 742-8759
1029 Heathrow Ln
Hendersonville, TN
Firm
Northwestern Mutual
Areas of Specialization
Comprehensive Financial Planning, Employee and Employer Plan Benefits, General Financial Planning, Insurance Planning, Investment Management, Investment Planning, Long-Term Care
Key Considerations
Profession: Medical/Dental Professionals

Data Provided by:
Mr. Donald W. Claussen, CFP®
(615) 824-2322
101 W Ridge Dr
Hendersonville, TN
Firm
Financial Pathfinders LLC

Data Provided by:
Mr. Scott F. Davis, CFP®
(615) 553-2704
2598 N MOUNT JULIET RD STE 100
Mount Juliet, TN
Firm
Family Tree Wealth Advisors, LLC
Areas of Specialization
Comprehensive Financial Planning
Key Considerations
Average Net Worth: $500,001 - $1,000,000

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

Profession: Business Executives

Data Provided by:
Mr. Kenneth W. Caldwell, CFP®
(615) 449-0785
1670 W Main St Ste 150
Lebanon, TN
Firm
Edward Jones
Areas of Specialization
Comprehensive Financial Planning, Education Planning, General Financial Planning, Investment Management, Mortgages, Retirement Income Management, Wealth Management

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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