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Money Tips for Four, Six and Ten Year Olds Gary IN

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.

Joseph Harowski
Smart Choice Financial Planning, Inc.
(219) 682-7544
9421 Joliet St.
St. John, IN
Expertises
Middle Income Client Needs, Planning Issues for Business Owners, Retirement Plan Investment Advice, Ongoing Investment Management, Hourly Financial Planning Services
Certifications
NAPFA Registered Financial Advisor, CFP®

Mr. Jason R. Topp, CFP®
(219) 736-8677
8750 Broadway, Suite B
Merrillville, IN
Firm
Ameriprise Financial
Areas of Specialization
Asset Allocation, Budget Development, Charitable Giving, Comprehensive Financial Planning, Debt Management, Divorce Issues, Elder Care
Key Considerations
Average Net Worth: $500,001 - $1,000,000

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

Profession: Not Applicable

Data Provided by:
Mr. Richard E. Graham Sr., CFP®
(219) 736-6900
334 W 84th Dr
Merrillville, IN
Firm
Eley Graham Financial Services
Areas of Specialization
General Financial Planning
Key Considerations
Average Net Worth: $500,001 - $1,000,000

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

Profession: Business Executives

Data Provided by:
Ms. Marijo Dluzak, CFP®
(888) 755-PLAN
285 W 80th Pl
Merrillville, IN
Firm
Dluzak & Associates INC
Areas of Specialization
Asset Allocation, Estate Planning, Investment Management, Retirement Income Management, Sudden Wealth Management, Wealth Management, Women's Finances
Key Considerations
Average Net Worth: $1,000,001 - $5,000,000

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

Profession: Self-Employed Business Owners

Data Provided by:
Mr. Douglas J. Hoover, CFP®
(219) 736-8902
101 E 90th Dr
Merrillville, IN
Firm
Strategic Financial Group, LLC
Areas of Specialization
Comprehensive Financial Planning
Key Considerations
Average Net Worth: $1,000,001 - $5,000,000

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

Profession: Business Executives

Data Provided by:
Mr. Paul Kutanovski, CFP®
(219) 765-6693
707 E 80th Pl Ste 302
Merrillville, IN
Firm
Valic
Areas of Specialization
Education Planning, Investment Planning, Retirement Planning, Risk Management, Wealth Management
Key Considerations
Average Net Worth: $250,001 - $500,000

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

Profession: Not Applicable

Data Provided by:
Mrs. Dorothy A. Austgen, CFP®
(219) 736-6900
334 W. 84th Drive
Merrillville, IN
Firm
Eley-Graham Financial Advisory Services
Areas of Specialization
Comprehensive Financial Planning
Key Considerations
Average Net Worth: $500,001 - $1,000,000

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

Profession: Not Applicable

Data Provided by:
Mr. Scott T. Ribordy, CFP®
(219) 738-4455
707 E. 80th Place
Merrillville, IN
Firm
Merrill Lynch

Data Provided by:
Mr. Kenneth E. Braggs, CFP®
(219) 738-4456
707 East 80th Place 4th Floor
Merrillville, IN
Firm
Merrill Lynch
Areas of Specialization
Asset Allocation, Education Planning, Employee and Employer Plan Benefits, Estate Planning, Insurance Planning, Investment Planning, Retirement Planning

Data Provided by:
Mr. Christopher W. Dilts, CFP®
(219) 769-4950
526 E 86th Ave
Merrillville, IN
Firm
M A Dilts & Associates 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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