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Money Tips for Four, Six and Ten Year Olds Germantown MD

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.

Ken Diehl
Cornerstone Financial Planning, Inc.
(301) 253-0600
24908 Silver Crest Drive
Gaithersburg, MD
Expertises
Ongoing Investment Management, Financial Issues Between Generations, Retirement Planning & Distribution Rules
Certifications
NAPFA Registered Financial Advisor, BS, CFP®, CPA

Christopher Brown
Ivy League Financial Advisors LLC
(301) 258-1300
11 North Washington Street, Suite 250
Rockville, MD
Expertises
Helping Clients Identify & Achieve Goals, Ongoing Investment Management, High Net Worth Client Needs, Retirement Plan Investment Advice, Retirement Planning & Distribution Rules, Planning Issues for Business Owners
Certifications
NAPFA Registered Financial Advisor, AIF, BA, BS, CFP®, MBA

Clark Kendall
Kendall Capital Management
(301) 838-9110
20 Courthouse Square
Rockville, MD
Expertises
Ongoing Investment Management, Helping Clients Identify & Achieve Goals, Estate & Generational Planning Issues
Certifications
NAPFA Registered Financial Advisor, AEP, CFA, CFP®

Barry Korb
Lighthouse Financial Planning, LLC
(301) 996-7044
1515 Allview Drive
Potomac, MD
Expertises
Ongoing Investment Management, High Net Worth Client Needs, Planning Concerns for Corporate Executives, Newlyweds & Novice Investors, College/Education Planning, Investment Advice without Ongoing Management
Certifications
NAPFA Registered Financial Advisor, CFP®, MS

Femi Shote
Asset Harvest Group, LLC
(703) 444-7819
20534 Meadow Island Place
Potomac Falls, VA
Expertises
Ongoing Investment Management, Retirement Planning & Distribution Rules, Helping Clients Identify & Achieve Goals, High Net Worth Client Needs, Professional Athletes or Entertainers
Certifications
NAPFA Registered Financial Advisor, AIF, CFP®, ChFc, CLU

Ted Halpern
Halpern Financial Inc
(240) 268-1000
401 N. Washington Street, Suite 920
Rockville, MD
Expertises
High Net Worth Client Needs, Advising Medical Professionals, Planning Issues for Business Owners
Certifications
NAPFA Registered Financial Advisor, AAMS, CRPC, RFC, AWMA

Gregory Richardson
Halpern Financial Inc
(240) 268-1000
401 N. Washington Street, Suite 920
Rockville, MD
Expertises
High Net Worth Client Needs, Ongoing Investment Management, Planning Concerns for Corporate Executives, Planning Issues for Business Owners, Retirement Planning & Distribution Rules, Helping Clients Identify & Achieve Goals
Certifications
NAPFA Registered Financial Advisor, CFP®, MS

John Ferguson
Ferguson Asset Management Inc.
(301) 670-0994
13305 Travilah Road
Potomac, MD
Expertises
High Net Worth Client Needs, Ongoing Investment Management, Advising Entrepreneurs, Professional Athletes or Entertainers, Women's Financial Planning Issues, Retirement Plan Investment Advice
Certifications
NAPFA Registered Financial Advisor

Stephen Lingle
Lighthouse Financial Planning, LLC
(301) 996-7044
1515 Allview Drive
Potomac, MD
Expertises
College/Education Planning, Investment Advice without Ongoing Management, Advising Employee Benefit Plan Participants, Retirement Plan Investment Advice, Helping Clients Identify & Achieve Goals, Retirement Planning & Distribution Rules
Certifications
NAPFA Registered Financial Advisor, CFP®, MBA

James McGrath
Financial Strategies, Inc.
(301) 984-7750
11300 Rockville Pike, Suite 1208
Rockville, MD
Expertises
Ongoing Investment Management, Helping Clients Identify & Achieve Goals, Divorce Planning, Tax Planning
Certifications
NAPFA Registered Financial Advisor, CFP®, CLU, CPA

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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