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Money Tips for Four, Six and Ten Year Olds Groton CT

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.

Stephen Poplaski
Lighthouse Financial Management, LLC
(401) 596-3392
85 Beach Street, Building D
Westerly, RI
Expertises
Ongoing Investment Management, Tax Planning, Planning Issues for Business Owners, Divorce Planning, Retirement Plan Investment Advice
Certifications
NAPFA Registered Financial Advisor, CFP®, CPA, CPA/PFS, MBA, MSFP

Mr. Mark J Steffen, CFP®
(860) 445-2045
495 Goldstar Highway
Groton, CT
Firm
Ameriprise Financial
Areas of Specialization
Asset Allocation, Comprehensive Financial Planning, Estate Planning, Investment Management, Long-Term Care, Retirement Planning, Securities
Key Considerations
Profession: Self-Employed Business Owners

Data Provided by:
Mr. Brent C Eugenides, CFP®
(203) 435-5580
142 Thames
Groton, CT
Areas of Specialization
Comprehensive Financial Planning
Key Considerations
Average Net Worth: $1,000,001 - $5,000,000

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

Profession: Not Applicable

Data Provided by:
Mr. Robert J Thevenet, CFP®
(860) 376-2814
1 Fort Hill Rd Ste 6
Groton, CT
Firm
Cambridge Investment Reaearch
Areas of Specialization
Comprehensive Financial Planning, Divorce Issues, Insurance Planning, Investment Management
Key Considerations
Average Net Worth: $500,001 - $1,000,000

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

Profession: Not Applicable

Data Provided by:
Mr. Kevin S. Morin, CFP®
(800) 470-2277
174 Bridge St
Groton, CT
Firm
Morin Associates LLC
Areas of Specialization
Asset Allocation, Budget Development, Business Succession Planning, Comprehensive Financial Planning, Debt Management, Education Planning, Elder Care
Key Considerations
Average Net Worth: $100,001 - $250,000

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

Profession: Self-Employed Business Owners

Data Provided by:
Jeffrey Mehler
Jeffrey N. Mehler, CFP LLC
(860) 767-9700
147 Westbrook Road
Essex, CT
Expertises
Ongoing Investment Management, Estate & Generational Planning Issues, Retirement Planning & Distribution Rules
Certifications
NAPFA Registered Financial Advisor, BS, CFP®, MBA

Ms. Nancy D. Seely-Butler, CFP®
(860) 444-0535
495 Gold Star Hwy
Groton, CT
Firm
Ameriprise Financial Services,
Areas of Specialization
Divorce Issues
Key Considerations
Average Net Worth: Not Applicable

Average Income: Not Applicable

Profession: Not Applicable

Data Provided by:
Mr. Joseph A. Cipparone, CFP®
(860) 442-0150
261 Williams St
New London, CT
Firm
Cipparone & Zaccaro, PC
Areas of Specialization
Business Succession Planning, Charitable Giving, Elder Care, Estate Planning, Long-Term Care, Planning for Couples, Small Business Planning
Key Considerations
Average Net Worth: $1,000,001 - $5,000,000

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

Profession: Business Executives

Data Provided by:
Ms. Susan M. Dowling, CFP®
(860) 444-6500
2 Union Plz
New London, CT
Firm
UBS Financial Services Inc

Data Provided by:
Derek S. Pirruccello, CFP®
(860) 447-7437
100 Eugene Oneill Dr
New London, CT
Firm
Merrill Lynch

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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