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Money Tips for Four, Six and Ten Year Olds New Castle DE

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.

Joan Sharp
Life Strategies, LLC
(302) 324-5363
42 Read's Way, New Castle Corp. Commons
New Castle, DE
Expertises
Helping Clients Identify & Achieve Goals, Newlyweds & Novice Investors, Special Needs Planning, Planning Issues for Unmarried & Same-Sex Couples, Women's Financial Planning Issues
Certifications
NAPFA Registered Financial Advisor, CAP, CFP®, ChFc, MSFS

Vincent Schiavi
Schiavi + Dattani
(302) 994-4444
2710 Centerville Road, Suite 201
Wilmington, DE
Expertises
Retirement Planning & Distribution Rules, Estate & Generational Planning Issues, Ongoing Investment Management, Planning Concerns for Corporate Executives, Tax Planning
Certifications
NAPFA Registered Financial Advisor, BS, CFP®, CPA/PFS

Paul Baumbach
Mallard Advisors, LLC
(302) 737-4546
750 Barksdale Road, Suite 3
Newark, DE
Expertises
Ongoing Investment Management, Retirement Planning & Distribution Rules, Socially Responsible Investments
Certifications
NAPFA Registered Financial Advisor, BS, CFA, CFP®, ChFc, MS

Donald Nicholson
Donald W Nicholson & Associates, Ltd.
(302) 529-1500
1403 Silverside Road, Suite B
Wilmington, DE
Expertises
Financial Issues Between Generations, Retirement Plan Investment Advice, Retirement Planning & Distribution Rules, Women's Financial Planning Issues, Planning Issues for Business Owners, Helping Clients Identify & Achieve Goals
Certifications
NAPFA Registered Financial Advisor, AAMS, CFP®

Alan Schapire
Libra Financial Planning
(610) 891-0762
280 N. Providence Road, Suite 100
Media, PA
Expertises
Investment Advice without Ongoing Management, Tax Planning, Hourly Financial Planning Services, Middle Income Client Needs, Retirement Planning & Distribution Rules, Helping Clients Identify & Achieve Goals
Certifications
NAPFA Registered Financial Advisor, CFP®, CPA/PFS, MBA

Kristofor Behn
Fieldstone Financial Management Group, LLC
(800) 888-5164
The Brandywine Building
Wilmington, DE
Expertises
Ongoing Investment Management, Retirement Planning & Distribution Rules, Planning Issues for Business Owners, Financial Issues Between Generations, Estate & Generational Planning Issues, College/Education Planning
Certifications
NAPFA Registered Financial Advisor, BS, CFP®

Burwell Hutchinson
Fischer & Hutchinson Wealth Advisors, LLC
(302) 442-4233
5560 Kirkwood Highway
Wilmington, DE
Expertises
Ongoing Investment Management, Retirement Planning & Distribution Rules, Planning Concerns for Corporate Executives, Real Estate Investments, Estate & Generational Planning Issues, Tax Planning
Certifications
NAPFA Registered Financial Advisor, CFP®, CPA

William Starnes
Mallard Advisors, LLC
(302) 239-1654
1041 Valley Road
Hockessin, DE
Expertises
Ongoing Investment Management, Investment Advice without Ongoing Management, Retirement Planning & Distribution Rules, Tax Planning, Estate & Generational Planning Issues, Planning Issues for Business Owners
Certifications
NAPFA Registered Financial Advisor, BS, CFP®, ChFc, MST

Thomas Smedile
Swarthmore Financial Advisors, Ltd.
(610) 892-9922
10 Veterans Square, Second Floor
Media, PA
Expertises
Ongoing Investment Management, Estate & Generational Planning Issues, Retirement Planning & Distribution Rules
Certifications
NAPFA Registered Financial Advisor, CPA/PFS, MST

Kathleen Plummer
Plummer & Associates
(610) 565-8074
48 Rose Valley Road
Rose Valley, PA
Expertises
Ongoing Investment Management, Retirement Planning & Distribution Rules
Certifications
NAPFA Registered Financial Advisor, BS, CFP®

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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