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Money Tips for Four, Six and Ten Year Olds Omaha NE

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.

Jason Hiley
Karstens Investment Counsel, Inc.
(402) 492-2727
10250 Regency Circle, Suite 100
Omaha, NE
Expertises
Women's Financial Planning Issues, Advising Medical Professionals, College/Education Planning, Estate & Generational Planning Issues, Helping Clients Identify & Achieve Goals, Ongoing Investment Management
Certifications
NAPFA Registered Financial Advisor, CFP®

Keith Smith
K.P. Smith Asset Management
(402) 392-0509
9910 N. 48th Street Suite 112
Omaha, NE
Expertises
Ongoing Investment Management, Retirement Plan Investment Advice, Estate & Generational Planning Issues, College/Education Planning
Certifications
NAPFA Registered Financial Advisor, CFP®, PhD

Mr. Michael D. Sufficool, CFP®
(402) 397-2112
1111 N. 102nd Court, #100
Omaha, NE
Firm
AXA Advisors

Data Provided by:
Mr. Thomas M. Anderson, CFP®
(800) 559-0683
619 N 90th St
Omaha, NE
Firm
Securities America, Inc.
Areas of Specialization
Asset Allocation, Comprehensive Financial Planning, Education Planning, Employee and Employer Plan Benefits, Estate Planning, Investment Management, Investment Planning
Key Considerations
Average Net Worth: $500,001 - $1,000,000

Average Income: $50,001 - $100,000

Profession: Not Applicable

Data Provided by:
Mr. Michael L Schudel, CFP®
(402) 499-5921
9300 Underwood Ave Ste 500
Omaha, NE
Firm
Northwestern Mutual
Areas of Specialization
Asset Allocation, Business Succession Planning, Charitable Giving, Comprehensive Financial Planning, Debt Management, Education Planning, Elder Care
Key Considerations
Average Net Worth: $250,001 - $500,000

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

Profession: Not Applicable

Data Provided by:
Michael Karstens
Karstens Investment Counsel, Inc.
(402) 492-2727
10250 Regency Circle, Suite 100
Omaha, NE
Expertises
Advising Medical Professionals, Estate & Generational Planning Issues, Ongoing Investment Management, Retirement Planning & Distribution Rules, Retirement Plan Investment Advice
Certifications
NAPFA Registered Financial Advisor, AIFA, BS, CFP®

Mr. Timothy J. Harrison, CFP®
(402) 891-2302
9300 Underwood Ave
Omaha, NE
Firm
Harrison Financial Services
Areas of Specialization
Charitable Giving, Comprehensive Financial Planning, Estate Planning, Insurance Planning, Investment Management, Wealth Management
Key Considerations
Average Net Worth: $1,000,001 - $5,000,000

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

Profession: Business Executives

Data Provided by:
Mr. Michael D. Karstens, CFP®
(402) 492-2727
10250 Regency Circle
Omaha, NE
Firm
Karstens Investment Counsel, Inc.

Data Provided by:
Mr. Steve R Sadler, CFP®
(402) 334-7265
1111 N 102nd Ct Ste 320
Omaha, NE
Firm
Ameriprise Financial Services,
Areas of Specialization
Asset Allocation, Comprehensive Financial Planning, Estate Planning, Insurance Planning, Investment Management, Retirement Income Management
Key Considerations
Average Net Worth: $500,001 - $1,000,000

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

Profession: Business Executives

Data Provided by:
Mr. Daniel B. Kline, CFP®
(402) 343-8309
10250 Regency Cir Ste 250
Omaha, NE
Firm
Continuum Financial
Areas of Specialization
Comprehensive Financial Planning, Estate Planning, Special Needs Planning

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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