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Money Tips for Four, Six and Ten Year Olds Weymouth MA

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.

Daniel Candura
PennyTree Advisers, LLC
(781) 930-3027
25 Braintree Hill Office Park
Braintree, MA
Expertises
Hourly Financial Planning Services, Investment Advice without Ongoing Management, Retirement Plan Investment Advice, Middle Income Client Needs, Advising Employee Benefit Plan Participants, Retirement Planning & Distribution Rules
Certifications
NAPFA Registered Financial Advisor, CFP®

David McPherson
Four Ponds Financial Planning, LLC
(781) 561-1135
99 Derby St., Suite 200
Hingham, MA
Expertises
Retirement Planning & Distribution Rules, Retirement Plan Investment Advice, Ongoing Investment Management, Middle Income Client Needs, Hourly Financial Planning Services, Planning Issues for Business Owners
Certifications
NAPFA Registered Financial Advisor, CFP®

Wayne Morrill
Morrill Financial Services
(781) 775-4677
4 Indian Wind Drive
Scituate, MA
Expertises
Ongoing Investment Management, Cash Flow/Budgets/Credit Issues, College/Education Planning, Estate & Generational Planning Issues, Retirement Planning & Distribution Rules
Certifications
NAPFA Registered Financial Advisor, CFP®

Thomas McFarland
The Darrow Company, Inc.
(617) 330-5090
101 Federal Street
Boston, MA
Expertises
Ongoing Investment Management, Estate & Generational Planning Issues
Certifications
NAPFA Registered Financial Advisor, BS, CFP®

Victoria Marrone
Modera Wealth Management, LLC
(617) 247-0518
535 Boylston Street, Suite 300
Boston, MA
Expertises
Women's Financial Planning Issues, Cash Flow/Budgets/Credit Issues, Financial Psychology/Coaching, Helping Clients Identify & Achieve Goals
Certifications
NAPFA Registered Financial Advisor, BS, CFP®, MBA, PhD

Stephen Gorman
Gorman Financial Management
(781) 556-1001
99 Derby Street, Suite 200
Hingham, MA
Expertises
Ongoing Investment Management, Helping Clients Identify & Achieve Goals, Retirement Planning & Distribution Rules, Estate & Generational Planning Issues, Financial Issues Between Generations
Certifications
NAPFA Registered Financial Advisor, BS, CFP®

Robert Hurley
Stoddard Management Co.
(781) 982-9932
800 Hingham Street
Rockland, MA
Expertises
Ongoing Investment Management, Retirement Plan Investment Advice, Retirement Planning & Distribution Rules, Advising Employee Benefit Plan Participants, Tax Planning, High Net Worth Client Needs
Certifications
NAPFA Registered Financial Advisor

Kevin Nulton
Titanium Advisors, LLC
(508) 528-3120
225 Franklin Street
Boston, MA
Expertises
College/Education Planning, Estate & Generational Planning Issues, Ongoing Investment Management, Planning Issues for Business Owners, Retirement Planning & Distribution Rules, Tax Planning
Certifications
NAPFA Registered Financial Advisor, CFP®, JD

Jennifer Lane
Compass Planning Associates, Inc.
(617) 523-4666
3 Center Plaza
Boston, MA
Expertises
Helping Clients Identify & Achieve Goals, Middle Income Client Needs, Women's Financial Planning Issues, Newlyweds & Novice Investors, Planning Issues for Unmarried & Same-Sex Couples
Certifications
NAPFA Registered Financial Advisor, CFP®

Stephen Ahern
Sullivan Bille/Wealth Management Advisors
(617) 742-3994
225 Franklin Street
Boston, MA
Expertises
Ongoing Investment Management, Estate & Generational Planning Issues, Tax Planning, Advising Entrepreneurs, Advising Medical Professionals, Planning Issues for Business Owners
Certifications
NAPFA Registered Financial Advisor, BBA, CFP®, CPA, CPA/PFS, MS, MST

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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