What is Digg?32 Comments
- Wacer, on 11/24/2007, -1/+19#11. Teach them to not run around like sheep spending all their money on Black Friday.
- masterm1nd, on 11/24/2007, -0/+13True, but deals, or cost/value ratio, are a part of savings as long as the items being purchased would be purchased anyways...
- drcato, on 11/24/2007, -0/+5Kids should be taught how to save money in a fun way. Set a goal of buying a house? Really? I considered $20 to be a boatload of money when I was growing up and telling me that I should put half of that away so then fifteen or twenty years later I could have an additional $10 in interest for a down payment on a house is ridiculous. Let kids enjoy their money. Teach them about savings by having them save up for an expensive toy instead of blowing their money on candy. Perhaps when they are 16 years old you can explain about Roth IRAs, but give them a freakin break.
- mikewhite314, on 11/24/2007, -0/+5Who needs fiscal responsibility when the Rapture is coming?
- mal1964, on 11/24/2007, -1/+5Teach yourself kids will naturally follow by example.
- drcato, on 11/24/2007, -0/+4I think you missed my point and the point of the article. This isn't an article on how to save for your kid's future. This is an article on how to teach your kids about saving and investing, and in that respect I think the ideas will not work. Although to be honest the author does start talking about the options for investing on your children's behalf. My point was that the best way to demonstrate financial responsibility to kids is to show them tangible rewards (i.e., more expensive toys earned by saving their money). The fact that your kid is 5 and has 3K in the bank reads to me: I put 3K in the bank on my kids behalf for his future. Investing in your children's future is smart and commendable, but me disagreeing with not letting children enjoy their measly birthday and Christmas gifts does not make me a "consumerist retard."
- BossKey, on 11/24/2007, -0/+4That's the problem with America. Investing should not be done with "disposable income." Investing (the prudent kind, not the crazy day-trader kind) should be part of a family's long-term savings plan and household budget. The most important savings/investment advice is PAY YOURSELF FIRST. A chunk of your paycheck should go into an account as if it was a bill. I have it withdrawn automatically so that my budget cannot spend it. Doing this every month also means you can benefit from dollar-cost averaging.
America lacks the savings culture that exists in other countries, and we now have the finance charges on our credit-card statements to prove it. - infinity777, on 11/24/2007, -1/+4The last 4-5 steps of this system are retarded, it's like the author just got lazy and started copying from wikipedia, post something worthwhile... =P
- weizilla, on 11/24/2007, -0/+3most adults don't even save or invest their money. it's always easier to teach than to do
- angeldiggsit, on 11/24/2007, -1/+49 Easy Steps on How to Make Your Kid's Eyes Glaze Over
- DeFex, on 11/24/2007, -0/+3probably better than how the banks want you to do it.
1: fill out the credit card offer right away.
2: get another card to pay off that one when its full.
3: keep doing untill they give you a house - m1raj, on 11/24/2007, -1/+3"The most powerful force in the universe is compound interest" - Albert Einstein
- NeonElixir, on 11/25/2007, -0/+2This seems to be a pretty decent post with good info, but this part bothers me personally:
"On their birthdays, you can again choose to make a deposit in their accounts, or better yet, skip hosting a party, or just have a modest one, and put the rest of the "party budget" into their deposit account."
Sure, a modest party is fine, you can still have fun on a budget. Skipping the party altogether in order to put money in your kid's savings account seems like a bad idea. Right from the start you're teaching the kid that money is more important than having fun and interacting with others. Let kids be kids. - NeonElixir, on 11/25/2007, -0/+2Uh, by "personally" i didn't mean for that to sound as though I'm directly offended. It's just my opinion.
- purpmint008, on 11/24/2007, -3/+5No one brings up the fact that the entire economy and tax system is based on making you spend, spend, and spend. The system is rigged to make sure that you can't even save properly and not to mention that the ten dollars you save today will be worth less ten years later. Get taxed when you spend and get taxed when you save...
We need a better tax system. - JohnFour, on 11/24/2007, -0/+2#12 Remind them to color inside the lines
(i'm pretty sure those girls in the picture don't have credit cards) - Rustbelt, on 11/24/2007, -0/+2Pay yourself first is the best advice that no one follows. If you wait until you have more money to save you'll never do it.
- whyufail, on 11/24/2007, -0/+2Because we all have disposable income out the ass in this wonderful economy to be investing right?
- Saea, on 11/24/2007, -0/+2Yeah, sorry. I'm spending all my money on that Archos 605 right when I get enough.
- watersoftener, on 03/12/2009, -0/+1One day, your child will need to earn a living. By helping parents is a good opportunity as Easy Money For Kids To Make.
http://easy-money-for-kids-to-make.blogspot.com/ - kenbiz, on 11/25/2007, -0/+1a great advice for parents to start planning what's the future of their kids
- iamsamed, on 11/24/2007, -0/+1You can teach your kids all you want, but if they see you, their parents, running off to Black Firday sales, spending all of your disposable income on electronics, luxury cars, eating out a lot, running up huge credit card debt, etc.... , well, it's just like the parents who smoke and tell their kids that they shouldn't smoke - the kid will more than likely smoke.
So, if you want to teach your kids good financial habits, start doing it yourself. - 4DFX, on 11/24/2007, -1/+1Kids?? I mean, seriously... Does any digger even have kids?
- ck314, on 11/24/2007, -4/+4its only one easy step. sell drugs
- ikesauto, on 11/24/2007, -2/+2I guess I should give it a try when I have kids...
- arlene1985, on 01/07/2009, -0/+0I've received several positive comments about this list of tips:
http://hubpages.com/hub/Teaching-Teens-To-Save-Mon ...
It's much easier to learn about saving in the teen years than doing it as adult. - pfxglobal, on 07/14/2008, -0/+0Good article. I also recommend http://www.learningmarkets.com. It's free and easy enough for kids to understand.
- howea, on 11/24/2007, -1/+0You're a consumerist retard.
My kids got 3K in the bank, and he's not even 5. Going to start putting it in high-bearing term deposit accounts until he's 18. By that time, he should have the full down deposit for his house.
Yes, I'm relatively cheap, but also got a freehold property and now a greater part of my salary is for enjoyment, including for my kid. - edstate, on 11/24/2007, -6/+2#10 Believe in the compound interest fairy.
- inactive, on 11/24/2007, -7/+2Thousands of stocks go to zero.
Play Wall Street like a PONZI SCHEME!
United States Government are terrorists, war criminals, and horrific liars.
9-11 was an inside job! What happened to building 7?
Depleted uranium is a weapon of mass destruction!
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