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by bonesss
1 hour ago
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My kids have bank accounts to learn how to manage money, banks, and training: getting used to having money in the bank before, during, and after a trip to the mall. My hope is to let them screw up their finances when they’re little instead of 20-something. We’ve also setup tax-deferred retirement investment accounts for them. $1 at 20 can 70x or more by retirement. Mostly it’s the mental training though. Being ok “losing” money during a market correction, saving for wealth in parallel with saving to buy, seeing interest and returns over time, and having a long term plan. |
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My oldest is 8 and can get a debit card now.
When I think back I made a lot of mistakes that I made with money was around the time I was 18. They were expensive to undo later.
My parents didn't teach me being responsive with money as they shown me how but didn't explain why.