TEACH CHILDREN HOW TO LIVE BELOW THEIR MEANS. Children learn by example, and you can be their best teacher. Teach them to think first and spend later. Impulsive spending increases your children't chances for getting in over their heads with consumer debt.
ILLUSTRATE THE POWER OF COMPOUNDING. Here is an example. If you child invests $1,000 from a summer job at a 6% return, the investment will double in 12 years, grow to over $4,000 in 25 years, and exceed $10,000 in 40 years - all this from a single $1,000 investment.
FUND A ROTH WITH SUMMER EARNINGS. If your child has a summer job, consider setting up a Roth IRA. The funds can be withdrawn to cover college expenses or left to grow for retirement. If your daughter invests $5,000 in a Roth at age 16, and the fund earns a 6% return, by age 65 that $5,000 will hve grown to over $86,000 tax-free. If she continues to invest $5,000 every year to age 65 with a 6% return, the balance would exceed $1,400,000!
MATCH SAVINGS. Consider matching every dollar your child puts into savings. It may prepare him or her for later participation in an empoyer's 401(k) plan.
If you want your children to be money-smart, take the necessary steps to educate them while they're young.
To learn more about this author, visit Stephanie Horne's Website.
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