You may think it's a little early to start talking about investing with your kids. But like the other pillars of financial literacy, kids who are savvy investors get a headstart on the path to financial freedom.
Each month we will provide you one action that you can start with your children now. Over time these actions will help to develop a savvy investor.
This Month's Step:
Invest in a Familiar Company - This is one of the best ways to make it real. While investing in only one stock might not be preferable over the long term, picking a stock and tracking it over many months can be a great way for your teen to begin to understand the market. As time progresses, keeping tabs on the gains and losses in the share price presents a learning opportunity which cannot be replicated by lectures from mom and dad, or even formal education.
SOMEONE ONCE ASKED WARREN BUFFETT HOW TO BECOME A BETTER INVESTOR. HE POINTED TO A STACK OF ANNUAL REPORTS. “READ 500 PAGES LIKE THIS EVERY DAY,” HE SAID. “THAT’S HOW KNOWLEDGE WORKS. IT BUILDS UP, LIKE COMPOUND INTEREST. ALL OF YOU CAN DO IT, BUT I GUARANTEE NOT MANY OF YOU WILL DO IT.”
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