Kids and Investing: A Guide for Parents and Curious Kids
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Kids and Investing - Leslie Reitman
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PART I: Background Information
1
Kids and Investing. Why?
Kids investing is like snow in Georgia. It’s a good idea, if you know how to manage it. However, if you don’t know what you’re doing, it can be disastrous. Case in point, the winter of 2014. The city of Atlanta was crippled by about 3 inches of ice and snow. Cars and trucks were stranded on highways, and for days people were camping out in schools and on the floors of local Walmarts (to name a few places) for days.
If taught correctly to younger generations, investing can have an incredible impact on their financial future. With the benefit of time on their side, kids have years to invest for growth and to ride the inevitable ups and downs of the stock market. Someone who is truly invested in a child’s future has to help him or her understand this world. That someone is you.
For about 18 years, you have an incredible opportunity to teach your kids about the world of investing, using a variety of tools and resources. Yes, deciding where and how to start can be daunting, but the good news is that you don’t need a degree in finance or an MBA to figure this out. Successful investing at every age starts with an understanding of investments. What are they? What are the differences among them? Which ones are right for you and your family? If you have an accurate understanding of investment options, terminology, and processes, you will be well on your way to teaching your children how to approach investing, now and in the future. Along the way, you might also learn something new that will enhance your family’s financial goals.
As a culture, we haven’t done the best job managing our own money. We typically live beyond our means, and we tend to rack up a great deal of credit card debt. According to an analysis conducted by the Federal Reserve, as well as additional U.S. government data, the average amount of credit card debt per U.S household is $7,087 as of April 2014. We adults don’t seem to model good spending, saving, and budgeting habits for our kids. They often repeat the same damaging cycles, and as a result, generations of our families stay in debt. However, we are smart enough to know that with the right knowledge, we have the opportunity to change all of that for us, for our kids and for future generations.
I believe that our generation has a responsibility to break this borrow-and-spend cycle. We need to replace it with an invest-and-save alternative. We can show our kids a different way to work with money, which, once learned, is not intimidating and actually makes a lot of sense. With the right tools and information, we can teach our children how to preserve wealth and benefit from the power of investing over time.
The goal of this book is to present some of the most useful investment tools so that you can teach them to your children. A portion of the information presented may be too complex for younger kids right now, but it might be just right for older kids. It’s a personal decision. You know your kids best.
You may want to introduce one concept at a time—as it appears on the news, online or in the newspaper. You might want to start a mock investing project together or learn more about the economy after reading this book. With some time, effort and a little luck, your dinner table conversations may never be the same.
2
Visual Learners—Approaching the Here and Now Generation
The other day, I told my 11-year-old daughter that I was writing a book on investing. What do you think?