My 7-year-old daughter is an investor!
When she receives gifts of money (birthdays/Christmas), we have a requirement that she must take at least half of it and place it in her college fund or her new car fund (Yes, we do have a car fund – driving is ONLY 9 years ago).
What is she investing in for her college fund?
- Aggressive Growth Stock Mutual Funds
- Growth Stock Mutual Funds
What is she investing in for her car fund?
- A miserable savings account. This is changing next week!
- It will be moving into growth stock mutual funds.
You might think that I am a FREAK. You might think that my daughter is being mistreated because Jenn and I are requiring her to invest her gifts of money. You might think that we are robbing her of enjoyment of her childhood.
I would just say this – MY DAUGHTER WILL NOT BE B-R-O-K-E!!! We are equipping her to WIN. We are teaching her to PLAN. We are demonstrating in the most tangible way possible that DEBT IS DUMB, INVESTORS WIN, BROKE IS HORRIBLE, DREAMS ARE ACHIEVABLE, A LITTLE INVESTED ALL OF THE TIME MAKES YOU WEALTHY.
Can you say "Paid-for 1st card?", "Paid-for college education?", and "Paid-for 1st house?"
If you are not teaching your kids how to manage money well, YOU ARE FAILING AS A PARENT!!!