How to turn your sweet baby into a money hungry capitalist​
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PHASE ONE: Ages 6 - 12
Take your kiddo to a brick and mortar bank.
Open a checking account in their name.
Take them to ice cream afterward. We're trying to form a positive association with money.
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PHASE TWO: Ages 6-12
Give your kids some OPTIONAL chores.
These chores are in addition to their obligatory household contributions.
I recommend making the chores happen outside your home.
e.g. taking the garbage to the curb, washing the car, sweeping leaves.
Offer them a fixed dollar amount per chore.
Take out garbage/recycling............$2
Vacuum inside of car........................$2
Wash outside of car..........................$5
Sweep leaves....................................$3
Remember, they don't have to do these chores. They're optional.
Go to the bank and takeout $100 in singles from your account. Pay your kids using $1 bills. This will make the payment feel more tangible and real. Hopefully, this won't turn them into strippers.
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PHASE THREE: Ages 13+
Have your kid download the Robinhood app on their phone.
If they don't have a phone, download Robinhood on your phone.
Open a Robinhood account in your name but tell your kid that it's their account.
Connect your kid's checking account to the Robinhood account.
Give your kids $100 to invest.
Explain to them what a stock is.
Have your kid pick 3 stocks/companies to invest in e.g. Tesla, Disney & Amazon.
Have your kids buy $25 of Tesla stock, $25 of Disney stock and $25 of Amazon.
Then use the remaining $25 to buy VTSAX (a boring index fund).
Explain to them what an index fund is.
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Then stand back and let the kids watch their money grow and shrink.
Your kid will probably become curious and start asking you questions about investing.
Try your best to answer them.
When you don't know the answer, Google it.
If they still have questions, bring them to your finance check-ins and I'll answer their questions.
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​Keep me posted on your progress.
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