Teaching teens about the ups and downs of the stock market
ORLANDO, FLA. – More than five trillion, with a “T”, are sold, bought and traded on the stock exchange every day and more and more twenty something are entering the game.
In fact, parents are now teaching their tweens and teens the ins and outs of the Dow Jones and NASDAQ.
Children learn to read, write and calculate. And now for the ups and downs of investing.
The first stepâ¦ start with an allowance. The Busykid application, allows parents to adapt the tasks to the age of your child, and proposes the amount of the allowance and the frequency.
So what is the price for cleaning the toilets? $ 2.50. Folding the laundry is worth $ 4. Pull the weedsâ¦ $ 2.
Next, have your kids handle debit and credit cards. Greenlight is an app where parents can pay their children through their bank accounts. Kids can have their own debit cards, get cash back, and even invest their money.
The key here, every trade needs the approval of a parent. And when they do earn money, ask them to use it for something important. Roth IRA can be set up for children of any age. With an initial investment of $ 500 and an additional investment of $ 500 each year for 50 years at 5%, they could have $ 120,000.
Also, to generate interest, start a sibling or cousin investment club, or your child can start one at school.
The value lies in being able to share ideas, debate the importance of the facts they learn about businesses, and then vote on the best actions to take.
Copyright 2021 by KSAT – All rights reserved.