Financial success can often be linked to two key traits: discipline and goal setting. Instill these characteristics in your child, and they’ll have a strong foundation for future financial success.
A good way to teach your child discipline is to have them save half of their allowance, birthday and holiday money. This will help them see the importance of paying themselves first.
To teach the concept of setting goals, consider having them save money to purchase one share of stock in a company they might like. For example, if they like technology, perhaps they can save for shares of a tech company; if they love video games, perhaps they can save to buy a share of their favorite video game developer. Not only will this encourage your child to set goals, it will also give them a head start on their investment portfolio.
The information on this page is provided for educational purposes only and is not tax, legal, financial planning or investment advice. Neither the information nor any opinion expressed in this section constitutes an offer to buy or sell any securities or advisory products. The information provided is general and is not information reasonably sufficient upon which to base an investment decision and should not be considered a recommendation to purchase or sell any particular security. You should not regard this information as a substitute for the exercise of your own judgment. Investing involves risk.