Teaching kids to SAVE, Building Wealth, Investing, Retirement, Stock Trading, Freedom, Liberty, Life, History

Episode 107:  I often receive questions about how to teach kids to invest…but I prefer to teach them to SAVE.  Remember a key wealth building principle is that you must first learn to Earn & Save and only then Invest.  It’s the same for kids.  Especially since their time reference is so SHORT.

  • Parents should teach by example.
  • Have money and economic conversations with them that teach them HOW TO THINK with logic and reason.
  • Explain the principle of SCARCITY.
    • Encourage them to save money they receive from gifts or working.
    • Make them wait an appropriate amount of time before purchasing something with “their” money. [Maybe one day for a child that wants a toy and weeks/months for a teenage that wants a car.]
  • Provide them opportunities to experience INCENTIVES.
    • Pay them for chores or help them find jobs.
    • Match their savings.
    • Chip in to help them with a purchase once they’ve met a threshold.

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Hosted by John Pugliano. The Wealthsteading Podcast teaches 10 wealth building principles to help investors build wealth and attain personal freedom.

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