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December 2, 2008 11:37:43 AM CST

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How to Make Kids $$$$ Savvy

Posted Dec 20, 07 5:06 PM CST in Business,  Arts & Living 

(Newser) – It's never too early to get savvy about money. The Journal's Jonathan Clements explains how he's put his teens on the right track.

  1. Delayed gratification: When they spend their own cash, they make better decisions.
  2. Pace yourself: The Clements kids had to make a 3-month allowance last.
  3. Family values: Stories, not lectures, get the right values going.
  4. Pile on the rich: Clements disparages opulence.
  5. Long-term compounding: Choose annuities that incentivize waiting.

  1. Tax-free growth: Clements started a Roth IRA ASAP.
  2. Build homeowners: Mutual funds will mature when it's time to buy.
  3. Grow good credit: List kids as joint account holders on credit cards.
  4. Don't fund blowouts: Clements promised never to throw a $30,000 wedding.
  5. Pay for school: Make your priority debt-free college grads.
  6. Setting expectations: It was never the figures that mattered, just the principle.
  7. Finances as education project: The savvy kids had family investment contests.

Source Wall Street Journal

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It's never too early to start teaching children how to save money.   (Shutterstock.com)
Fundamental life lessons during childhood can reinforce smart decisions during adulthood.   (Index Open)
Financial savvy children become financial savvy adults as early life lessons are applied to the real world.   (Shutterstock.com)
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