Tuesday Tip Jar: Get Your Kids Excited About Investing

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Welcome to another “Tuesday Tip Jar” where I will share awesome savings and financial tips as I find them. I might not have something for you every Tuesday, but when I do, you’ll find it here!

If you’ve got a financial tip you think others would benefit from, please send it to me via my contact page at the top of the blog!

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My Dad spent every penny he earned.  If he earned 10 bucks, he spent 10 bucks. If he earned 1,000, he spent 1,000. If he earned 10,000…

You get the idea.

My in-laws are similar. They didn’t put any money into savings for most of their adult life, and struggled to make ends meet for many years.

So my wife and I were raised with that mindset, and thus spent many years ignoring savings, living for the moment, and in general being pretty silly with our income. The result is a mountain of debt, this blog, and a promise to ourselves that we will break this cycle with our kids.

My kids don’t get allowance. We’ve always been of the mindset that their allowance comes in the form of friends staying over and eating our food, them going to movies, us renting movies at home, vacations, and all of that sort of stuff. They do chores, but we explain to them that it’s all just part of being in this family, and working alongside mom and dad to keep things in order.

What we have done extensively however is helped them to hustle. They sell things in yard sales, on Facebook, or via side ventures, and they make a fair amount of money that way. My son just recently self-funded the purchase of a iPhone (a generation or two old), and some AirPods. Hell even I don’t have AirPods!

The agreement we have made with them however is when it comes to saving and investing. Our formula for them works like this:Read More »

Tuesday Tip Jar: An App for Teaching Your Kids to Invest

tipheader-1

Welcome to another “Tuesday Tip Jar” where I will share awesome savings and financial tips as I find them. I might not have something for you every Tuesday, but when I do, you’ll find it here!

If you’ve got a financial tip you think others would benefit from, please send it to me via my contact page at the top of the blog!

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Quick Tip Jar Follow-Up: A few weeks back I posted about a government run service that allowed you to search for and reclaim lost money. At the time I was somewhat skeptical, but today I got two checks in the mail for both of my claims!

So if you’re in need of a bit of extra cash (or even if you aren’t), go read that post and find out if you have missing money owed to you. All the credit goes to David Bach and his readers for turning me on to this rad site!

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Today’s “tip” is going to be a bit odd in that I haven’t actually even fully tried it out to see if it works yet as well as I hope it will. Here’s the story:

Part of the lesson my wife and I have learned being in debt is that we never want our children to find themselves in this kind of situation. While the goal is to be able to help them financially one day if needed, we’d very much prefer to instead just simply teach them how to never need help!

Part of this lesson comes in the form of teaching them to invest their money, and so I’ve been on the hunt for a good investment app that frankly skews a bit towards kids. Now obviously kids can’t go around buying stock in Starbucks or Tesla, and they need a parent or some other adult to do it for them. So you need what is called a “Custodial Account” where an adult buys the stock for the kid and helps them build a portfolio, and then when the kid turns 18, they get the investments turned over to them.

Kind of like the nerdiest beer purchase for underage kids of all time.

But not all apps allow for this, and the ones that do are often so dry that your average kid isn’t going to be interested in paying attention to their cold design. So I started asking around and doing some research, and it shook out to 3 frontrunners…

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