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IBD's Paul Katzeff: 7 Steps Toward Financial Literacy For Your Children
Also...have your kid: - Open an interest bearing bank account - fund it weekly or monthly - Use this personal account to explain the 8th wonder of the world - compound interest - Help your kid run a business - by cutting lawns, shoveling snow, babysitting, collecting returnables, doing household chores - bank some and spend some. - Play games with your kid- Life, Monopoly, Stratego, Risk, and many card games- all provide a fun way to learn about money, risk, strategy, cost of living, decision making and consequences for decisions. - Save for a big purchase - a bike, a pair of skates, a pet - develop a plan on how to pick the right item, how to save for the purchase, and how to care for such an expense and commitment.
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- Open an interest bearing bank account - fund it weekly or monthly
- Use this personal account to explain the 8th wonder of the world - compound interest
- Help your kid run a business - by cutting lawns, shoveling snow, babysitting, collecting returnables, doing household chores - bank some and spend some.
- Play games with your kid- Life, Monopoly, Stratego, Risk, and many card games- all provide a fun way to learn about money, risk, strategy, cost of living, decision making and consequences for decisions.
- Save for a big purchase - a bike, a pair of skates, a pet - develop a plan on how to pick the right item, how to save for the purchase, and how to care for such an expense and commitment.