Laura Rowley, Yahoo! Finance columnist, culled some of her reader’s tips for raising money-smart kids and I think some of these are absolutely brilliant.
Rebecca A. Gushue takes the top prize with her 401(k)-esq savings plan for her nephew where she matches what he invests every year. Every single year that kid gets a 100% match! How incredible is that? I don’t know how old that kid is but when you start learning how to invest in companies at an early age (especially overcoming the emotional roller coasters) you are set to succeed in a lot of different areas.
Mark Adams teaches his kids about how quickly things depreciate with the help of eBay, showing his children that something they bought for $100 is really only worth $10 now. It’s a pretty big lesson for kids to wrap their heads around but learning the whole buy used (on some things) over new is key. The worst thing is for someone to develop a love affair with “new.”
There are several tips that revolve around chores and earning money, as if those chores are a job. I’m not convinced that’s the correct strategy with those because I’ve found that doing chores around my own house is a matter of pride. However, chores as jobs do teach a certain amount of responsibility and work ethic… so it’s not entirely objectionable.
Read more.