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Bayou Tiger
LSU Fan
The Woodlands, TX
Member since Nov 2003
3365 posts

Kindergartners and Bank Accounts

My son is in Kindergarten and was talking about saving up his money to buy something. So I told him about spending, saving, investing, and giving.

He asked about investing, so I told him about bank accounts and stocks. I told him banks pay you money to hold your money for you, which he thought was cool. He asked me how much the banks would give him to hold his money. After I told him how much money, he said "Ha ha. That's not a lot of money."

Maybe I should start him off in junk bonds, although he thought the idea of stocks was pretty cool.

How exactly does anyone encourage their kids to open a savings account these days with the horrendous interest rates?


I Love Bama
Alabama Fan
Alabama
Member since Nov 2007
34137 posts

re: Kindergartners and Bank Accounts
Good grief man. He's in kindergarten.

Toss him a ball.


Bayou Tiger
LSU Fan
The Woodlands, TX
Member since Nov 2003
3365 posts

re: Kindergartners and Bank Accounts
quote:

Good grief man. He's in kindergarten.

Toss him a ball.
We do plenty of that, for sure

He's pretty rowdy and active with sports for his age, but he is really into numbers and money too.

ETA: He's really just curious and interested about a whole lot of things in life, so I do my best as a parent to answer questions and nurture what he is interested in.

Do you have kids? When he's asking me about rain clouds or cars or money, I'm not just going to tell him to get back outside and shoot more hoops.
This post was edited on 3/12 at 9:10 pm


LSUTigers00884
LA-Lafayette Fan
Lafayette
Member since Oct 2011
805 posts

re: Kindergartners and Bank Accounts
Future finance/economics major.


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WikiTiger
LSU Fan
Member since Sep 2007
40721 posts

re: Kindergartners and Bank Accounts
have you explained to him the federal reserve system and how inflation is a hidden tax yet?


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LSUAfro
LSU Fan
Baton Rouge
Member since Aug 2005
11585 posts

re: Kindergartners and Bank Accounts
Bit coins. It's like play money.


OnTheBrink
Alabama Fan
TN
Member since Mar 2012
4663 posts

re: Kindergartners and Bank Accounts
And here we go...........



Tmacelroy12
LSU Fan
Houston
Member since Aug 2012
5489 posts

re: Kindergartners and Bank Accounts
Sounds like a finance major to-be

I also loved saving money... I came home one year from college and was working in the attic cleaning out some shite. Found about $600 in a monopoly board that I was saving


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LSUtoOmaha
LSU Fan
Nashville
Member since Apr 2004
21841 posts

re: Kindergartners and Bank Accounts
First of all, your kid is going to be extremely bright.

Secondly, at his age I would just let him continuing asking his own questions.
This post was edited on 3/12 at 9:44 pm


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Lsut81
USA Fan
Member since Jun 2005
66211 posts

re: Kindergartners and Bank Accounts
quote:

Maybe I should start him off in junk bonds, although he thought the idea of stocks was pretty cool.


Bitcoins motherfricker


TigerDeBaiter
LSU Fan
Member since Dec 2010
3255 posts

re: Kindergartners and Bank Accounts


BitCoin Board?

To OP, maybe have him save up for enough to buy a share of Disney or something? Then get them to mail an actual stock certificate so he gets something tangible.

I wouldn't buy one of those pre-framed certificates though; I looked for my nephew and a most of the websites wanted over double market value. It was framed, but still. It was the principle.


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Bayou Tiger
LSU Fan
The Woodlands, TX
Member since Nov 2003
3365 posts

re: Kindergartners and Bank Accounts
I am not smart enough to explain bitcoins to him. After reading all of WikiTiger's links with an open mind, I still don't understand any of it.

It reminds me of trying to visualize quantum physics. All of that stuff is either way above my head or a bunch of BS, but my brain can't grasp it and I can't just "go along to get along."


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LSU9102
New Orleans Saints Fan
West of the Mississippi
Member since Mar 2007
1659 posts

re: Kindergartners and Bank Accounts
Roth account is an option for work that he can do.
Tax free and he would be way ahead by 18 than most by 68.
Sad but true.


TigerintheNO
LSU Fan
New Orleans
Member since Jan 2004
25173 posts

re: Kindergartners and Bank Accounts
quote:

When he's asking me about rain clouds or cars or money, I'm not just going to tell him to get back outside and shoot more hoops.


typical white person


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LSUtoOmaha
LSU Fan
Nashville
Member since Apr 2004
21841 posts

re: Kindergartners and Bank Accounts
quote:

Roth account is an option for work that he can do.
Tax free and he would be way ahead by 18 than most by 68.
Sad but true.


You have to be careful about this if the child is younger than the minimum age to hold a job. I don't think chores and things of that nature count. It is a grey area for Roth funding.


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foshizzle
LSU Fan
Washington DC metro
Member since Mar 2008
32122 posts

re: Kindergartners and Bank Accounts
quote:

How exactly does anyone encourage their kids to open a savings account these days with the horrendous interest rates?


If he sets aside a certain amount every week, he'll have an amount he'll find amazing after only a couple of months.

quote:

have you explained to him the federal reserve system and how inflation is a hidden tax yet?




You know better than this, nobody hoards currency.


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Siderophore
LSU Fan
Member since Nov 2010
3335 posts

re: Kindergartners and Bank Accounts
quote:

Good grief man. He's in kindergarten.

Toss him a ball.


I absolutely despise parents with this attitude.

I was teaching a kid (second cousin) in kindergarten multiplication, and she was getting it really well.

The mother asked me to stop because "She's too young."

Exposure and education don't have age limits.
This post was edited on 3/13 at 7:39 am


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LSU316
LSU Fan
Frog City Baby!!!
Member since Nov 2007
11795 posts

re: Kindergartners and Bank Accounts
quote:

He's really just curious and interested about a whole lot of things in life, so I do my best as a parent to answer questions and nurture what he is interested in.


I would be willing to bet your son will be a very successful person. I'm going to try and do the same thing for my daughter (she is only 4 months so it might be lost in translation at this point ).

I wish I would have been more interested in things that affected my future when I was growing up.


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LSURussian
LSU Fan
Member since Feb 2005
85175 posts

re: Kindergartners and Bank Accounts
Buy a few shares of a stock in a company he knows and likes, for example, Disney or Coca-Cola. That's how I got my kids interested in the stock market and how businesses need to make a profit.


Waffle House
Virginia Fan
NYC
Member since Aug 2008
2548 posts
Online

re: Kindergartners and Bank Accounts
If you're just trying to teach the concept of saving, why don't you set the interest rate that the "bank" will pay. You don't have to be absurd about it but maybe give him a 10% rate that you deposit in addition to his deposits.

You could also do a "company match" where you match 10% of what he contributes to his savings, similar to a 401k program.

I also liked Russian's idea of buying stocks in companies that he is familiar with and likes.


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