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Kindergartners and Bank Accounts
Posted on 3/12/13 at 9:01 pm
Posted on 3/12/13 at 9:01 pm
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?
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?
15
Posted on 3/12/13 at 9:04 pm to Bayou Tiger
Good grief man. He's in kindergarten.
Toss him a ball.
Toss him a ball.
Posted on 3/12/13 at 9:06 pm to I Love Bama
quote:We do plenty of that, for sure
Good grief man. He's in kindergarten.
Toss him a ball.
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 3/12/13 at 9:10 pm
Posted on 3/12/13 at 9:09 pm to Bayou Tiger
Future finance/economics major.
Posted on 3/12/13 at 9:10 pm to Bayou Tiger
have you explained to him the federal reserve system and how inflation is a hidden tax yet?
Posted on 3/12/13 at 9:12 pm to Bayou Tiger
Bit coins. It's like play money.
Posted on 3/12/13 at 9:17 pm to LSUAfro
And here we go...........
Posted on 3/12/13 at 9:21 pm to OnTheBrink
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
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
Posted on 3/12/13 at 9:24 pm to Bayou Tiger
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.
Secondly, at his age I would just let him continuing asking his own questions.
This post was edited on 3/12/13 at 9:44 pm
Posted on 3/12/13 at 9:25 pm to Bayou Tiger
quote:
Maybe I should start him off in junk bonds, although he thought the idea of stocks was pretty cool.
Bitcoins motherfricker
Posted on 3/12/13 at 9:28 pm to OnTheBrink
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.
Posted on 3/12/13 at 9:41 pm to Lsut81
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."
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."
Posted on 3/12/13 at 9:45 pm to Bayou Tiger
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.
Tax free and he would be way ahead by 18 than most by 68.
Sad but true.
Posted on 3/12/13 at 9:59 pm to Bayou Tiger
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
Posted on 3/12/13 at 10:04 pm to LSU9102
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.
Posted on 3/12/13 at 10:20 pm to Bayou Tiger
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.
Posted on 3/12/13 at 10:40 pm to I Love Bama
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 3/13/13 at 7:39 am
Posted on 3/13/13 at 8:15 am to Bayou Tiger
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.
Posted on 3/13/13 at 8:31 am to Bayou Tiger
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.
Posted on 3/13/13 at 8:43 am to Bayou Tiger
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.
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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