Starting Kids Off Investing and Saving

[questions]

I’d like to start our teenage grandsons, ages 13 and 16 off right. They do odd jobs and have some money saved.

1. What book would be age appropriate for them

2. What recommendations for first time savers/investors with $1000 each.

[terry1156]

I think that most people take the incorrect approach with this. With kids, you need to find out their interests and then adapt the lessons to that. Find out what they are into and then maybe buy stock in one of those companies.

I also think that real world lessons are much more powerful than a book at that age. Set up a situation where they can learn the positives of saving.

At the very least, open a bank and checking account for them. Then have them open up an ING account with $250 so they can get the $25 bonus. This should be a good primer that kids love on how they can work the system to get money.