If you're looking for ways to prep your child for investing, an experienced parent and financial experts have some ideas.
By ELIZABETH AYOOLA of NerdWallet During my late teens, my mom handed me two worn, blue passport-size books with details of my custodial investment accounts. I had no clue what to do with them, but it didn't matter, because the accounts were empty anyway. Perhaps for the best, because I'm almost certain my assets wouldn't have stood a chance.
"One of my favorite things is taking the dollars and really splitting them up in ways that are really aligned to values," says Livadary."So, let's say you get $3 a week — $1 for giving, another dollar is for saving, and the other dollar you get to spend." Michael Costello , a retired consumer products executive based in Miami, and a parent of three, says he prepared his now-grown kids to manage their custodial accounts by teaching them about budgeting and saving early. He also let them view their investment accounts and watch them grow, and he facilitated investing discussions with them.
SET GOALS AND TEACH DELAYED GRATIFICATIONDelayed gratification is an important adaptive skill parents can teach kids for them to manage custodial accounts, says Anna N'Jie-Konte, a CFP and founder of Dare to Dream Planning in New York City. When setting financial goals with your kids, it's fine to set both long- and short-term ones. Why? Some people just aren't inspired by financial goals that are too far into the future, says Livadary.
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