March 25, 2024
Question:
I'm trying to teach my daughter about investing - any tips?
Answer:
Kudos to starting the education process early.
It depends on your daughters learning style and age, but in many cases, doing is the best way of teaching.
Amy offers this tip: I started putting money in my niece and nephews 529 plans when they were born, instead of birthday presents. They didn't know the difference.
By the time they were 10, I started involving them by sharing the statement with them. They didn't comprehend it all that much at that time, but they are all starting to get to the age now that they see the value.
In addition, at age 10, I had them pick a stock for their birthday. Each year I ask them 2-questions:
What do you want to buy this year and why?
Are there any changes they want to make to their current holdings?
These are not big purchases, but by the time they are 18, they will own 9 different stocks and have a general understanding.
Do your friends ask you financial questions?
Pass those questions on to us at AskRPG@rootedpg.com and we will feature them in our future newsletters.