April 15, 2016
You might be a master of the stock market, but are your kids? While most parents teach their kids the importance of saving money and might even help them open a bank account, they often fail to take the next step: educating them on how to build wealth through investing.
“Teaching children about investing and creating opportunities for them to put this knowledge into practice helps them take an important step toward their financial independence,” says Michelle Walker, Managing Director, Investments, Ascent Private Capital Management of U.S. Bank, and author of “The Basics of Investing: A Paper to Share With Your Children.” And the sooner you start, the better, she says.
“Starting early helps instill strong financial values in children while giving them more time to build
their own wealth,” says John Campbell, Vice President of Wealth Planning for The Private Client Reserve of U.S. Bank. Admittedly, it can be tough to convince kids to part with their money in the short-term so they can reap long-term benefits. “You need to find a way to make it resonate.”