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I don't have kids, but this is what my parents did.
Set up two paper trading account with $1,000. Let them "invest" one of them; put the other in an index fund. Don't have to tell them it's a paper trading account.
Let them see how dumb they are. Teach them to be safe with their money. It didn't quite work with my brother because he put it all on Amazon... But it did for me, I put most in Compaq ;).
That's probably not until we were like 12 or 13 though.
Pro
My dad called it a tax on my brother ;) to pay for my stupidity. I guess two lessons in one lol.
Rising Star
My parents let me start investing around 4 or 5. When I was young, it was very hands off for me. They taught me about money and delayed gratification. I got to choose a list of companies up to 10 and then my dad chose what to invest in wi tonight my list. At that age, my list was based on who had the coolest things, Disney, McDonalds... I started taking over around age 15. I would analyze and ask my dad for his insight.
They did the same thing with my brother, but he’s was never as interested, so I handle his finances now.
My 2 kids are preschool age, so just high-level concept of money at this point :)
Nothing wrong with 529s - tax free growth and there are many investment options depending on the plan. Also tax deduction benefits for certain states (I think Illinois and NY are pretty significant). Only 2k per year here in Massachusetts. We've got about $95k in ours in a simple age-based plan, and growth has been really solid.
My parents didnt teach me anything except to save which I never did. I taught myself about 401ks, mutual funds, tax write offs, 529 and doing my own taxes.
My parents didn’t teach me to invest at all. My dad was extremely risk averse. It sucked when he unexpectedly died when I was 21 and I inherited IRAs, 401ks, etc. and had no idea what those things even were or how to invest for my future. If I had rode the bull run from 2016-2020, I’d be sitting pretty. I didn’t learn to invest or anything until I started dating my husband who has an MBA.
My dad funded my education with a 529 and a regular savings account.
My dad opened up my first savings account for me when I was 10. He told me he would match every dollar I put into it until I went to college. I remember any time I made a deposit he would take me to the bank, help me fill out the deposit slip and let me take it up to the teller. It was such a great foundation for me to understand money, banking and saving. Not to mention it made me understand and appreciate the value of a dollar and my hard work. I was always so proud when I made deposits. I plan to do the same with my kids.
Love this.
For the first - would recommend that you just talk about finances constantly with them. My parents made me a paper trading account but I made 5 trades and then forgot about it forever. Most important for me was to be open talking to my parents about budgeting investing, books/magazines to read etc. it became status quo BAU vs something you “study” and forget like so many classes in school