Focus on teaching your children the basics of saving, giving, and investing. As parents, we are focused on preparing our children to lead successful, meaningful lives. Even though they spend a large portion of their childhood in a classroom, personal finance isn’t usually a major focus. Since that’s the case, we have some ideas on how parents can get their kids started on the path to financial mastery.

It’s important to focus on the fundamental concepts of saving and investing to help them establish healthy money habits from an early age.

  • Generosity – Teach them about the importance of the abundance cycle and being generous with their money.
  • Saving – Highlight the concept of spending less than you earn and the power of delayed gratification. Consider your own dollar for dollar matching program to give them an extra incentive to save!
  • The Power of Compounding Interest (Time) – Consider opening a Custodial Brokerage account or a Custodial Roth IRA (if they have earned income) so that they can experience the magic of compounding interest, first-hand. Make sure they understand the amazing opportunity they have as young savers with the Wealth Multiplier By Age (free download), showing how much their dollars can grow from ages 0 to 65.

Check out the video below if you want to learn how to make your children millionaires!