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You know about the importance of investing, saving and protecting your future. But how do you teach your children early about those same good habits? Perhaps if we took a more proactive approach to teaching our children good savings habits early, two-thirds of millennials age 23-35 wouldn’t have one source of long-term debt and one-third with another source of debt. (Yellowbrick Millennials and Debt) Granted most the debt burdening the Gen X is student loans. With an average of $40,000 in student loans, millennials are trying to pay off their loans and other debt with an average annual salary of $35,000. No wonder they can’t seem to “get their heads above water.”
If that’s not the future you want for your children, start teaching them now about savings and spending money wisely. You know that smart investing has many components that include traditional savings accounts stocks and bonds. At GMRgold we recommend adding precious metals to your portfolio for diversification. Your kids don’t need to know all the ins and outs of the market at this point, but you can include them in the conversation when the opportunity presents itself.
Allowance – Is still the best way to teach your child about earning money and spending it wisely. I used to get a weekly allowance based on the chores I did during the week. If there was something special I wanted, I had to save and buy it only when I could afford it.
Collections – You can start your child his or her own coin collection, or allow them to be involved in yours. When you receive a shipment from GMRgold, have fun unwrapping or opening the boxes together, talk about each piece and why they are important to your collection.
Pop Culture – Searching for treasure has been a long time subject for authors and writers. Jack Sparrow and Indiana Jones both searched for treasure in several movies, and who hasn’t looked for the pot of gold at the end of the rainbow? Talk to your kids about why characters look for treasure and its value.
Teaching your kids about the value of saving doesn’t have to be tedious, but can be a fun activity you can share for years to come. Find out more about investing in precious metals by visiting us online at GMRgold.com or give us a call at 877-795-9585.