Here is what I’ve been looking for: specific reasons for my lack of wealth at the age of 30, stemming from my childhood. Count on Money Magazine to let me know how I am not worth all I could be (and to have another quality list, like yesterday’s 8 smart year-end moves). Here are gifts you can give your kids that may help them “get rich,” or at least think intelligently about money management.
- Teens: Match whatever your working teen puts in his or her Roth IRA. Start with Vanguard or TIAA-Cref.
- Young readers: Alexander, Who Used to Be Rich Last Sunday, by Judith Viorst.
- Young gamers: Payday, a fun board game that teaches money management.
- Teen gamers: The Sims 2: Open for Business Expansion Pack, in which you can run your own virtual business.
- All kids up to 18: Contribution to a 529 plan. Savingforcollege.com is a good resource for these tax-deferred education savings plans.
The good thing about these gifts is they stand the test of time. You don’t have to worry about buying into the right fad or getting the latest and greatest toy. Those gifts will soon be fogotten about, but the above gifts will last for a long time and have a positive effect.
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I wonder how Alexander went so fast from being rich to being no longer rich. Must be a moral there.
For younger kids, you can get the Money Savvy piggy bank to help teach them about saving, link
A board game that teaches money skills is the CASHFLOW for Kidsâ„¢ Board Game at richdad.com.
Terry – most kids’ books have morals. Take a look at the reviews, maybe we can all learn something.
Why yes, Flexo is quite correct. When I was about eight years old, I was given as a gift a copy of The Phantom Tollbooth, which I quickly devoured. Some years later, I decided to re-read it, and discovered the book to be chock full or morals which had gone right over my head the first time.
First off, I love the first suggestion. Often times when teens start working they feel that their meager paychecks are for nothing… A little positive reinforcement never hurt!
Second off, has anyone tried actually played The Sims 2: Open for Business Expansion Pack? One of my long-time side-hobbies is playing business simulations. Is is any good? I recently wrote an article about the type of games I like, and am now wondering if I should check this one out.
I am going to pitch these to my family this holiday. We do too much shopping and no saving.