Little Wolves of Wall Street
I have been talking to DJ about investing, saving and spending over the past couple of months. The Drewmeister isn't quite ready for this sort of conversation yet, but I mention things to him every now and then. My parents never talked to me about investing because they didn't know much about it and they didn't have the finances so they thought. There is a misconception that you have to have lots of money to invest, but that's just not true. If you don't believe me check out Micro Investing Packs a Punch.
Of course my oldest son doesn't know much about investing, but he knows about products. He understands companies make products and you can invest in these companies by purchasing stock. He also understands that if he invest $40 a month for 10 years, he will have at least $4800. (The $40 comes from the amount the boys get from their grandparents every month.) Of course there is more to it than that, but he understands the basic concept and that's the goal.
We downloaded the Fidelity app on Apple TV, talked about different products and looked at numerous ticker symbols of things he likes from Apple to Buffalo Wild Wings to Under Armour to Nike. He seemed very interested so I purchased a book called The Motley Fool Investment Guide for Teens: 8 Steps to Having More Money Than Your Parents Ever Dreamed Of as a Christmas gift. My boys want the latest Jordans or Xbox games or digital movies like any other kids, but I want them to learn to save and invest as well. The earlier they start, the more financially savvy they will become.
And I am proud to say that DJ bought him and his brother their first share of GM today.