Reading, Writing, and Retirement: Who’s Teaching Your Child About Financial Responsibility?

By Elsie Dudukovich0 Comments
 
Your child is counting on you to help him or her prepare for future independence.  You wouldn’t take a chance on whether or not your child learns to read or handle basic math.  Be actively involved in your child’s financial literacy skills.

CNN Money’s article on teaching your children financial responsibility is a great starting point for practical tips on how to teach your children to budget and save.  Separate banks for different savings objectives and letting them experience the consequences of failing to follow through on a budget are just two examples of how you can introduce lifelong skills.

Yet, saving for the future isn’t limited to just piggy banks.  At Equity Trust, we welcome entire families as clients.  Earned, reported income and a Social Security number are two IRS requirements to open an IRA – requirements that even young children can fulfill.  This important detail means it can be possible for even the youngest family member to have a traditional or a Roth IRA.  

Here are two case studies of families investing and creating a new legacy together.

Family Investors: Gary, Jan, and Brittany D. from Missouri Sweet 16 and Investing in Real Estate

Aisha D. from Maryland Woman Profits from Small-Dollar Real Estate Option, Inspires 10-Year-Old Son to Do the Same

How can you help the children in your life get ready for the future? Talk to one of our Senior Account Executives about the options available to your family by scheduling a free IRA checkup.