It’s time. She’s been dividing her allowance and any earnings she’s made into three categories:
Save, Spend, Give.
Back in 2020, we opened a savings account for her at Bank of America. She had about $200 in there.
Now, it was time to teach her about investing. I taught her about compounding interest, and I also decided to make an appointment with our financial guy, Sam DeGreen, to help her understand how it all works. Monday morning, 9:30 am.
(Sam in Keith’s son who has taken over DeGreen Capital Management.)
He suggested investing in an ETF which is a BASKET of funds. (We don’t put all of our eggs in one basket). He also requested that she read The Richest Man in Babylon.
So, we took her savings and put it in an ETF through Fidelity. (She chose the NASDAQ (which are the top 100 tech stocks) and S and P 500 (top 500 companies))
After today, she’s already made .21! She just should leave it in there and pretend it’s not there. Every month, I’ll take her savings and put it in.
She’s so motivated to earn now! She’s voraciously writing as many book reports as she can (She gets $5 for a small book and $10 for a big book)
Here she is writing about Out of My Mind by Sharon Draper:
How exciting! My little investor. Teaching her to have financial wisdom is key for her future. I love you, Tot!