generational wealth building for families 

“One of the greatest gifts you can give your kids is to prepare them to be responsible, empowered adults around money.” – Ann Wilson

If you have children or even grandchildren that you want to teach about good money habits now, you should check out “Generational Wealth Building Activity Book” by Kyng & Kyren. It is a financial literacy tool and workbook for kids that is filled with crossword puzzles, coloring, vocabulary, mini lessons on finance, mazes and so much more. The book can be ordered on Amazon for $17.99 (as of publishing). They discuss topics in a fun way for kids to understand. They are such important topics that we should already be teaching in our homes, since they are not being taught in schools–well not most schools. Hopefully that will change, but even then, we believe it is the parents responsibility to train up children with wisdom.

Sometimes we have good intentions to teach these things, but don’t have the right tools to help guide us in the conversation. The activity book goes over simple topics like, “What is money?” and “Why do we earn money?,” to more complicated money conversations like, “What are assets?”, “What are liabilities?”, “What is Investing?”, and even “Stocks, Bonds and Real Estate.” The book helps teach critical thinking skills around money and creates opportunities for healthy conversations around money. Helping your kids start off on the right track with money is huge, especially in a world where people are outspending their means and carrying substantial credit card balances.

Tara Bruce, Goodwin Investment Advisory’s creative brand manager, had her kids do this activity book and her son Finn’s favorite part was when Kyng had to think through real life spending scenarios as well as the page that helped him set his own savings goals.

Some other helpful teaching aids and ideas –

1. Smart Money Smart Kids by Dave Ramsey and Rachel Cruze is a book that is teaching parents to “raise money-smart kids in a debt-filled world.” The book shares about saving and spending wisely, letting kids know it is okay to be either a saver or a spender, but to save and spend smartly. Letting your kids learn the consequences of spending all of their money is a huge lesson they need to learn. Learning they can no longer buy other things after spending all their money helps them learn to appreciate saving and prioritize their spending. Saving can teach kids about goal setting and discipline which are two very important life skills that are useful in all areas of their life

2. Help your kids open a savings account. Minor children by law can’t open a savings account, so as their parent or guardian you will need to set up a custodial or joint account for them. A custodial account is still the property of the child, but managed by the parent until he/she turns 18. With a joint account, both the parent and the child have access to the account, but the adult can supervise or even limit the activity. Both a custodial and joint account can later be converted to the child’s own accounts. As you shop around, look for a bank that encourages young savers with no, or at least low, fees and no minimum balance requirements. You will want to make sure your child’s account is FDIC-protected as well. One account we found is the Fidelity Youth account. This account is available to teens 13-17 years old, and it has been created to help teens learn about money. The parent or guardian must have a Fidelity account first, so that you can provide the support your child needs to help monitor their account and transfer monies. There are no account fees or minimums for this account and they offer an educational component geared directly toward teens to help them learn about saving, investing, and spending.

3. We have shared in the past about Greenlight, a debit card for kids. Check out the link here to read our blog.

4. Don’t forget, your kids will do what you do, more than do what you say. They are always watching you and modeling your behavior. One action step is to create healthier money habits for yourself so that your kids emulate those good habits.