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Manu Williams 🎩🔵🏒
@manuwilliams
Hey Parents! Before school starts I looked into debit cards for kids that teach them financial responsibility and the value of money. My son never really had chores, but I found that he is extremely motived by money 😅, so I set up tasks for him to tick off to earn and manage his own finances. He went right to work on the highest ticket item 😂 Love that it comes with fun explainer videos that you as a parent can also incentivize. Curious to see how it all pans out…Card will arrive in a week! I compared Greencard and GoHenry and went with GoHenry as it seemed very straight forward. https://www.gohenry.com/
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Blue Cockatoo
@bluecockatoo
That’s awesome. There weren’t cool things like that when my son was young, but having an allowance and monetary rewards for bigger goal achievements (like getting good grades on his report cards) were a huge motivator until he got to be like a junior in HS. I hope those apps also encourage savings! Delayed gratification through saving is a super important skill. Also even better if it gives them a way to invest and see how compounding works, which is the key to wealth!
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Manu Williams 🎩🔵🏒
@manuwilliams
Good points Blue Cockatoo! I wanted to not overwhelm him with the investing option just yet and get him used to the basics first, but that is definitely going to be Finance 2.0 after he has gotten used to earnings and making some simple financial goals. The card does come with a savings option with a custom annual parent-paid interest rate. Once he is ready we might switch over to Greenlight with more advanced options in investing etc or do a Fidelity Youth account (starting at 13) https://www.fidelity.com/go/youth-account/overview
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Blue Cockatoo
@bluecockatoo
That’s some good parenting! I didn’t have any financial training from my parents so I know it’s tough without it. You are setting him up with great experience!
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Manu Williams 🎩🔵🏒
@manuwilliams
Thank you! Neither did I! I had zero clue about money, and we didn't have much growing up, so the minute I had earned some it was evaporated. It was difficult and a very frustrating experience. My parents managed very well, never got into any debt and even managed to save, but for us kids we never had money to buy anything we liked. So the moment I earned something I was desperate to get it. Not sure how financial planning could have helped me here though, because the interest earned in savings accounts is a joke.
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Blue Cockatoo
@bluecockatoo
Similar background in that parents got by but didn’t have a lot of extra. I did have an allowance and had to learn to save to get things I wanted, but no idea about credit or investments or how debt worked. I am not sure if you are in the US, but there are High Interest Yield Savings accounts you can get that can mostly compete with inflation (5%) but yeah, compounding is mostly apparent in stocks with dividends over several years, but you can simulate the returns for him!
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