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Holiday Gift Twist
Give Children the Lifelong Gift of Financial Savvy
Grandma Ruth always gives her grandkids certificates for Christmas – certificates for stock, not gift certificates to spend at the local mall. If giving young relatives cash or gift cards leaves you feeling disconnected or unappreciated, try Grandma Ruth's successful strategy this holiday season: Focus on investing rather than spending, and teach children lifelong financial savvy too.
"Learning to save and invest wisely is no different than learning to play piano, throw a baseball or be polite," says financial educator and author J.M. Seymour. "We model behavior around us and practice to get better. Even long-distance grandparents can be wise investment teachers, because they often have time to help others learn. Plus they have lived through many economic ups and downs."
Seymour suggests parents, grandparents, aunts and uncles looking for a meaningful holiday present offer the kids a taste of the stock market by giving a share of stock or opening a joint account. The stock can be a great way to keep a meaningful conversation going by exchanging information on the company or its industry, Seymour says.
Learning to invest doesn't require any fancy equipment, uniforms, special shoes or a lot of money. Teaching skills that can make your grandchildren, nieces or nephews rich is not an expensive proposition, "but failing to teach them is," Seymour says.
About the Author: J.M. Seymour, who speaks about financial education to children as "The Money Godmother," is author of the book Stock Market Pie ... Grandma Helps Emily Make a Million (DynaMinds Publishing, 2002).