To tie in with my passion for Personal Finance, I’ve been thinking a lot about Leaving the World Better Than I Found It, and generally how i can influence younger generations (whether my kids or my sister’s) to not be trapped by the money thing.
Right now, I’ve given Blair 1,000 (in matched chuncks) to start his Roth IRA. I don’t think I’ve done a great job of explaining things to him, so when I give him the next round, I am planning to make him sit through a budgting lecture. Thoughts?
- Make him fill out his net wealth spreadsheet and track it all
- Level 1 - give him a 100$ and put it in the market
- Level 2 - give him $200 and put it in the market, Make him fill out a budget so he gets his head around where all his money is going
- How much money has your parents/grandparents given you since you started school? Where is it now? If don’t still have it, do you know where it went? Lets look at the last 1-2 months. Create a budget.
- Level 3 - Give him $300 an put in the market,
- Some Higher level activity - nudge the idea of diversified income streams?
- Level 4 - Give him $400 and put in the market,
- Higher level activity (real estate investing? passive income? diversified income streams?)