6 Tools Available For Your Kids Making Money

Now, what will your children do with that money? Some parents know their children should have a savings account but are there any other ways you can teach your children to use their money.
This acronym is a simple way to help you remember 6 different types of accounts your child can place their money.
Have your child place 10% of their money in this account and as it is with any long term savings account don't touch it except for extreme emergency.
You should have them put 10% of their earnings here as well.
Apply 5-10% of their earnings here and help them to identify organizations that the child would want to help or assist.
10% of their income can go here to help them save towards Christmas or vacation or generally any item that may take some time to save for.


E - Education Account - Have them place 10% of their money here as well.
This could be a financial seminar or even training for a business opportunity.
Imagine the joy of your child becoming self sufficient and purchasing their own clothes or even helping buy groceries, that is what this account is for.
The key is to continually educate yourself and to pass that knowledge down to your children.


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