9Lun
As long as everything goes up, that's all well and good.
But what does it do to a 6-year-old when he sees that the €100 savings installment is lost at the end of the month due to price losses and that over many months?
There are two sides to everything. You should at least consider that.
Otherwise, good plan!
But what does it do to a 6-year-old when he sees that the €100 savings installment is lost at the end of the month due to price losses and that over many months?
There are two sides to everything. You should at least consider that.
Otherwise, good plan!
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@Epi At the end of the day, an almost 5-year-old can't really categorize the numbers yet and it's not as if he's looking at the numbers. The coins in his piggy bank, which he can spend at will in the kiosk, at the fair or in the toy store, are worth much more to him anyway. He is still far too young to realize falling prices.
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9Lun
@MisterFogg I started mine with silver coins. I added a nice one every holiday and every few months I looked together to see what the silver treasure was worth. Between 6 and 9 that was enough for the financial market.
The real financial education took place on the spending side anyway. A little pocket money, saving for wishes, subsidies from parents for books, classified ads for buying and selling toys.
Building up capital by increasing the value of shares in companies - that was only really tangible from around 15.
The real financial education took place on the spending side anyway. A little pocket money, saving for wishes, subsidies from parents for books, classified ads for buying and selling toys.
Building up capital by increasing the value of shares in companies - that was only really tangible from around 15.
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@Epi I think we should trust our children much more than we currently do. If they grow up playing with it in a protected environment, they internalize the positive and negative sides of emotions such as fear and greed, joy and loss much faster and better. And they understand right from the start what is behind the brands that we buy so regularly, especially for them. Children are influenced by advertising much earlier than we generally assume. With the help of such money and stock market games, we can steer their attention in the right direction.
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•9Lun
@market_sorcerer_985 I agree with you!
The art of parenting is to neither under- nor overburden children.
Dealing with emotions must be learned at an early age. Understanding capital market movements and explaining them using behavioral finance findings takes time and should be reserved for those who are interested in it. Otherwise nothing will stick anyway.
The art of parenting is to neither under- nor overburden children.
Dealing with emotions must be learned at an early age. Understanding capital market movements and explaining them using behavioral finance findings takes time and should be reserved for those who are interested in it. Otherwise nothing will stick anyway.
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•@Epi That's absolutely true, of course. You can't push a child into a corner where they don't see themselves, but you can offer it. I did this with both my children and they reacted very differently to this offer. They even had to grow up first to find their own way, which is very different for both children. But I planted the seed in the ground a long time ago and then let them do it themselves, and I still give them an insight into my way of dealing with money and the bad mistakes I made myself.
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•@Epi great approach! Exactly, financial education takes place on the expenditure side. And that's exactly where you can direct it. My son wanted Adidas shoes when he was 11 years old. The children's size was still within reason, but paying the adult size for a child was too much for me, he already had such big feet. So we made a deal: I would pay as much as the children's shoes cost, and you would pay the rest. My son quickly moved away from branded shoes and opted for non-name brands. If I had invested in shares back then, it would have been worth an Adidas share for his portfolio.
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