One day, my son told me this: "Now, I like 'ang pows' (red packet with money in it which children get during Chinese New Year) but when I grow up, I won't like 'ang pows' anymore because by then, I have to give out 'ang pows' instead of receiving them."
Every year, I would deposit my children's ang pow money into their savings accounts. Although the interest rate is low, it was the best thing to do as I did not have any investment plan for them.
Now that they are older, I wonder if it's the right time to teach them about financial management and investment. Maybe we can discuss the possible types of investment such as investing in gold IRA or gold 401k, buying shares or unit trust or even properties.
Buying gold is pretty much a good option as gold acts as a hedge against inflation and it's certainly a good metal to hold when we see a decline in US dollars. As an investor, we often want a diversified portfolio and gold can reduce the overall risk if we combine it with stocks and bonds in a portfolio. Many investors are placing gold in IRA as IRA gold accounts gain from negative economic, environmental, political and monetary conditions.
Children would learn how to manage their money and to save for the future. This would be the best gift for them.
Every year, I would deposit my children's ang pow money into their savings accounts. Although the interest rate is low, it was the best thing to do as I did not have any investment plan for them.
Now that they are older, I wonder if it's the right time to teach them about financial management and investment. Maybe we can discuss the possible types of investment such as investing in gold IRA or gold 401k, buying shares or unit trust or even properties.
Buying gold is pretty much a good option as gold acts as a hedge against inflation and it's certainly a good metal to hold when we see a decline in US dollars. As an investor, we often want a diversified portfolio and gold can reduce the overall risk if we combine it with stocks and bonds in a portfolio. Many investors are placing gold in IRA as IRA gold accounts gain from negative economic, environmental, political and monetary conditions.
Children would learn how to manage their money and to save for the future. This would be the best gift for them.
2 comments:
it's never too early to start teaching them about finance management :p
I think it is important to teach your kids the worth of money and about savings. They have a product that allows children, parents and extended family to save for a childs long terms future. Its tax free and matures at the age of 18. Do they have these in the USA?
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