Recently a parent who is using our Money Savvy Pig bank asked me how to teach her young son how to use the “invest“ slot of the bank. He (and mom) were confused about how to approach investing as a money choice.
Before “invest” – start with “save”
Before you teach your child the concept of “invest”, first your child needs to understand and master the concept of save. We save and set goals for the things we want or need within, let’s say one year from now. So, if you are a 7-year-old kid, that would be something they would want or need by the time they are eight. Or, if it’s easier, if they are in first grade, by the time they are in second grade.