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The Online Advisor

October 2008

Smart Business

Teach your children about money


If you haven't already started teaching your children about money and finances, you're neglecting an important part of their education. Consider these suggestions:

* Teach children how to live below their means. Children learn by example, and you can be their best teacher. Teach them to think first and spend later. Impulsive spending increases your children's chances for getting in over their heads with consumer debt.

* Fund a Roth with summer earnings. If your child has a summer job, consider setting up a Roth IRA. The funds can be withdrawn to cover college expenses or left to grow for retirement. If your daughter invests $5,000 in a Roth at age 16, and the fund earns a 6% return, by age 65 that $5,000 will have grown to over $86,000 tax-free. If she continues to invest $5,000 every year to age 65 with a 6% return, the balance will exceed $1,400,000.

* Match savings. Consider matching every dollar your child puts into savings. It may prepare him or her for later participation in an employer's 401(k) plan.

If you want your children to be money-smart, take the necessary steps to educate them while they're young.


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