Get your kid a piggy bank
A question that people usually have in mind is "What is the right age to start doing investments?" My humble answer would be, age has nothing to do with investing. I still remember my mother teaching me how to save money that I get as pocket money from my relatives. I also remember the first piggy bank that my parents bought me to save money. They did explain to me the importance of saving money and using them for the right purpose.
I definitely believe that that was a good starting point for me to start my investments and savings. So, when it comes to age people have a wrong perception that we have to reach a certain age to start investing or saving money. This ideology is completely wrong.
Things that we learn during our young age becomes one of our hard-earned hobbies and will continue to help us throughout our journey of life. Saving money is one such hobby that I learned from my parents from a very young age.
Piggybank for saving money
Teaching the kids to save money from a very young age is very helpful for them to understand the value of money and value of savings. They grow up with a responsibility to handle money very carefully. I have had personal experiences where I take my piggy bank regularly and count the money I have in it. I was also interested in counting the money that my sister had. For some reason, she used to always have more money than me and I was jealous about it. Nothing in the wrong intention but it always happens to be like that.
Every time I count the money there, I had a feeling that I was handling the money properly and would do so in the future as well. A piggy bank can give confidence for the kids and as they grow up, they become good investors. They will also start learning more about investments and do the right investment at the right time.
The right time to invest
Some parents will not let their kids handle money until a certain age. My parents have also done that to me but in a responsible way. They thought me right and wrong and also explained to me where things can go wrong. Even from my school days, my parents encouraged me to do some investments. I still remember that 1000 Rs was the first big money that I won from a contest. When I received that prize money, I was studying my 10th grade. My mother asked me to open a bank account and deposit that money in the bank account.
That first investment that I made in my life is still there in the bank account untouched. I guess it is now over 15 years since I made that investment and it is sitting there as a fixed deposit. After opening the bank account I started clearing my piggy bank little by little. I made deposits to my bank account by myself, the money that I saved on my piggy bank. I also keep checking the balance just to see if the money grew or not because my mom told me that it will grow after a few months. She said that because it was too early for me to understand what interest is all about.
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