Next Generation Financial Literacy
Tanya Van Court: If we believe that doing better for our kids does not mean giving more to our kids, but instead means giving more education and financial knowledge to our kids so that they can do better for themselves, then that puts us in a completely different mindset. When we want to teach our kids about the power of compound interest and building wealth, we've got to include that conversation about investing and we need to include it early on.
Elizabeth Chand: If needed, reach out to a third party to help facilitate. I'll tell you as a mom, I can say the same thing 20 times, but sometimes if that third party comes in, it's suddenly like the best idea ever.
Paul Stam: Using investment accounts for educational purposes is valuable as well. Why not set up a Roth IRA with your child? The child will be the owner of the account. You'll invest over time, but you'll use the account as an educational tool. So you'll teach the child about stocks, bonds, ETFs, mutual funds, and the child will learn the basic concepts of investing such as asset allocation and diversification.
Elizabeth Chand: weave it into the day to day. Talk to them about what you're saving for, what your goals.
Tanya Van Court: They have to understand that investing is a core principle for their entire lives.
Elizabeth Chand: Just know that there are others that can help you through that process.
Morgan Stanley at Work
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Learn how employees can create a strong financial foundation for their children and the next generation. Discover why investing should be a topic of discussion.