Teaching little ones about money can be difficult for even the most patient adults. There are hundreds of things more interesting to a kid than interest rates or 401(k)s, but since when do kids know what’s good for them? Parents and advisors who don’t know how to introduce important financial concepts to children can benefit from several online resources.
Loring Ward Financial, a San Jose, Calif.-based RIA, published a guide on July 26 to help advisors show parents how to educate their young children about money.
The 20-page guide, “Parents Guide to Kids & Money: Tips for Helping Your Children Get Off to a Great Financial Start,” is aimed at parents or grandparents of kids ages 4 to 13. It outlines a framework for managing money that breaks down the way money can be used into four parts: GISS (Give, Invest, Save, Spend). Each category helps parents talk about immediate or abstract concepts with their kids.