As parents, we sometimes prevent our kids from good teaching by doing things for them! However, one of the best gifts is to empower them and give them the conviction that they can succeed on their own. Today, Mike shares the process he used to get his children to invest, the youngest being only 10 years old! This episode is a step-by-step guide to keep things simple and focus on the end result: a great financial future for the next generation.
- What was the financial situation for Mike and Vero when they were young adults and what inspired them to do better.
- The importance of being transparent and open-minded when discussing money with your kids and how crucial it is to destroy any money-related taboo.
- What made Mike’s daughter so curious about saving money and investing.
- How a small weekly allocation can turn to a few hundred dollars in a couple of months.
- Why a systematic saving plan is key to start at any age.
- Which type of investment account does Mike use for his children and why.
- The role that ETFs can play in an investment plan made for kids.
- How to address dividend growth stocks and DIY investment with your child.
- Which dividend growers kids seem to be more interested in.
- Mike’s approach about their nest egg when his kids will turn 18.
- Which lessons Mike learned throughout the process and what he would do differently.
Many young investors are aiming at a different lifestyle. Some are into the FIRE movement, others would like to be their own boss, and most want a flexible schedule with fewer working hours! How can dividend investing help them reach their goals?
Buying the first stock is fun, but then what? How to save more money? How to select new positions? Throughout the entire process, you must also keep an eye on the forest, not just focus on the tree. Here are the easy steps to grow a solid portfolio!
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This podcast episode has been provided by Dividend Stocks Rock.