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By Dr Bill Maier
There's no easy road to financial success but there is a proven one! And that's what every kid should learn.
Have you ever heard of the "10-10-10-70" rule of budgeting? It's a concept that's guaranteed to raise money-wise kids for years to come.
Here's how it works:
Each month young kids can be given a small allowance of one dollar in coins. Then take four containers and label them "Giving", "Saving", "Investing" and "Spending Wisely".
Ten cents goes in the "Giving" jar, to be given to a local charity. Ten cents goes into the "Investing" jar to be invested at regular intervals.
And then 10 cents is for "Saving" and this one should go into a savings account for the future. That can be used for personal goals.
The rest, 70 cents, can be used for spending on things they need.
Start this habit young and watch your kids grow up into "money-savvy" adults.
From TODAY, Voices – Monday, 13-Jul-2009
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