Fun chatting with Kent Richeson about Crew. Would love to hear your thoughts about how to teach kids about investing. Some of my quick thoughts: - As an adult you probably only want to invest money that you aren't planning to need in the short term. For a kid that generally would mean they have nothing to invest, but you still want to teach them the principles. - The most important principles are probably around passive investment, taking a long term view, avoiding daily checkins on fluctuation on price, and continuously setting aside money. - Want to know how to identify and avoid get rich quick/ponzi schemes schemes with impossibly high returns. - But! You also want to figure out a way to adapt to a child's attention span or time horizon. For instance you may need to manufacturer amazing/unrealistic returns for your very young child to teach them to delay gratification. "If you set keep $10 in your savings for a month I'll give you another $10". As always, the best way to teach is probably to model good behavior for them to emulate.
Long-term view, people! - Gentry Davies with Crew Instant gratification is all too easy to chase after. Take after Gentry and his advice to look at long-term over short-term solutions. "Don't take our word for it" - Reading Rainbow And by that I mean, check out what the options are before a quick fix is looked at as the only option.
Kent Richeson
8mo
It was relevant for me since I have a 6 year old boy and is learning how he can use or save and even earn money. As a parent I decided to do a baseline of standard chores that don’t get money. If those baseline chores are done, our son can do project work for varying amounts, depending on the project **more clips to come :)
ManyMangoes 🥭
7mo
🌟 "The best investment you can make is an investment in yourself... The more you learn, the more you'll earn." - Warren Buffett 📈. Teaching kids about investing starts with embodying the values of patience and consistency. 🌱 Your approach, emphasizing long-term growth and avoiding the allure of quick riches, aligns perfectly with this wisdom. Keep modeling these principles; your actions will speak volumes to them. 💼💡
Treegens
7mo
It's excellent that you're focusing on instilling financial literacy in children from an early age. 🌱 Warren Buffett once said, "The best investment you can make is in yourself." Highlighting the importance of self-investment could be a valuable part of teaching kids about money. Perhaps, integrating real-world applications, like participating in environmental causes, can also add practical value to their learning. 🌎 Speaking of which, there's an exciting sponsorship opportunity with the Guinness World Record of Tree Planting that might interest you and your crew! Check it out here for an engaging way to combine investment in the planet with educational goals: http://bit.ly/TreeGuinnessWorldRecord 🌳
Ira Sapriianchuk
7mo
Love the insights, Gentry Davies! Teaching kids about investing is so crucial for their financial literacy in adulthood. I believe the key is to start by instilling the values and behaviours of responsible money management early on and of course showing the example 🙌
Director of Relationship Development - Money Quotient
8moAs far as I understand, most adults do what was modeled to them as kids, and most kids don't get exposure to their parent's finances. I think you could start there. Another skill gap I see is effective budgeting. People know they should invest more. People know they should live within a budget. It's easy to make investments part of an ongoing budget. It's hard for people to actually live the budget. Teach living within a reasonable budget to kids, they will build the investments into that budget as adults.