Our friends over at MintLife.com wrote an article featuring a novel idea on how to teach your kids about money: start a bank!
While we’re hardly advocating creating any undue competition for yours truly, writer Matthew Amster-Burton talks about teaching his young daughter the importance of saving by starting up his own “bank.” After he offered her five-cents interest on every dollar in her “account,” it didn’t take long for her to figure out she’d have about $24,000 by the time she was thirteen.
Have you started teaching your kids about money management? What’s a financial lesson you wish you would’ve learned earlier? Have you opened an Ally Bank savings account for your child’s future?