How and when to teach your children about money is an interesting topic to dive into. We took to Twitter again and “Twinterviewed” Susan Hayes-Culleton, CFA, for her thoughts and insight on teaching kids about money. We have included the entire Twitter interview here and provided easy access to useful resources if you are interested in learning more.
Next Episode – September 4, 2020/12pm EST
YouTube Series – Fantastic Female Fridays
We are so excited to have the opportunity to interview @SusanHayes_ about her insights and advice for #SavvyWomenInvestors.
First we have to ask, how is your new series going Susan? We’re hearing lots of great things!— VectorVest (@VectorVest) August 31, 2020
… as well as “setting #effective #financialgoals for #SavvyWomenInvestors“
? If you achieved it, how would you know?
? Lots of financial goals don’t have anything to do with money
? Ensure that it excites you enough to build your momentumhttps://t.co/NWw0IqqFox— Susan Hayes CFA (@SusanHayes_) August 31, 2020
We have loved watching you and your guests. The insight you bring to all the #SavvyWomenInvestors is amazing!
Now we know it’s important to learn about money, at what age do you start teaching your kids about money?
— VectorVest (@VectorVest) August 31, 2020
That is so interesting! We do agree that #SavvyWomenInvestors should start early with their kids.????? ??
What do you say to those who say learning about managing money should be left until they’re older? ?— VectorVest (@VectorVest) August 31, 2020
As soon as my cousin’s little girl could talk, she used to give her the money to pay for things in a shop. This was a simple way to highlight that things don’t just appear on the shelf but money must come from a purse or wallet (back then!) to get new things in the house.
— Susan Hayes CFA (@SusanHayes_) August 31, 2020
Very simply! The stock market is just one big shop. Instead of buying a chocolate bar in that shop, you can buy a piece of the company that makes chocolate bars (e.g. $NESN).
If the company makes a profit, it’s worth more, and the price you bought it for may go up.
— Susan Hayes CFA (@SusanHayes_) August 31, 2020
However, companies try to make profits over lots of years. That’s why the stock market, over those years and years, looks like this.
(Reference: The is a graph of the American stock market (i.e. S&P 500) over the last ten years)#SavvyWomenInvestors pic.twitter.com/tlNspUFEkW
— Susan Hayes CFA (@SusanHayes_) August 31, 2020
Honestly, children and teenagers can pick up concepts about money much easier than we think.
They simplify things. They’re not biased by their own bank of experiences. They don’t have a cynicism about why things may not be true. Their brains are built to learn.
— Susan Hayes CFA (@SusanHayes_) August 31, 2020
That’s a great way to look at it. Children really do learn fast, and teaching them early helps them for the future! Here’s another question for you Susan.
With how things are today, what common mistake do you see happen all the time in this area?— VectorVest (@VectorVest) August 31, 2020
As we said before, the insight you bring for #SavvyWomenInvestors is AMAZING!
Speaking of? Tell us about this Friday’s episode?! What can we look forward to?— VectorVest (@VectorVest) August 31, 2020
That is very exciting to hear! It’s important for parents to have knowledge themselves, for it’s hard to teach what you don’t know. We know many will want to tune in and pass down that knowledge to their children. How can people register to attend?
— VectorVest (@VectorVest) August 31, 2020
It’s always a pleasure @SusanHayes_. #SavvyWomenInvestors
— VectorVest (@VectorVest) August 31, 2020
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