millionaire today, with $1.36 million as of 1999.
Brad Dodson, a master trainer with YoungBiz Better Investing summer camps (www .youngbiz.com), says teach young people to invest for the long-term and to save for short-term goals such as paying for a senior-year high school trip.
PLAY STOCK GAMES
Check out the Take $tock board game (www.takestock game.com), in which players each start with $150,000 in cash and have opportunities to buy stocks that they land on as they move around the board. The board is segmented into sectors such as retail, finance, and high tech. Ownership of all three stocks within any sector results in the formation of a mutual fund. Also, get your child’s school to participate in the Stock Market Game sponsored by the Securities Industry Foundation for Economic Education (www.smg 2000.com). Students from grades four to12 are given a hypothetical portfolio valued at $100,000, which they manage over a period of eight to 15 weeks.
SET UP A “PARENTAL 401(K) PLAN”
SIFEE Executive Director Robert Strong suggests parents act like a 401(k) administrator for their child. “Say a child manages to save $10 a week, the parent would then match that amount with $5. The idea is to introduce children to how savings can begin to work for them,” he explains.
HAVE YOUR KIDS JOIN OR START AN INVESTMENT CLUB
They will learn how to pick and track stocks like the pros. Investment clubs also provide structure and discipline. For more information, contact the NAIC at www.better-invest ing.org or 877-275-6242.
Strong says parents should also take their kids on field trips to stock exchanges and shareholders’ meetings. When you visit your broker or banker, take your children with you. Don’t get discouraged if they don’t show an interest at first, continue trying different things and see what happens!