Nowler
Experienced member
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Hey folks,
I would like to teach my niece and nephew about investing their money and the power of compound growth, any suggestions.
My niece is still too youung.
At 2, she would probably just put the money in her mouth
My nephew is still quite young (4) but I still think I could try something at least once, and hope that it inspires the seeds of financial intelligence to sprout. Or at the very least, fertilises them.
I was thinking about getting £100-200 of coins... 50p's maybe so that the amount in front of him looks bigger than it would if it was pounds. It's far more than he has ever seen before.
- I could put X-amount in front of him and show him what happens if he was to keep it under his mattress for 10-20 years (I would take the inflation amount away).
- Then I could do the same if he was to keep it in a bank
- Finally, I could show him what might happen if he was to invest it in an index fund for the 10-20 years and harness the power of compound growth. (I would add more to it)
At the end I could tell him that he can have all that money, on one condition.... that he invest it.
I can then get his mum/dad to open a Jr ISA for him.
Any ideas, suggestions?
I would like to teach my niece and nephew about investing their money and the power of compound growth, any suggestions.
My niece is still too youung.
At 2, she would probably just put the money in her mouth
My nephew is still quite young (4) but I still think I could try something at least once, and hope that it inspires the seeds of financial intelligence to sprout. Or at the very least, fertilises them.
I was thinking about getting £100-200 of coins... 50p's maybe so that the amount in front of him looks bigger than it would if it was pounds. It's far more than he has ever seen before.
- I could put X-amount in front of him and show him what happens if he was to keep it under his mattress for 10-20 years (I would take the inflation amount away).
- Then I could do the same if he was to keep it in a bank
- Finally, I could show him what might happen if he was to invest it in an index fund for the 10-20 years and harness the power of compound growth. (I would add more to it)
At the end I could tell him that he can have all that money, on one condition.... that he invest it.
I can then get his mum/dad to open a Jr ISA for him.
Any ideas, suggestions?
