4 Banks Accounts At 14 Years Old

How early should you begin teaching your children the value of a dollar? It seems like it might never be too early.

I was inspired by this 14 year old who already has four accounts – one of which is his college fund. Every two weeks he makes the trip to the bank to deposit a part of his allowance into his accounts.

Teach your children to save early, save often and save as much as possible. If you need a little inspiration, watch what Jordan Lane Palmer is doing and begin a savings account with your kids today!

And in case you’re wondering, savings accounts for children under 18 are usually free!

Source: CNN Money

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7 thoughts on “4 Banks Accounts At 14 Years Old

  • I know it’s not a contest, but I’ll share that my 14 year old started her Roth IRA at 11. We just made her 4th $2000 deposit. Minimum wage is $7.50? She’s been getting $10/hr babysitting. Plus tips.
    I told her that in exchange for her keeping contemporaneous notes on date/name/hrs/$$, we’d deposit money to her Roth each year.
    A chance for us to shift money given to her over the years to Roth.

  • Very inspiring. More kids should pick a leaf and learn from this and we should teach them, through examples. Financial discipline and ultimate independence is about habits and I think the earlier we do it the better for our kids!

    Way to go Joe, now thats the spirit 🙂

  • On top of having 2 accounts each (high interest & regular) they both own stock through Computershare in Solid Blue Chip paying regular and increasing dividends. My intention is to show them the power of compound growth with time. They each own 3 stocks and on Xmass and Birthday, their grand-parents and myself give them money towards the investments. As they start earning some money on their own, they will be able to add to it as well.

    I strongly believe that the parents have to enable children to do that and to even force them. It’s not easy at that age to comprehend benefits years in the future (adults have a hard time with it).

    Cheers!

  • Great idea. I want my kids to have a balance between saving, giving and spending. However, if they lean one way or another, I hope they lean towards saving/giving rather than spending. It is almost always easier to spend more that to save or give more.

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