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As a financial advisor mom of three kids, I know well the power of compounded interest and the value of early work experience and learning to save and invest for yourself.
My kids — ages 15, 12 and 11 — have been tutoring, filing, shredding, sweeping, and even researching and creating infographics for friends and our own companies for a while.
This has not only helped them develop responsible work habits and meet deadlines around their usual school work and extracurricular activities, but it also gives them hands-on experience managing an income. It teaches them at an early age the value of saving for the future and prioritizing important goals such as retirement.
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For kids, that seems like eons away. But getting started early can offer tremendous advantages. Then, you might be wondering — like many of my clients do — what’s the best way to save for our kids?
I believe the answer is …