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Saturday, February 18, 2006

A Quick Tip To Teach Money To Your Kids

I want share with you a success story of teaching money to kids. David Bach, author of the Automatic Millionaire column shared the secret of his financial success.

He attributes his success to his grandmother who taught him as a kid to develop the mindset of an investor and not merely a consumer. I have reproduced a small part of this wonderful article here. Please go through it and enjoy. And if you wish to read more click the link at the end of this post.David Bach and Grandma Rose Bach
My grandmother, Rose Bach, was an amazing woman. A career woman at a time when most women weren't, she eventually became a self-made millionaire by teaching herself how to invest in stocks. She also changed my life by teaching me at a very young age how to invest, thus starting me on the road to financial success.

I received my first lesson from her when I was seven. We were having lunch one day at McDonalds's when she put down her Big Mac and said, "David, I want you to go ask the woman at the counter if McDonald's is publicly traded."

Publicly what?

I didn't know what she was talking about, and I had no intention of asking the woman at the counter such a weird question

But Grandma was adamant. "Go ask, and I'll give you a buck," she said. Back then, a buck was a lot of money, so I ran to the counter to find out what she wanted.

The woman at the counter didn't know what to make of a seven-year-old asking, "Are you publicly traded?" So she got the manager. He asked me what the problem was, and when I explained that Grandma wanted to know if McDonald's was publicly traded, he said, "Well, let's go talk to her."

He escorted me back to Grandma, introduced himself, and explained that McDonald's was publicly traded -- on the New York Stock Exchange, no less.

My grandmother smiled. "I know," she said. "I just wanted my grandson to learn how to ask!"

"I just want him to learn how to ask"

This is such an inspiring article. I wished when I was growing up that I had a grandmother like that. If only I started early to be responsible with my finances, I am sure my life would be much more different. Luckily its not too late for me yet.

"I just want him to learn how to ask"--that is such an inspiring question. I think we all should follow the example of grandma Rose. This question is worth more than all the money you could give to your kids. This could help him or her to be more financially responsible in life.

I end here for today...but here's the link to the rest of the article quoted above (click here).


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