6 Tips to Help Your Child Become Wealthy

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Do you remember when the hospital staff put that little bundle of new baby into your arms? Perhaps you met your child in an office somewhere or maybe it was a park. Regardless of how your child came into your life, I bet you promised yourself that you would make the best life you could for your child. A big part of making a good life for your child, means educating them about personal finance and setting their feet on the path to wealth. Here are six things you can do while your child is still young to help them do well.
#1 Open a savings account at a credit union
Credit unions have great customer service, lower loan rate, and are smaller than many banks. Opening an account a credit union allows the child to start developing a relationship with a financial institution and helps the child understand that money go into an account before one can swipe a card. Many credit unions also make an effort to reach out to youth, so they may offer incentives to open an account and yearly incentives to contribute more during Financial Literacy Month (April).
#2 Buy individual stocks for birthdays holidays
There are multiple sites where adults can buy individual stocks, complete with attractive stock certificates, for children. If the child is old enough, have them help by thinking about what products they use every day and why certain stocks might be a better investment than others. Place the stock certificates where they can view them often and bring it up in conversation.

#3 Encourage friends and family to contribute to a 529 plan

Most friends and family love to purchase new clothes or new toys for children. While any gift is certainly appreciated, a gift of $10 that could triple its value is much more helpful. Most 529 plans have a way for friends and family to put a few dollars in for milestones.

#4 Let the kid grocery shop with a spending plan and coupons

Kids see adults buying things all the time, but rarely do they understand why we choose one item over another. Including the child in grocery shopping helps the child to understand value over cost, that things do cost money, money is not infinite, and how money moves from a checking account to a vendor (through cash, check, debit card or credit card).

#5 Set limits at  amusement parks

When you arrive at an amusement park, hand each child a specific amount and tell them that once they spend it, there will be no more money. As they spend, try to guide them by explaining the rationale behind each choice but do not force them to spend the way you want. If they run out of money and become upset, it’s a tough lesson to learn but would you rather have them learn this lesson at nine years old or twenty-nine year old?

#6 Sock the college fund in a Roth IRA

Investing for your child’s college education is good, but depending on where you put the money, the funds could count against the child with the financial aid office. A Roth IRA is a great place to park the money because it’s counted differently than other college investment plans, you can take out the principle with no fees whenever you want, and if there is money left over, that money can grow tax deferred until retirement. Talk with your fee-only financial advisor about this option.

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ShayOlivarriaHeadshotShay Olivarria is the most dynamic financial education speaker working today. She speaks at high schools, colleges, and companies across the country. She has written three books on personal finance, including Amazon Best Seller “Money Matters: The Get It Done in 1 Minute Workbook”. Shay has been quoted on Bankrate.com, FoxBusiness.com, NBC Latino and The Credit Union Times, among others. To schedule Shay to speak at your event visit www.BiggerThanYourBlock.com.

 

 

Shay Olivarria Quoted on FoxBusiness.com

Financial education speaker and author Shay Olivarria was quoted about credit unions on FoxBusiness.com.

As you know, Shay Olivarria and Bigger Than Your Block have always been huge advocates of credit unions. If you are thinking about moving from a traditional bank to a credit union, here’s an article to help you think through your options. Want the short version? Read Shay’s quote below:

Many credit unions have programs to coach you through saving, reducing debt, saving for short-term and intermediate goals, and investing for retirement, says Shay Olivarria, author of “10 Things College Students Need to Know About Money.”

“Not only will they help you get where you want to be, you’ll understand how you got there and why it’s important to stay there,” Olivarria says.

Shay Olivarria is the most dynamic financial education speaker working today. She speaks at high schools, colleges, and companies across the country. She has written three books on personal finance, including Amazon Best Seller “Money Matters: The Get It Done in 1 Minute Workbook”. Shay has been quoted on Bankrate.com, FoxBusiness.com, NBC Latino and The Credit Union Times, among others. To schedule Shay to speak at your event visit www.BiggerThanYourBlock.com

Cal State Long Beach

On Thursday, September 22, 2011 Shay Olivarria gave a wonderful presentation on “I Don’t Have Money to Save … and 5 Other Myths About Money” at Cal State Long Beach.

The participants really enjoyed the event. From the evaluation:
“It was awesome.”
“Love your attitude.”
“Gotta get a credit union.”

We’re still working on editing the video, but it’ll be up soon.

Read what a student said about the event.

If you’d like to book Shay to come speak at your college or other event for youth, please call (323) 596-1843.

Shay Olivarria is the most dynamic financial education speaker working today. She has written three books on personal finance, contributes to multiple online media platforms, and is a foster care alumni. She’s been quoted on Bankrate.com, FoxBusiness.com, and The Credit Union Times, among others. Visit http://www.BiggerThanYourBlock.com to find out more about her work.

American Airlines Credit Union Financial Bootcamp

Shay standing next to .... Shay at the American Airlines Credit Union Financial Bootcamp event.

Shay Olivarria gave the keynote at Financial Bootcamp Thursday, June 23, 2011. It was amazing! Participants enjoyed hearing how to “Spend to Get the Future You Really Want“. Of course, the presentation was lively and students engaged in conversation about marketing techniques, but sometimes it’s the unspoken lessons that students really take home:

“That small changes make a big impact.”
“If you really want to achieve a certain goal take time to set dates, limitations, etc.”
“Learning about being logical when you spend your money and not by emotions. Start saving money.”
“Not to be fooled by advertising and to spend money wisely.”
“Your mindset right now could potentially change the lifestyle you have at age 50/61 when you retire.”

If you’d like to bring Shay in to speak at your youth event, call (323) 596-1843 or visit www.BiggerThanYourBlock.com.

Shay Olivarria and Cynthia Coleman at American Airlines Credit Union Financial Bootcamp event in Dallas, Tx.

Shay Olivarria delivering the keynote at American Airlines Credit Union Financial Bootcamp event.

Financial Bootcamp team at American Airlines Credit Union.

American Airlines Credit Union

Shay is presenting the keynote at Financial Bootcamp for AACU.

Financial Bootcamp For Teens 2011
Thursday, June 23rd the most dynamic financial education speaker, Shay Olivarria, will be giving the keynote “Spend to Get the Future You Really Want” at Financial Bootcamp presented by the American Airlines Credit Union in Dallas, Tx.

Want Shay to come speak at your event? To view Shay’s one sheet click here. Call (323) 596-1843 for more information about booking Shay.