Home > Uncategorized > Kids and Money… Goals. New Account. Compounding Interest!

Kids and Money… Goals. New Account. Compounding Interest!


What is more exciting to talk to your kids about than the magic of Compounding Interest? Ok so maybe thats just me! 

My son and I started by talking about what he wanted to spend his money on.  Initially it was small things he could buy immediately.  The more we talked about it, the bigger his “dreams” got.  He ultimately decided he wanted to save for his first car.  On that note, we drove his “new dream car” to the bank and opened an account.  Ask your local bank about accounts specfically designed for kids.  

Over icecream, to celebrate, we talked about compounding interest.  The conversation is radically different over ice cream and with his own money.  Once he figured out that the bank would GIVE him money, his sense of urgency to get money into the account compounded as well. 

Now every time he makes or is gifted money, he holds out a portion for himself and the remainder is deposited into his account.  He has a picture of his Jeep posted above his desk, right next to his bank statements. 

Might be a good time to think about your own goals (home ownership or upgrading, of course),  open an account and master the power of compounding interest!  You can thank me later!

Over a glass of wine tonight, I’ll decide my new goal for all the money I saved not having to buy my kids first car!

Having a dream is good, owning one is better!

Leslie Pelletiere, Owner

First Class Financial Services

602.294.9288 (p)

www.fcfs.net         mortgagedr@fcfs.net

MB#0902810 / NMLS# 162494

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