In the mid-90s, we were a comfortable family living on one income. We had three children, ages 7, 8 & 8 who happily attended our local school and life was good. Then, like so many others, Bret lost his job when the small start up he was working for went belly up.
Luckily, we were protected from serious financial ruin. It made us realize, however, what a sad state our country was in. As people around us began losing their homes, we wondered were so many had gone wrong. It was then that we realized how many adults in the world lacked basic money management skills.
Determined our kids wouldn’t suffer the same fate, we decided to make them financially literate and fiscally responsible. We decided to make them 401k Kids. At ages 7 & 8 we put our kids on a full budget and they became responsible for their own money management.
Now teenagers, our kids have not only learned how to manage a budget that includes basic necessities, but have also saved money to pay for significant extras in their lives, like laptops and plane tickets.
As other people saw what we were doing with our kids, they asked us how to do it for their own families. The one-on-one approach wasn’t terribly practical, so we decided to put together a guidebook: Investing in Your 401k Kid, Going From Zero to Little Financial Genius in Five Easy Steps.
This website is an extension of the book. We hope you find it useful as you work to train your own Financial Genius and increase his financial literacy!
Helpful places to start: