Is there a young investor in your household? Can you convince your teen or young child to start saving money now for retirement?
There are a few avenues to entice them into a consistent savings program:
- USAA.com - Anyone can invest in USAA plans. One designed for young investors requires a $250 minimal investment and $20 each month. Call 1-800-322-5482 to get started.
- BetterInvesting.org - Kids can join an investment club as an alternative.
- Upromise offers a type of semi-free lunch program to help you finance your child's college education. The method is similar to airline frequent flyer programs with member merchants and companies contributing credits to your personal saving for college account when you use services or purchase products. Site registration is free.
Clark cannot find the downside of the plan, unless you will end up spending more with member merchants than you would elsewhere just to get the account contribution. You need to look at the site as a win-win and shop wisely to receive the ultimate benefit.
- Tuitionpay.com offers an interest-free 10-month tuition repayment plan for a $50 annual fee. Clark suggests that you talk with your son or daughter about attending a 2-year community college program and taking an additional 3 years to complete the remaining two years while working part-time. Attending a community college just about cuts the cost of a 4-year degree in half. Stretching out the remaining two years to work will also provide savings benefits. Another way to save is to complete a 4-year degree in just three years.
 Children are getting increasingly tech-savvy at younger and younger ages. But with all that knowledge comes increased risk. So the researchers at Carnegie Mellon University have devised a fun and free online game for kids that educates them about the dangers of phishing scams. Meet Anti-Phishing Phil! |
