Even as a child, Carrie Schwab-Pomerantz watched how her father, Charles Schwab, handled his burgeoning bank account as his company grew. The lessons she learned from him about money are the same ones parents should teach their children, she says. (December 28, 2012)
Many town does. -- not mine is often the hardest because he. I'm -- they would carry up top grants is the president of the Charles Schwab foundation to talk to get some tips about how to teach your kids about much. You -- that -- actually not a child of privilege telling about that well not people don't really realize is that my father was struggling businessman father Charles Schwab my daughter yet I find -- tough spot. And he was not -- -- person or business person until well into my night when he. And through my you know values. And ethics around money. Really. Are from a you know from a family that that struggled and that's really the foundation -- how I operate and teach my own kids. You know around having strong work -- about the importance of savings what do you think about balance patents that ounces of hair particularly if you know you're in an affluent community their life a lot of gadgets and devices what put them. The budget. He -- with the going rate among here you know their friends. And in what you can afford. -- not give kids that are twenty dollars month and expect them to buy them clubs and then of course when they're younger it's flat and you might want to pay them once a week. And so they can budget -- learn how to value money and -- to honor and we're maybe as a teenager you start thinking about keeping him around. Twice a month or once again they have spread out. That that but you really learn how to spend that money for a longer period of time. About any -- credit card. With my two oldest boy I gave him credit card attached to my account. At sixteen years old with a cup drivers like. Putting credit card on training -- -- better for them to learn about it pay off adamantly basis. Learn about the fees and interest cruise reportedly home and where a lot of credit company cut credit card companies -- You know pushing their own credit -- I think it's really packed -- for it because you get to college -- like. Bloomberg. Free money when in fact it's really not so I think I think -- important. And then going about teaching kids about saving investing what. What's your load us up right added it. Eyes and -- I grew up at the big thing I started when I was nine years old and I went and kids wanna make it -- now. I think there's something be said for matching your child safety. So for instance. You might say OK for every kind of well OK you know for every dollar you save all. I'll put a match dollar for dollar what would it must comfortable for you. What should a parent do when they can get their first job. Really create we find -- research. Better savers. So it's really important to react to -- -- encouraged him to open up a lot higher and that's actually you can. Matchup -- similar to where when OK. But that's me that's sort of exposing him his whole notion thing for the long term. Protecting yourself your order race it's not glamorous but -- just think I'm that something to that part of why and it and -- that your allowing them. Those tax bracket and you're paying taxes now as opposed to later exactly exactly so. Brought fire it yet. Maybe a little incentive I think maybe. I don't look at a lot talking about. And a lot talking about -- and of course you know you can't locate there and it just looking for the moment. You know not gimmicks that exercises. To learn about important. Manning and think you married yes thank you -- One case we own both the combination of equities and bonds municipal bonds we also invest in alternative investments like private equity funds. And so we think we have a good diversified portfolio for our age and stage of life. And what our financial retirement goals are.