It’s probably safe to say that if you’re here reading this blog, you recognize the importance of investing and protecting your financial future. And as an adult who has learned this skill, it’s your job to teach your children and grandchildren. Investing is a multi-tiered endeavor, one that begins with traditional savings accounts, stocks, and bonds. However, a well-diversified portfolio will also include precious metal bullion. But how can you encourage your children’s interest in metals?
Young children have minds like sponges, ready to soak up information all around them. This makes it easy to find opportunities to lay the foundation for financial success. The key is recognizing these opportunities and taking action. It’s never too early to begin teaching your children about finances. When children are raised in a household that actively invests and imparts that knowledge, they are more likely to grow up into financially responsible adults.
Try some of the following teaching methods:
- Include your children when you unbox a new shipment of precious metals. Not only can you share the excitement, but it’s a great time to explain why bullion interests you. This experience can also involve talking about the unique features and designs of each coin, round, and bar.
- Gold and silver pop up in movies, books, and TV shows frequently, especially in stories that involve magic or fantasy. Point this out to your children and explain why the characters seek out those treasures.
- Many coins and rounds make a great addition to school lessons. For instance, the America the Beautiful series can help teach about US geography and the Provident Prospector round can help teach about the Gold Rush’s place in American history. You can use pieces of your bullion collection to assist your children with homework and studying for tests.
- Set a good example of saving. If you show your child how you set aside a silver coin every week or month, your child might follow up by saving a portion of his or her allowance or birthday money. As your child ages, this behavior can translate to setting aside a portion of all paychecks. You may also wish to set up a savings account in your child’s name as another method of saving for a rainy day.
- If you enjoy buying your children or grandchildren precious metal bullion for birthdays and holidays, be sure to choose a design that appeals to their interests. With so many types of designs available, you’re sure to find something that will excite your children.
- Do you frequent a local coin show or shop? Bring your children along and explain the value of the items. From different types of metals to historic designs, it’s a great chance to impart some of your knowledge on your children.
Equipped with an understanding of precious metals’ role in investing, your children can grow up to make smarter financial choices. It’s an important lesson that isn’t taught in schools or universities. But once you teach your children, they can begin saving for vacations, large purchases, and retirement. You won’t be providing your child were a mere bit of knowledge; rather, you’ll be providing your child the means to ensure a secure and comfortable future.
While you may enjoy more traditional bullion like the American Silver Eagle, your children may appreciate something more contemporary. For children who enjoy superheros, you might try the Thor colorized silver round from the Norse Gods series.
Have you found another method for teaching children about the importance of investing and precious metals? We’d love to hear your tips in the comments below.