Raising Financially Savvy Kids: A Mother’s Unconventional Approach
As a photographer, videographer, and mother of two, Nicole Chan Loeb has made a conscious decision to prioritize experiences over material gifts for her children. This unconventional approach is rooted in her desire to teach her kids financial literacy and set them up for a secure financial future.
A Childhood Lesson in Investing
Growing up, Nicole’s mother taught her the importance of investing in mutual funds. Every week, they would track the figures in the newspaper, charting them on graph paper and displaying them on the fridge. This quality time spent with her mother instilled in Nicole a strong foundation in financial responsibility and literacy, which she now wants to pass on to her own children.
Experiences Over Gifts
Nicole and her husband, who met in college, have opted out of exchanging gifts altogether. Instead, they focus on sharing experiences, such as dinners, shows, and vacations, which bring them closer together. This approach has also influenced how they celebrate their children’s birthdays and holidays, choosing to invest in their future rather than buying physical presents.
Investing in Their Future
This year, Nicole and her husband maxed out their kids’ custodial Roth IRAs, depositing $7,000 each. As entrepreneurs, they understand the importance of teaching their children about taxes, saving for retirement, and smart investing from a young age. By starting early, they hope to set their kids up for financial success and avoid the burden of debt when they graduate from college.
A Focus on Financial Literacy
Nicole and her husband plan to open investment accounts for their children within the next year, teaching them about the concept of delayed gratification and the power of compound interest. They believe that by instilling these values early on, their kids will develop a strong foundation in financial literacy and be better equipped to make informed decisions about their own money.
Raising Contented, Balanced Kids
By prioritizing experiences and relationships over material possessions, Nicole and her husband aim to raise contented, balanced kids who aren’t overwhelmed by the latest toys and trends. They encourage creativity and imagination, often playing with everyday objects like sticks, stones, and pinecones. By doing so, they hope to instill a sense of gratitude and appreciation for the simple things in life.
A Legacy of Financial Responsibility
Nicole’s approach to teaching her children financial literacy is not only unconventional but also forward-thinking. By starting early and leading by example, she hopes to inspire a new generation of financially savvy individuals who understand the value of investing in their future.
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