Investing is a multi-tiered effort that begins with traditional savings accounts, and then stocks and bonds, and later add precious metal bullion to really round things out. If you’ve learned how to do this, it is also important to pass this skill to the next generation.
You might wonder how to make investing interesting for your children or grandchildren. This article will give you lots of fun ideas.
Precious Metals are a Great First Experience with Investing
Kids see gold and silver in movies books and TV shows regularly (especially fantasy stories). Because they’ve already heard about these precious metals they are already primed to get a first-hand experience with precious metals.
Precious Metal Investing is Tactile
Tactile things are physical (not ideas or concepts). Since precious metals that are delivered to your door are easy to see and touch that by nature makes them perfect for teaching your kids.
In each precious metal purchase, I make sure to include two coins that are fun for my kids. I get one silver “Lego” brick and one fun coin (which I often let one of my children choose).
We’re currently “building” a precious metal Lego house in our safe (one brick at a time). This gives my children a great visual for building up a financial nest egg. They also love getting the bricks out of the safe to play with once a month when our precious metals come in.
Children are like sponges, ready to soak up anything they are taught. When teaching financial literacy, using tactile objects like precious metal bullion is 100% more effective than trying to teach with money you can’t see (because it’s stored in the Bank, or retrieved on a debit card).
It’s never too early to begin teaching your children about finances.
When children are raised in a household that earns, saves, gives and invests as well as budgets their spending, they are bound to live the same way on their own. Precious metals are a great way to physically see how this works.