Kid's Finances Teach your children to distinguish needs from wants. Clarifying this distinction is essential for developing good money management skills. 10%. Instill in your children the importance of setting aside a portion of all that they earn and placing that money in a long-term investment account. Open a bank account early. Teach them the basic skills of reconciling their statements and tracking their current balance. Hire your kids, and fund a Roth IRA.

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