A grandfather's wisdom on kids and money
So I was interviewing this author today, for a magazine article, and we started talking about his grandkids. That was to be expected, considering Doug Hewitt recently wrote a book called The Practical Guide to Grandparenting: 101 Activities to Help Nurture and Bond With Your Grandchildren. I mentioned WalletPop to Hewitt and asked if he had anything in the book about making money, while emotionally connecting with your grandkids. I was thinking maybe grandparents and grandkids could bond over stocks and bonds?
Well, no, but he did say that his book tells grandparents how to start a lemonade stand with your grandkids. He says that he also gives the advice in the book (and did to his own kids) that if you want to teach a boy or girl about money, get them not one piggy bank, but three. One piggy bank should be for saving, another for spending, and another for giving. "You can both keep a running tab of what's in all three piggy banks," says Hewitt, "and that will help them see where the money goes."