Hey everyone, Josh here again. Today, I’m going to tell you a little bit about myself. I had great parents, they taught me a lot, instilled a great work ethic into me and lead by following moral values. However, there is one thing I wish I would have learned more about as a kid, that one thing is investing.
The truth is, I’ve given all kinds of advice on debts, credit scores, saving, budgeting and more but, I never really got too deep into investing. As a matter of fact, I just started investing myself, just last week! But, I’ve been doing a lot of reviews for Modest Money. Many of the products that I’ve been asked to review have been investment platforms so, it sparked an interest. In reviewing these platforms, I looked for cost, ease of use, tools, etc… and, there was one that really stood out. So, I finally decided to invest and gave it a try. You can find out the full story here.
The option that I chose is Betterment, the same option that I believe to be the best investment platform for teaching kids how money can work for you. Why? Well, it all boils down to simplicity. When it comes to most investment programs, there are all kinds of dashboards and tools with detailed information that can be hard for even a college student with a dr. degree in finance to understand. When I started reviewing Betterment, that’s exactly what I thought I was going to get. But, when I signed up, I found out that wasn’t the case!
It took about 5 minutes to sign up. The system asked for basic contact information and my social security number. Once I signed up and logged in, I started a new account and filled out my goals and how much money I had to work with. I put in my account information for the account to transfer funds to and from and, a new screen popped up.
Much to my surprise, the screen was a very simple dashboard that showed how much money I had, my goal, my probability of reaching that goal, how much money I had made since the investment account started, where my assets were invested and, an advice link. There was no thinking about, EFT’s, Bonds and witch is best, there was no looking at charts to see what was performing. The truth is, Betterment did all of that. All I have to do is follow the advice on the amount to invest, probable length of time to expect growth and, where to allocate my money and, I’m good to go. It’s so simple, a kid could do it!
Now, I want you to know that I’m not being paid to talk about Betterment, I know this post can seem a bit promotional but, that’s only because I’m so excited about my new account and how easy it really was!
So, How Does This All Relate To Kids
Although, I’m not yet a parent, I know that it can be hard to break down real world adult things like investing in a way that a 14 year old kid will understand. The good news, is that you don’t have to do that, Betterment covers all the core investment aspects that your children should learn like goals, asset allocation, earned income, etc… Betterment breaks all this down in an easy to understand and teach dashboard.