What do your parents give you when you
get good grades? Maybe they give
you games, toys, clothes, or just good old emotional support.
Whatever it may be, these little “bribes” exist to help motivate you
towards filling your report card with more of those letters that begin the
alphabet (A’s and B’s for those of you that can’t be motivated).
David Leung’s parents offered him the
same bribes, or as parents would rather call them, rewards. But instead of
material items, they handed him a half million dollars – well, sort of. At the age of 10, David’s parents created a ritual of
giving him 100 shares of stocks every time he brought home good grades.
His parents made a deal with him that he would have to choose what
companies he wanted to buy stock with by researching the companies and defending
his choices. Seven years later, all
of his hard work has left him with over $500,000 – not too shabby.
David believes that you are never too
young to start saving for your future. Saving
money isn’t rocket science; it just takes a little research and a little penny
pinching. “Investing is to
scarify your present life style in the hope of building a secured financial
future,” says David. Basically,
don’t let your money burn a hole in your pocket – get it into a savings
account, to start, instead of buying that “must have” Playstation game.
Aside from saving his own money, David
has been working since he was 13 to help teach other people how to effectively
save their money. His Web sites,
Investing for Kids and Invest Smart, were designed with the intent to help
teenagers and 20somethings learn money management skills through tutorials and a
real-time stock investment game (you, the investor, are given $100,000 to buy
and sell stocks and mutual funds, risk free – way cool!).
While David has done better for himself
than most 50 years olds have, it is something that you can do too! You should know that people under the age of 18 are not able
to own stocks entirely; however, your parents or guardians can create custodial
accounts where you are still in charge of all of the transactions. There is a
ton of information located on the Internet concerning ways to save, including
everything from savings accounts and money markets, to stock and CDs
(Certificates of Deposit – not compact discs!).
If you would like more information, visit
David’s sites at
Investing for Kids