Where should he park the money?

Dear Dave,

Our son is 13, and he has been doing some part-time work for a friend of the family. He makes $40 to $60 a week, and he would like to begin investing the majority of what he earns. Do you have a suggestion for a good place he could put his money?

Lindsay

Dear Lindsay,

Well, here’s the thing. At this point in his life, the goal of this investment isn’t wealth. Number one, it’s not a lot of money. Number two, well, it’s not a lot of money. The goal is to create knowledge, reward his interest in the subject and teach him how to handle his finances when he’s an adult.

I’ve got no problem with you helping him open checking or savings accounts at a local bank or credit union. There are lots of good lessons to be learned in reconciling a bank statement, and the value of spending, saving and giving.

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