Shaun Stenning - Smart Financial Gifts to Give Your Kids This Year

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Shaun Stenning, A Serial Entrepreneur and Investor said, "When you know better, you do better." The earlier that your kids develop good financial habits, the brighter their financial future will be.  With the holidays right around the corner, now is the perfect time to set your sights on one or more of these financial gifts that will help your kids learn about, respect, and appreciate money.


1. Monopoly

Since 1935, this classic board game has entertained millions of people around the world. Turns out that playing rounds with "Monopoly money" can actually help build real life financial skills, such as negotiation, money management, and diversification.


2. Custodial investment account

Most brokerage firms offer a custodial account that allows children to get a first taste of investing in the stock market under the supervision of a parent or guardian.

A custodial investment account is a great way to get your child excited about investing and let them learn from firsthand experience how the stock market works. Shaun Stenning said.


3. Custodial Roth IRA

If your kid is already working a summer job or earning income from their own business, consider setting up a custodial Roth IRA for them. In 2017 and 2018, individuals may contribute up to $5,500 to a custodial Roth IRA.

Your child will have the same contribution limit as an adult, making it a real-life lesson in cultivating a good savings habit. Your child can get close to a decade of extra compounding interest for their nest egg. By taking the tax hit now, your child's retirement savings will grow tax-free forever. Your child will have another "sandbox" in which to make real-life decisions with investments.


4. 529 savings plan

The average class of 2016 graduate left school with $37,172 in student loan debt. If you could do something now to help prevent your kid from having to take out such costly student loans, that would certainly be a gift worth giving.


5. Cash

Yup, cash is still king. Regardless of their age, your kid will always love receiving a few bills as a gift. The main reason to gift cash during the holiday season is that it opens the door to have an ongoing conversation with your kids about budgeting.

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