Does the title ring a bell? We’ll, you got it right. I’ve read the e-book of Bo Sanchez, “My Maid Invests in the Stock Market”. And this is where I got my inspiration. Thanks, Bo.
So if maids can invest in the stock market, why shouldn’t kids? Of course, maids are better off financially than kids because they have an income while kids only have an allowance from their parents. But maids have financial responsibilities with their families while kids don’t have.
It’s true, it doesn’t matter how much you earn. What matters most is how much you save.
So I tell my kids not to spend all of their daily allowance and to save some of it on a daily basis. I give them all of their money and when they come home, I ask them how much was left of their money.
I do this because I want them to feel that they are free to spend all their money, and for them to know that whatever they do with it, there are consequences. I want them to have financial discipline, and I want to see who among my kids is the most frugal and the biggest saver.
I want each one of them to be a role model to their siblings and be inspired with one another. So I give each one of them an empty plastic bottle and tell them to drop their coins there every time they come home. The bottles are labeled with their names and there is a number that corresponds to the number of bottles they have filled up.
The name and the number do a trick. The name gives them a sense of propriety and the number gives them a sense of achievement.
When the bottles are full, I give my kids new bottles to fill up. I write on them a new number which is an increase from the previous one so it feels like a promotion to them. They are excited and are always looking forward to a full bottle so the number on it would change.That’s how kids are.
Saving shouldn’t always be the same day in and day out; otherwise, they will be bored. So I give them small bottles and they become full in a few days or weeks.
Opening the bottle is exciting to them because they see the fruit of their sacrifice. I let them count their money and I do the recording.
I tell them that saving is just the beginning of something bigger. I tell them that their money can increase in number and value if we put it in a business. With their money, we buy something from a business so we will have a share of the business’s profit.
That’s all I tell them as of now because they don’t even know what profit is. They ask me and I explain to them in child’s language.
They don’t know about the stock market but what matters is they’re in it already. They’re doing it through me and I intend to tell them about it little by little as they grow older.
In our locality where the stock market is just a meaningless name to many people, or most often mistaken to be a scam, I’m glad that my kids invest in the stock market.