How to develop healthy money habits with children

For many children and teens, the thought of financial investment and money management seems like rocket science. One of the best ways to help make these ideas seem less complicated is to start discussing healthy money habits at a young age. Here are a few simple tips for helping your children on their way to building wealth:

1. Open a joint brokerage account: By opening a simple, self-directed brokerage account, you and your child can work together to learn the basics of investing in companies.

2. Don't shy away from the details: A lot of financial planning can look daunting as a whole, but if you and your child go through the statements and follow the index prices you will see how easy it can become through practice.

3. Give them responsibility: For many children, things are either handed to them or refused. An easy way to instill healthy money habits is giving them responsibility from a young age. Teach them the benefits of saving to get what they want—you may be surprised at how their respect for belongings increases.