http://www.kutv.com/content/news/local/story.aspx?content_id=ba9cee97-c073-4574-aeff-596830158ebb This is the link to watch the news story last night. Hope it will be available for a while. The text is below.
HELP YOUR KIDS BE RICH
So you want to be rich? It's no secret; everyone has dreams of expensive cars, yachts and lavish homes. And while most adults want to be rich, a recent survey found that 89% of teens say they want to learn how to make their money grow. But can you really teach your kids to be rich beyond their wildest dreams?
We rounded up a team of experts to help answer the question: How can you teach young people to be rich? Lon Henderson from Soltis Investment Advisors says the answer is simple. "You've got to take the time to go through this process with them that allows them to see something, invest in that effort and receive a return. Then very judiciously take those assets and deploy them where there is a savings account."
The concept of a savings account is not unheard of. Most people will open a savings account at some time before they enter high school or college. But only a small percentage of young people will actually save enough money to be wealthy by the time they turn 25. Experts say parents need to be a financial coach for their kids. "If they can understand early on, you know how to manage their money so they are spending less money then they are earning and really budgeting and following that budget, they are able to become rich."
Ann Throckmorton and her four kids already have a plan in place. They are taking advantage of a program available at Utah's Central Credit Union that gets kids excited about saving money. In fact, her 2 oldest children already have a small fortune growing, and they have no plans to spend it.
To learn more on how to save money, you should visit your local bank. For more information on Utah Central Credit Union, just go to their website www.utahcentral.com.