It is, therefore, very important for parents to keep track of how their children spend money. While interfering in all your teen’s decisions is not recommended, it is important to keep tabs on their big expenditures and also to educate them about investing and not getting lured by get-rich-quick schemes or other such scams.
When it comes to teens and investing, one cannot help but highlight the fact that Warren Buffett bought his first stock in 1942, when he was 11.
So, technically, he was not even in his teens. Nowadays, kids are introduced to money much earlier. It is encouraged that one gets initiated into money concepts at an early age, because managing money is something that is not taught in school.
Parents have traditionally given kids pocket money. Kids have had piggy banks to give them the experience of saving money and seeing it grow.
Some parents also open bank accounts for their kids…