Hello once again web folk the last time I posted here for the investing blog we were writing about a cool investment tool for kids that I had not considered before. Just a quick update on that and how my kids have grown to really enjoy the game of Life and have really started to take some of the money lessons from that game and started to apply it to their own money. Our son for example decided that he wanted to have a long term money goal of buying his own car when he is of an age to drive. In our state that will be another 7 years from now but it was still awesome to listen to him thinking about how he is going to save up and buy his own car one day. Also because we have told both our children that if they want to have a car some day that they had better start saving immediately because the mom and dad bank will be closed!
As cool as that all is for this new post I wanted to break down a little bit the differences that we are seeing in how our son views money and how our daughter views money. They are 9 and 7 at this point so money is nothing that either one of them obsesses over at this point in their lives but we do notice differences in their approaches to money already. This was interesting to me and I thought this would be a good topic to write about since I recently read an article about the gender differences in investing. So if you want to read a financial planners opinion on how a man tends to invest and how that differs from how a woman tends to invest then you will want to click that link to the post that you just read on by. For the purposes of my post though I will just write about some of my own personal observations that I have noticed with in my own family.
Neither myself or my wife showed much interest in investing our money in our younger years and we are unfortunately in the position of trying to play catch up with our money for the long term. We are part of that crowd that is coming late to the party and never really did any financial planning for our golden years. Realizing the foolish error of our ways as parents we are determined to not let our children grow up making those same financial mistakes that we have made. They both earn commissions based on extra tasks the myself and wife come up with during the month. These tasks are different from their daily chores that they are expected to do like their own laundry and making lunches for school among other things.
Something else we are trying to instill in them from the start is putting a portion of their money away to savings, tithing and spending. Our son tends to think short term with the exception of the car fund he recently decided that he wants to start. Meaning he will save up his commissions for the month and take the portion of spending money and blow it all on a toy for example. That odds are he will be done playing with by the end of the next month. Our daughter on the other hand tends to hold on to all her spending money for a while to the point where we sometimes have to remind her that she does have money to spend on fun stuff. I guess what I am saying is that the boy is more impulsive with his money and the girl tends to be more conservative with her money.
I found it interesting how much I could relate my kids money traits to those findings that were mentioned in that post I referenced earlier. So if this kind of stuff interest you then by all means scroll back up and click that link I told you about that talks more about gender difference investing. Also if you have some observations about how men and women invest differently be sure to have your say down below in the comments section.
Kudos to you peruser 
Dave
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