It’s clear by many different posts that I’ve shared with you why I think that having your kids help around the house is so beneficial. I’ve shared our system with you, and how it’s evolved through the years. We’re still using the method where the kids work to earn money or screen time. This is perfect for the ages they’re at, but as Amber gets older at a lightning speed, I’ve been thinking towards the future.
So when I first heard about BusyKid I thought it was a super intriguing idea! It is estimated that nearly 80 percent of millennials are not invested in the stock market. I agree that the stock market has always felt super intimating to me. Although I have an IRA I’ve never actively participated in purchasing stock. I love this easy way to introduce your kids to it, and how it opens up their options for the money they earn. I thought my readers with older kids would especially appreciate learning about this new and innovative option!
Also, did you know that right now in the US, only 7 states require high school students to pass a basic finance test in order to graduate, and it’s possible depending on where you live, that your child would never spend one hour talking about this important topic before being on their own. This means as parents we need to make sure our kids are equipped with the skills and knowledge they’ll need to succeed.
For a limited time, 2 kids of each new family will receive a free $10 stock. BusyKid wants kids to learn how to invest so they decided to give them their first experience in dealing with the stock market. Also, right now you can enroll the entire family for $14.95 a year and get first 30 days free.
So what exactly is BusyKid and how does it work? Here’s some information from the company:
Think of BusyKid as your child’s first job with direct deposit. Your child can earn, save, share, spend and invest a weekly allowance. By using BusyKid regularly from a young age, your children can start building a routine they can use when it’s time for them to be living on their own.
Earn Your Stock – Let your children earn money to invest by completing chores around the house. By using BusyKid, your children can automatically turn their allowance into investments. In addition to the stock option, you can also use BusyKid to make direct donations to several charities, to transfer funds to bank accounts.
There’s also the option to Add a BusyKid Spend Card (rechargeable Debit Card) for just $5 per year. The BusyKid Spend Card allows your child to spend allowance in-stores or online, or transfer fund to other bank accounts.
I love how these options set up an account that mimics the real world while still letting the parent be in charge of a completely customized system!