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Jamie Letcher
VP, Wealth Management
Summit Financial Advisors
Located at Summit Credit Union
401 S. Yellowstone Drive
Madison, WI 53719
Phone: 608-271-1012
Email: james.letcher@lpl.com
November/December 2023
Teach Your Kids the Value of Money
Kids tend to want almost every toy they see in the store or everything their friends have. While it’s not always easy to resist giving your children everything they ask for, teaching them early to save for the things they want can make those items more valued.
Give an Allowance
Even very young children can perform simple tasks around the house. A savings jar or a piggy bank can show them how much they’re earning and how close they are to having enough money to buy the item they’re saving for.Open a Savings Account
You can open a savings account for your child at just about any age. Kids’ savings accounts typically require a parent or other adult to have joint ownership or control. Look for an account with no fees or minimum balance. Encourage your child to deposit birthday or holiday money or, when older, a portion of earnings from a job in the account.Set an Example
Your approach to spending can teach your kids that they need to save and budget for those expensive items they want. Sharing how you save for big-ticket items, such as a new car or a family vacation, can be an important lesson.478298
Securities and advisory services are offered through LPL Financial (LPL), a registered investment advisor and broker-dealer (member FINRA/SIPC). Insurance products are offered through LPL or its licensed affiliates. Summit Credit Union and Summit Financial Advisors are not registered as a broker/dealer or investment advisor. Registered representatives of LPL offer products and services using Summit Financial Advsiors, and may also be employees of Summit Credit Union. These products and services are being offered through LPL or its affiliates, which are separate entities from and not affiliates of, Summit Credit Union or Summit Financial Advisors. Securities and insurance offered through LPL or its affiliates are:
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