June 2025 Newsletter

JUNE 2025 NEWSLETTER

The importance of financial literacy for children cannot be overstated. One of the most effective ways to teach children about money management is by encouraging them to open a savings account. A savings account not only teaches children about the importance of saving money, but it also provides them with a valuable tool for pursuing their financial goals.

One of the most obvious benefits of a child having a savings account is that it teaches them the importance of saving money. This can be a valuable lesson that will serve them well as they grow older and begin to think about buying a car, paying for college, or saving for retirement.

Another benefit of a savings account is that it provides children with a sense of ownership and control over their money. When children have their own savings account, they can see the money they have saved and the interest that it is earning. This can be a powerful motivator for children to save more money and make better financial decisions. For example, if a child wants to save up for a new bike or a video game, they can set a goal and track their progress as they save.

Furthermore, a savings account can also be a great way to teach children about the importance of interest. When children see how the money in their savings account grows over time as a result of interest, they can learn about the power of compound interest and how it can help them achieve their financial goals over time.

While I have my account minimum, that does not apply to my client’s children or grandchildren. Once they are working, in high school and college, it’s not a bad idea to have them open a mutual fund account and start investing a small amount each month. I have both Nicky and Lexi doing it and I strongly encourage more kids to start investing. Over the past year, many of you have sent your kids to the office and I am so excited to help them start saving money and build good financial habits.

On a personal note, Lexi, my baby girl, graduated from high school last weekend. It was a busy and exciting week as they had a lot of fun traditions leading up to graduation. I can’t believe she’ll be heading to college in the fall. I couldn’t be prouder of her. Now she’ll enjoy the summer with her friends and work at the rink (which is a nice place to be in the hot weather!). Nick is home working out and getting ready for the season. He will get back on the ice shortly after a nice break. He is working here in the office and working as a goalie coach. He is currently in Sweden with his girlfriend and her family and will be heading to Norway to see his best friend on the team and stay with him for a few days in Oslo. He said he’s having a blast and it’s beautiful over there.

This material is for general information only and is not intended to provide specific advice or recommendations for any individual. There is no assurance that the views or strategies discussed are suitable for all investors or will yield positive outcomes. Investing involves risks including possible loss of principal. There is no guarantee that a diversified portfolio will enhance overall returns or outperform a non-diversified portfolio. Diversification does not protect against market risk.

Tracking #752002-1