When you?re passionate about investing in precious metals, it?s natural to want to share your enthusiasm with your family. But this investment strategy can be complicated when you want to teach your children?how do you explain backwardation to your 12-year-old? Or explain your interest in survival silver without giving your 5-year-old nightmares?
Here are a few strategies to get your kids on the path to sound investments by teaching them to invest in gold, silver and other metals. Keep in mind that not all strategies are appropriate for all ages, so pick and choose based on what is right for your household.
Relate to Their Interests
Demonstrate the value of gold and silver by pointing them out when they pop up in TV shows, books, or movies they enjoy. For example, in Harry Potter?s wizarding world, all transactions are completed with gold, silver and bronze coins called Galleons, Sickles and Knuts, respectively.
Other kid-friendly media that mentions precious metals include the book Treasure Island, the Disney movie Robin Hood, and even the cartoon character on their Lucky Charms cereal. Use these and other stories to start a conversation with your son or daughter: Why are those metals desirable?
Take a Field Trip to a Coin Show
For a great weekend activity, take your children with you to a coin show. Whether you?re interested in numismatic or investment coins, this will demonstrate how many people are interested in precious metals. A show can offer a wide range of products, and you can take time to point out what makes each item valuable or interesting: is it the type of metal alone or does that coin have a particular trait that adds value?
Explain Inflation with Their Grandparents
Even if their grandparents aren?t able to help with this lesson directly, you and your kids can look up the prices of common objects when their grandparents were about their age. For example, they will probably be shocked to learn that a Coca-Cola in 1950 cost only 5 cents?today they need several quarters to get the same thing!
Using concrete examples and familiar people can help bring the difficult concept of inflation down to a very basic level. Then you can also explain that precious metals don?t change over time in the same way as a soda, and that?s why it?s such a good idea to buy them.
Check the Library
On your next trip to the library, look up some age-appropriate books to enjoy together. Your library should have some that explain coin collecting or the ?how tos? of mining. Your youngster may enjoy a book about the trucks used in mining, while your older teen can pick up some of the nuances of investing.
Add on to School Lessons
Make your collection educational: when your student is learning the names of all the states, bring out your 50 State Quarter collection and talk about the symbols on each. You can also use the quarters as representations of each state, and encourage them to be put out in order of when they joined the union.
Look for other ways to add on to school lessons. Your Austrian Philharmonic collection can be part of WWI history or music class, and coins featuring animals like the Australian Kangaroo can be part of biology.
Teach Money Management
You should also integrate your coin stack into conversations about how to manage money. Whether you dispense a weekly allowance or kids only spend their birthday money, it?s important to explain how money should be spent. In addition to modeling good behavior, this is your opportunity to explain the concept of ?saving for a rainy day.? In addition to teaching deferred spending, this is a great opportunity to offer your kids a way to invest in silver or gold and teach long-term saving.
Pick Up Kid-Friendly Designs
You can enrich your child?s interest in bullion and coin collecting by offering designs they?ll love. American Silver Eagles are beautiful and valuable, but your son may be more interested in a Boy Scout Centennial proof. Kid-friendly designs abound, including Girl Scout and baseball coins released by the U.S. Mint, Zombucks Walkers (and eventually, nine other designs) by Provident Metals, and animal-themed coins from the Perth Mint Lunar Series. These designed rounds may be a great ?gateway? into your preferred investments.
Talk About Your Stack
The biggest thing you can do is to include your kids. They?ll sense your excitement when you get a new order, and you can take a moment to explain the types of bullion and why you are interested in this particular piece. You can demonstrate the proper way to care for your stack and stress the importance of security.
Your kids will love the chance to spend time with you sharing a hobby you both enjoy. When you make precious metals investing a family activity, you are truly setting your family up for a fantastic future.
What are your thoughts?
Do you think precious metals can be a great learning tool?
If so, how do you incorporate subject matter and history lessons when showing off your collection?
Feel free to leave us a comment below, or drop us a line on our Facebook and Twitter pages today.
secret service prostitution 4 20 sheree whitfield weather dallas pat summitt real housewives of atlanta colton
No comments:
Post a Comment
Note: Only a member of this blog may post a comment.