12. Steps to Take to Make Your Grandchildren Financially Savvy

So what can you do to make your grandkids financially savvy, especially since you may not feel competent to share knowledge? You may have had your stockbroker suggest and then purchase your stocks, or you might own mutual funds you haven’t looked at for years. Or you may not be invested in the stock market. Not everyone is. 

Yearly, these advisors send you an overview of your positions. Outlined in a triangle are your areas of risk, of your diversification in growth, value, small, or large-cap stocks. They might suggest that you tweak your positions to reflect reducing your risk as you get older. If you don’t do anything, don’t make any changes, they don’t care.

You’re responsible for making the fi nal decisions on your investments, but many of us have relied on the advice of others to make those decisions.

The financial landscape, however, is changing. Full-service brokers that charge huge fees for every transaction are slowly falling by the wayside. Flat fee Internet trading is gaining popularityand you don’t have to be a day trader to use that tool.