“If the parents make clear that this is a system they’ve implemented, maybe you label $5 for sharing, $5 for saving, and the rest for ‘spend smart.’ That can be a creative way of doing it.”
– John Lanza
Chief Mammal John Lanza was recently featured in a Grow by Acorns + CNBC piece on gifting money to children. The article, written by Ryan Ermey, also includes commentary from Paul Golden, a National Endowment for Financial Education spokesperson.
Lanza and Golden address the following topics:
- Establishing a framework for monetary gifts
- Having conversations with children when they receive gifts of money
- Putting monetary gifts towards a particular use
- 529 savings accounts and Roth IRAs
- Notifying parents and financial professionals before transferring funds