If you know anyone in their teens, you can make a significant difference in his or her life. We know that the earlier a person gets started saving and soundly investing, the more they will have for retirement and to leave to others. As a group, teenagers are at a phase where they are seeking independence, moving from childhood to adulthood, and are eager to exercise their freedom, which comes with increasing self-responsibility. Therefore, the best way to teach them about investing is to involve them in selecting and opening a long-term investment account. In this video/podcast discussion Paul suggests the young investor find a partner (parent, grandparent, uncle, aunt, godparent, etc.) to match $50 a year for 10 years. (This could be done with $10) and what that will mean to them over the years. This presentation includes a set of 24 tables that can be used to investigate many of the choices the investor has (see pdf below).
Watch this as a video.
For information on Custodial Roth IRAs include a link to Schwab Custodial IRA https://www.schwab.com/ira/custodial-ira?src=SEM&ef_id=CjwKCAiA8bqOBhANEiwA-sIlN2MT3u5rQ88ibNnybVheXC-EFqyvlmYK1VsOqo8E_ofYodnmseoaYBoCBDEQAvD_BwE:G:s&s_kwcid=AL!5158!3!495093339246!p!!g!!custodial%20ira%20charles%20schwab!651813075!33944985558&keywordid=kwd-194438821700&gclid=CjwKCAiA8bqOBhANEiwA-sIlN2MT3u5rQ88ibNnybVheXC-EFqyvlmYK1VsOqo8E_ofYodnmseoaYBoCBDEQAvD_BwE
and Fidelity Custodial IRA https://www.fidelity.com/learning-center/personal-finance/retirement/turbocharge-childs-retirement
https://paulmerriman.com/wp-content/uploads/2022/01/100-per-year.pdf