Smart Kids Finish Rich ~ Is David Bach Right?

David Bach, author the Automatic Millionaire and the thinking behind Smart Kids To Finish Rich (see Smart Women Finish Rich) has always echoed our sentiments that Smart Kids Finish Rich IF their parents acquire excellent financial education themselves so they are able to prepare their children for a secure financial future.

In a fast paced and ever changing world we now have expertise health and nutrition advice, expert gardening, home decoration, beauty and fashion advice and yet really excellent financial education is still a complete mystery to most.

For most people looking after their money seems quit a “dry” subject, most would much rather go and see the latest movie or catch up on the latest soap opera but if you arrive at the age of 18 a complete dunce when it comes to investing, paying yourself first and managing your money .. YOU WILL BE IN THE EXACT PLACE SOCIETY HAD PLANNED FOR YOU … 18 years old and able to get credit.

From that point on you will be paying interest for the rest of your life for everything you “own” and that is exactly how the whole system is designed so that the banks fill their boots from your lack of excellent financial education.

Since creating Kids Money Packs we have always been coming at it from a “grown up” point of view but as of October 19th 2010 we have a wonderful addition to the Kids Money Pack family, baby Oliver was born.

So we are going to put David Bach’s Smart Kids Finish Rich to the test because Oliver is only 7 weeks old at the time of writing so he has time on his side

Time is crucial when it comes to compound interest, as David Bach says,

$1 a day at 10% = $1 million in 56 years

$1 a day at 20% = $1 million dollars in 32 years

What if you went crazy and saved $2 a day?

Obviously right now we are the worst economic recession the world has ever seen with hyperinflation predicted as the next probable outcome, so what better starting position to test the Kids Money Pack ethics than now.

To find out what we think about investing choices for Kids, Savings Accounts and Tax Savings, plus David Bach’s Smart Kids Finish Rich in action feel free to subscribe to the blog and don’t forget to follow us on Twitter!

Attention all future independent money savvy kids! Kids Money Packs are available now for Christmas!

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