Michael McGee Teaches Wealth Building and Investment Savings, has tips for Royal Oak Parents

May 2, 2009 - PRLog -- Royal Oak, MI – Michael McGee, a financial advisor in the Metro Detroit area recently spoke to a group of parents in Royal Oak.  Their main concern was how would they be able to save for retirement while raising a family?  Kids are constantly outgrowing their clothes; the teenagers want cars and they will be going to college soon.

Michael offered tips for parents to teach their children to develop good sense, money saving habits.  “It’s never too early to begin saving money.  Children can get started as soon as you begin giving them an allowance.  Even at the very young age of 4 or 5, you can give them $1.00 per week, but teach them that they have to put a quarter each week into a jar, piggy bank or other container.  Before you know it, they will have enough to roll up and deposit to a savings account.”

Michael went on to explain how the children can enjoy saving money as they watch it grow; they will be encouraged to save more.  “As they get older, and their allowance is raised or they get part-time jobs, instruct them to increase the amount they set aside.  Teach them to save for the extra things they want like a new computer or a car.”

Michael believes children can learn good habits if they are taught good habits at a young age.  “As they grow, you can continue giving them guidance by helping them with their first car loan and budgeting how much they will need for gas, insurance, repairs and the responsibility of owning a car.”

Michael covered more tips for parents to teach their children, including education and solid career before marriage and children, avoiding debt when possible, picking the right career and about home-ownership versus renting.  “Don’t wait till your kids are in college to start teaching them about saving money.  If your children start their retirement savings with their piggy bank, and develop good sense as they grow, chances are you will be able to enjoy a comfortable retirement and not have to worry about supporting adult children.”

Michael McGee is a financial advisor who can continue educating your children when they are old enough to make their own financial decisions and to open their own retirement account.   Michael can help you with everything from college planning to retirement planning, establishing a 529 college savings plan, traditional IRA, Roth IRA, SEP IRA, 401-K, family savings and more.  Read more wealth building tips at http://wealthbuildingdetroit.blogspot.com/

Contact:

Michael S. McGee, MBA
Financial Advisor
888 West Big Beaver Suite 850  
Troy, MI  48084
248-720-0300        
Email:  mcgeeaug@comcast.net

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