Today I got to take my son to work with me. Across Ontario (and many other parts of the country from what I understand) the 9th graders were blessed with the incredible privilege of joining one of their parents at work. I think it's an excellent idea, and so we spent our morning here at our RBC Dominion Securities office, designing a financial plan for my son. 

 

I explained to him that if he were to set aside only 1/2 of his earnings from work/allowance/gifts, and invested those funds, he would be sitting on (relatively) substantial amount of funds in a matter of a few years. So, we are opening up an investment account, funding it with some start up capital, and setting a monthly contribution strategy starting today. 

 

The benefit of saving and compounding is a lesson that all young people can benefit from. If you would like me to go through the same discussion with your teen kids, please don't hesitate to let me know.