How to raise Young Millionaires using allowance Part 2

Let’s continue our allowance story that was featured in the February 2020 issue of Feast.

- Rose Fres Fausto, FQ Mom

There I discussed how I was a saver since kindergarten. I regularly put aside money from my weekly allowance using my alkansiya, shaped like a transistor radio, given to me by my pretty Aunt Vicky. Since it worked well for me, we decided to teach this habit to our three sons—Martin, Enrique, and Anton. Instead of an alkansiya, they used their respective treasure boxes, giveaways from their kiddie savings accounts.

Go Beyond Saving

We didn’t stop with their treasure box. We went beyond savings and introduced simple investing.

When their money in the treasure box reached P500 to P1,000, they deposited it in their ATM accounts, which we called small accounts for simplicity’s sake.

When their small account reached an amount way beyond the minimum balance of P5,000 at that time, we moved their money to higher-yielding instruments such as fixed income and equity investments. We called them big accounts, again for simplicity’s sake. We explained to them that their small accounts