[Check out these 10 Resolutions for Retirement Readiness in 2010.]
A piggy bank. A bank or coin sorter is often our first experience squirreling away money for the future instead of spending it immediately. Jim Rogers, cofounder of the Quantum Fund and author of A Gift to My Children: A Father's Lessons for Life and Investing, likes to give his 6-year-old daughter piggy banks. "She has five piggy banks with five different currencies," he says. Each pig is filled with Singapore, Hong Kong, or U.S. dollars, Chinese yuan, or Euros respectively. Rogers asks his daughter to do chores such as sweeping leaves, making her bed, and cleaning her room in exchange for the money to fill her banks. "When she wants to buy something she has to take money out of her piggy bank to buy it," says Rogers. A new bank and a few foreign bills may be the perfect gift to get your children excited about saving money.
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