Thrifty Thinking: Kids and Investing

Some parents start some sort of investment when they're kids are young, but what are ways that they can do even better, especially if they're on a tight budget? I had the chance to interview financial expert Marlo Richardson to learn more. In her words:

I was able to introduce my kids to the idea of investing at around five years old through board games like monopoly and payday.  

The moment kids understand that items cost money, is a perfect time to talk about saving and investing.  When my daughter would ask for things that she wanted, but they weren't a necessity; I would discuss the need to save in order to be able to purchase things that she wanted. My goal was to show her the value of money and how it has the potential to increase in value when purchasing assets opposed to debts. We also played a lot of Monopoly in order for her to understand the value of investing in real estate.

A great way to teach kids the concepts of risk v. reward and profits and loss are to teach them about values.  I am never surprised at how quickly kids absorb financial values. Try giving your 7 year old twenty dollars and let them pick out a few toys from the toy store. Suddenly, the value of money, saving and spending it makes sense.  

My daughter learned about stocks when she was 8 years old. She was an avid video game player. I used some of her popular games to introduce her to the stock market. She has also helped me to invest in my portfolio by keeping me abreast of all of the popular things that tweens and teens are into in addition to popular culture. Through her knowledge I've learned to invest in companies that I would otherwise have no knowledge of.

Marlo is known as a dynamic leader, business professional and as someone who has made her mark in many industries. She is a regular disrupter, often carrying the title “First African American Woman to”. Marlo has been a Keynote Speaker, business advisor, and is often invited to speak with local business groups and universities regarding her personal story and experiences in the business world.

As a young girl, Marlo knew she had an interest in helping others. She was able to accomplish this through roles within charitable organizations, law enforcement, and politics. After facing gender and racial discrimination when working for the LAWAPD, Marlo decided she wanted more financial freedom and to be her own boss. She transitioned out of working the traditional 9-5, overcoming various hurdles in the process and took a leap of faith into entrepreneurship. She knew doing so would also create generational wealth which was important for her.

Richardson has owned business franchises, restaurants, a home health care agency, a real estate investment company, insurance agency, retail clothing, travel agency, security company, production company, distribution company, manufacturing company, marketing company and has created several successful brands. Currently she focuses on real estate, crypto, is one of the few license holders to grow and operate a cannabis grow op and is a financial expert advisor. 

She is the founder of Business Bullish, a website and resource that seeks to train people in the areas of financial literacy and entrepreneurship. She is a dynamic business woman and leader and is also a keynote speaker and business advisor who shares with local businesses her success stories in hopes that they can replicate her growth.

She also takes time to speak before many organizations, universities, and corporations. She speaks on topics such as leadership, motivation, work, entrepreneurship, and innovation. The business advisor and speaker regularly accepts bookings to some of the most prestigious institutions and organizations in the country.

Business Bullish comes as a passion project of Richardson, after realizing the lack of resources that help people invest and grow businesses. Moreover, the resource is completely free, as the business guru looks to help as many entrepreneurs as she possibly can. In the future, she hopes to create a strong community and network of business owners who can share insights and ideas to help each other flourish in their respective fields. She hopes to create an avenue where people can share business ideas and get feedback from the Business Bullish community.

As a working mom with numerous brands under her, she seeks to share her knowledge on finance, business and demonstrate women really can do it all.