You may want to start out with a savings account at the local bank with a passbook so they can see the money add up. And as they get better at it, let them in on the inside story about CDs, money market accounts and other ways to earn the best interest on their money. Games kids can play Once your child masters the art of the allowance deal, you might gently steer them toward money games. You sign on and get a stake, you buy a portfolio and at the end of the game period the one with the most money wins. It's a great way for everybody to learn about managing stocks.
Students can also join in stock market simulation games that are increasingly popular in schools.
Once your budding tycoon is comfortable with the basics, consider helping them put some real cash to work with their knowledge of Wall Street. There are brokerages that offer special programs for youngsters, or you can open a small account for them. By law minors need an adult's consent to open an account and start trading. A college education will put your child in the best position for optimum earning power. If you want to help your kid become a millionaire, put some money aside for college tuition now.