There is a new breed of investing app for teenagers. The brokerage industry has tapped a new demographic: teens. If your child is old enough to open an account at Fidelity, he or she may also be eligible to use that platform to get his or her first taste of the stock market. stylishster If not, your teen can still have a Fidelity account, which will automatically transition him or her to a retail brokerage account for free upon reaching the age of 18.
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Greenlight Card + Invest, for instance, is a trading app that gives teenagers the power to invest in stocks and ETFs. Teens must receive parental approval before they can make trades, but the app does offer real-time notifications for all transactions. It also allows parents to choose which stores their kids can spend their money at. This makes it perfect for educating young investors about money management while still in their adolescent years Tishare .
Personal finance education for teens is often lacking in one key element: money. Aside from the requisite money, most young investors lack the environment and exposure to invest. By using an app that teaches them about money without cash, they can learn about investing jargon and start small. While copying an investment strategy may work once, it is unlikely to work again. For these reasons, Henske recommends that parents invest in the first few years of a teenager’s life.