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TORONTO – October 14, 2020 – ( )

​​​Kids are like sponges when it comes to new concepts, making this the perfect time to teach financial literacy. Research shows that the younger you teach children about money, the more independent and responsible they will be as adults. This is why Treasure exists. Treasure, a mobile money management app has been built to teach kids the value of money, fun ways to earn and save their allowance and money received through gifts.

“Financial literacy is a key life skill, but schools don’t teach finance-related courses properly until middle school or high school, and I think that is not only crazy but also way too late to form good habits,” said Matt O’Leary, CEO of Treasure. “Kids need money skills as soon as they can count. My own kids would ask for things in the store without realizing the cost or need to take money to school as early as kindergarten, and that’s when I realized that kids need money skills as soon as they can count.” 

Treasure is a fun-first education tool that teaches positive financial habits around saving and spending, but unlike other tools, Treasure uses real money with real spending and saving options using the bank of Mom and Dad through allowance and task-driven incentives. 

“We all know someone who got in trouble when they got their first credit card. This is because a credit card isn’t money. It’s just an abstract concept,” says O’Leary. “Our research has shown that the reason it is important to start teaching kids about money as early as possible is based on the fact that many financial decisions are based on abstract logic

Welcome to NerdWallet’s Smart Money podcast, where we answer your real-world money questions.

This week’s episode starts with a discussion of the few remaining ways people can reduce their tax bills, including contributing more to retirement and health care funds.

Then we pivot to this week’s question from Marco in New York, who says, “I’ve learned a bit about stocks, index funds, mutual funds and so much more, but it’s very overwhelming and I’ve just been circling for weeks trying to decide where to open an account. I was hoping you could dive more into how to select the best platform to invest your money. What makes some better than others? I also currently have a 401(k) through my company. Is it smart to do my personal investing on the same platform to be consistent?”

Have a money question? Text or call us at 901-730-6373. Or you can email us at [email protected] To hear previous episodes, return to the podcast homepage.

Check out this episode on any of these platforms:

Our take

Fortunately, you don’t need to be an expert to open a brokerage account and start investing. It’s a learn-as-you-go project. The important thing is to start as early as you can. The longer you’re in the market, the more wealth you can build.

If you’re overwhelmed, consider starting with an option that does most of the work for you, such as a robo-advisor. These computerized platforms ask you a few questions and then set you up with a portfolio of investments that’s constantly monitored and adjusted.

If you want to be more hands-on, the best investing platform will depend on a number of factors. Some firms specialize in helping new investors learn, with lots of online educational materials and live seminars. If you have a limited budget, you’ll

No, 2020 is not over yet. While a lot of us may wish that was the case for one reason or another, we still have to stick it out for another couple of months. But that’s not necessarily a bad thing. If this year has upended your retirement plan, you still have some time left to course-correct. Here are three moves you should make before 2020 is over if they make sense for you.

1. Contribute to your retirement accounts

Millions of Americans lost their jobs, at least temporarily, this year, and that can throw off your retirement contributions. If things are a little more stable for you now, consider bumping up your retirement contributions to make up for your missed contributions earlier in the year.

Smiling man using laptop at home

Image source: Getty Images.

There are a few things you’ll need to keep in mind, though. First, you’re only allowed to contribute up to $19,500 to a 401(k) in 2020, or $26,000 if you’re 50 or older. You may also contribute up to $6,000 to an IRA, or $7,000 if you’re 50 or older. Most people won’t max out their accounts, but if you typically contribute a lot to your retirement accounts, you don’t want to exceed this. Otherwise, the IRS could tax these funds twice.

You also can’t contribute more money than you earned during the year. Unemployment benefits don’t count as earned income according to the IRS. So if you only earned $15,000 at your job this year and you’ve spent the rest of the year on unemployment, the most you could contribute to all of your retirement accounts for the year would be $15,000, unless you return to work later on in the year.

2. Do a Roth IRA conversion if it makes sense for you

Roth IRA conversions change your

The first presidential debate got personal right out the gate Tuesday night as Democratic presidential nominee Joe Biden called President Trump “the worst president America has ever had” and Trump said there is “nothing smart” about the former vice president.

Joe Biden wearing a suit and tie: President Trump challenges former vice president to take a side during first debate

President Trump challenges former vice president to take a side during first debate

The first showdown, which took place Tuesday night in Cleveland, Ohio and was moderated by “Fox News Sunday” anchor Chris Wallace, heated up quickly as Trump and the former vice president traded personal barbs as they fielded questions on ObamaCare, the Supreme Court and the coronavirus pandemic.

Leading up to the debate, sources close to the Biden campaign told Fox News that the former vice president wouldn’t engage in personal attacks or respond to any insults leveled against him by Trump.

But Biden, within the first half of the debate, slammed the president as a “liar” and a “clown” and repeatedly called on him to “shut up.”

“Would you shut up, man?” Biden said to Trump, calling him “unpresidential.”

Later, Biden cut Trump off again, saying: “Will he just shush for a minute?”

Meanwhile, the president slammed Biden, saying the former vice president is not “smart.”

“You graduated the lowest in your class,” Trump said to Biden, after he said the president should become “smart” with the coronavirus pandemic.

“Don’t ever use the word smart with me,” Trump said. “Nothing smart about you Joe.”

The president, when asked about his campaign rallies, said that Biden doesn’t hold events because “nobody shows up to his events.”

“People want to hear what I have to say,” Trump said.

The debate shifted to taxes. Biden vowed to repeal the “Trump tax code,” and the president cut him off questioning why he didn’t propose a better tax plan

  • Kevin Matthews, founder of Building Bread, and Kelly Lannan, vice president of Fidelity Investment’s Young Investors for Personal Investing, joined Business Insider’s Tanza Loudenback to discuss investing for the Master your Money Live Digital Bootcamp.
  • The experts shared tips for developing an investment strategy, balancing risk within a portfolio, navigating market downturns, and more.
  • We’ve turned their insights and advice into a toolkit of best practices for investors who want to build wealth wisely.
  • You can watch the entire video from the event here.
  • This article is part of a series focused on millennial financial empowerment called Master your Money.

Thanks to the democratization of investing, largely through new technology, you don’t need to be flush with cash to be an investor today. Some of the best investment apps allow you to get started investing in mutual funds or fractional shares with $10 or less.

No amount is too small to invest when time is on your side, said Kelly Lannan, vice president of Fidelity Investment’s Young Investors for Personal Investing, during the Master your Money Live Digital Bootcamp: How to Be a Smarter Investor.

Still, she urges people to make sure they have their financial house in order before putting money into long-term investments: Establish an emergency fund, pay off high-interest debt, and ensure you’re contributing to workplace retirement plans that offer a match.

During the Live Digital Bootcamp, Lannan and Kevin Matthews, a former financial advisor and the founder of Building Bread, shared tips for developing an investment strategy, balancing risk within a portfolio, navigating market downturns, and more. 

Below, we’ve turned their insights and advice into a toolkit for smart investors.

Investing isn’t something you should do on a whim, the experts said. Everyone needs an objective for investing — the why that informs your strategy and