The Best Financial Gift to Give a Kid is FREE

“It is crucial to understand that wealth flows from savings, not from income.”

– David Chilton, The Wealthy Barber Returns

What if the greatest financial gift you ever gave a child didn’t cost you a cent…but meant that they ended up with a nest egg of a million — or two — dollars?

If you’re the frugal sort, that should put a smile on your face 🙂

So what IS this great financial gift?

Why, advice, of course! Which is this:

If one starts to save regularly as a young person, then the amount of money that can be accumulated over a significant period of time is staggering.

It’s not the amount of money a person earns that determines whether or not they will be wealthy; it is the amount of money the person sets aside that really matters. And the sooner they get started, the better.

Years ago, I read an excellent article in the Globe & Mail about the importance of teaching kids about how — and why — to start saving when they are young.

“Financial freedom occurs when a person’s investment income is greater than their monthly expenses…