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...where I can no longer fake expertise in the two subjects I know almost nothing about: sex and money. So far, I've got by with a lot of prevarication, blundering and sending her to her room. But when she came home after school and asked, "How's the Dow?" I realized I was facing a so-called teachable moment. Unfortunately, as one of the three people left in this country who still has her savings in a passbook account, I have a lot to learn before I can teach my kid to play a financial instrument. I'm also...
Lynn Roney and Pat Smith are clearly dumbfounded by such cluelessness. They co-wrote the very helpful investing primer Wow the Dow (Simon & Schuster; $14), which is based on 10 years' experience guiding their two girls, Shannon and Danielle, into the stock market. It is their belief that investing is empowering, interesting and potentially profitable, and they've got spreadsheets to prove it. Kids are already expert consumers, say the authors, and so have the capacity to be successful investors...
Fortunately for parents (and the economy), it is illegal for anyone under age 18 to trade stocks on his or her own. You have to set up a custodial account, and should closely monitor any buying or selling. Wow the Dow suggests that families join the National Association of Investors Corp. for an easy, quick and low-cost introduction. Once you've got your feet wet, you and your kids can research other ways to buy stocks, such as directly from the company or through a discount broker. You should probably discourage online investing; I believe finance should...
...Still feeling rosy about the interest-rate picture after Friday's soft-landing-esque GDP number (and 200-point attendant rally), and finding that the Old Economy giants may have some rallying in them in this uncertain fall season, investors goosed the Dow up 244 points Monday while pushing the NASDAQ down 86. This may be what the Treasury-bill folks call a "flight to quality...
...used to be "in" tech stocks - now you're "exposed" to them. And as the tech sector, led by a Lehman Brothers downgrade of Cisco, continued to burrow deeper into its funk, the musty old Dow Jones is getting hot again...