A CEO who manages a $1 billion firm teaches her teen daughter 3 core lessons about investing
Moms are chock full of advice, but when Renee Kwok talks to her daughter about money, her words may very well carry twice the weight.
Kwok is a certified financial planner and the CEO of TFC Financial, a $1 billion financial planning and asset management firm based in Boston.
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She tells her daughter to “work hard and save most of your money. The three-bucket philosophy endures today: spend a little, donate some — and save most.” But, Kwok says, it’s what you do with your savings that matters most.
1. Put your savings in a high-interest account
“You can’t collect interest or grow your stacks of cash if they are sitting in an envelope in your desk drawer,” Kwok tells her daughter.
A high-yield savings account or money-market account is often the best place to keep savings so it grows, but remains easily accessible. While you won’t wreck your financial life by not storing savings in a high-interest account, your money will almost certainly lose value thanks to inflation.
