By Michael Kane
Vancouver Sun
Monday, September 03, 2001

As children head back to the classroom this week, few are likely to be taught they have the potential to be millionaires when they grow up.

Yet it's true. A child investing only $10 a month in mutual funds can create wealth of about $1 million over a lifetime.

Sure, it will take about 50 years for a 10-year-old and he or she will need to earn 12 per cent each year, but it's possible.

More importantly, the investor who starts young will likely grow up to be a bigger and better investor, accumulating wealth far sooner than those who wait until middle age. The challenge is to show children the enormous benefits of time and compound interest.

Enter Victoria's Ted and Lora Lea who have written and illustrated a children's guide to mutual funds called When I Grow Up I'm Going To Be A Millionaire (Trafford Publishing Co; $14.95.)

The 45-page book is aimed at children and teenagers aged 10 to 16 and was inspired by the easy- to-read manner in which David Chilton explained money and investing , in The Wealthy Barber.

In addition, the Leas read a short column that talked about the concept of investing $10 a month to create $1 million over a lifetime.

Ted Lea says he wrote the book when he realized that most books on children's finances are written for parents to help teach their children, but there are very few books explaining investment concepts for young readers.

The story involves straightforward dialogue between a child who has a money coach and his friend. Although they briefly discuss other forms of investment, the focus is on mutual funds offering a balance between safety and long-term growth.

The book also offers a sense of perspective with the advice to enjoy the important things in life like friends and family.