My "kid" is 24 but I'm friends with several kids who aren't being taught anything about saving. They earn $5 and blow it at dollar tree and the adults in their lives seem to encourage it. I'd like to teach them about saving and make it fun. What do you do with your kids? Any ideas for fun ways to save?
It wasn't necessarily "fun," but the thing that my parents did that resonated most with me was illustrating the power of compounding. They showed me a chart that showed how much investing $2000 each year in an IRA could grow and the difference between starting earlier versus later.
Sound like fun now tho Aaron:) I remember seeing a coupound interest charrt for the first time and being blown away, That's a good idea, thanks.
@Cat B., the results have certainly been fun. I've been making maximum contributions to my Roth IRA since I was a teenager, maximum contributions to my 401(k) since my early 20's, maximum contributions to my HSA for the last three years, and making weekly investments in a brokerage account. You can find a pretty good explanation of the power of compounding here.
@Aaron G Marry me🤣 . But seriously that's wonderful! Such freedom in financial security. I would guess that you love whatever kind of work you do also.
LOL! My wife might have something to say about that ;). But on that note, I think it's important to be on the same page financially as a significant other, which could be another teachable lesson for the kids. We're both savers by nature, and she also contributes the annual maximum to her 403(b) and Roth IRA.
As for loving my work, that's debatable. I come from a long line of federal employees, and my dad always pointed out that working for the federal government can destroy ambition. Having worked for the Army for 18 years now, I kind of get that. In one sense, I find my work important and rewarding in that I'm directly supporting Soldiers. However, the relatively conservative safety of my job in terms of job security and benefits has probably kept me from venturing out and taking risks.
Sorry Aaron's lovely wife:) Maybe you two could adopt me? :) It is important to be on the same page financially, surely the cause of many divorces.
Sounds like you are you are the perfect candidate to start a side hustle business, something risky and fun that you love, maybe not risky. #nopressure
I'm hoping to start a non profit with kids in impoverished neighborhoods doing service work to beautify yards and plant gardens in their own communities. I've been doing it unofficially for awhile. Unfortunately what I did this Spring/Summer was done alone. Until it's safer doing it with kids is on hold.
This is a very important subject. I have two daughters 18& 19. Every penny in their hands goes to Postmates
@Kitraina G. Not too late to talk to them and set a good example.
