When Should Your Kids Start Planning?
A. As soon as they have a job.
WHEN DID YOU START SERIOUSLY PLANNING AND SAVING?
Please share when you started in the reply area below article.
One of the biggest regrets many of my new clients share with me is that they wish they created a financial plan at a much younger age.
Of course they know the benefit of starting younger and taking more advantage of the compounding of investment returns, but that is just one of the many benefits of starting young.
Today’s generation is bombarded with merchants soliciting them to buy things, much of which we do not NEED. Impulse buying, online shopping, and “keeping up with the Jones'” is more common than ever before. There are so many reasons/excuses not to save or plan for the future.
Most children in this affluent suburban area receive a very good education, but very few classes prepare kids today for real world financial realities. Many parents have tried to teach their kids something about money, but face it, once they have moved out, they are deluged by an onslaught of things to spend their hard earned money on rather than save for the future.
Consider sending your adult child a message to start planning for their future starting today. They will thank you later.
I hope the future value of saving chart might be a motivator for them. I made sure to have my young assistant, Katie, look twice at the numbers. After seeing them, she agreed to set up a Roth IRA and set up a systematic savings plan immediately!
I know that one day when she has a six figure account balance, she will be glad she did!
Use the social share buttons below to share with your kids (It might shock them!). Make sure to point out the money growth table.