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kind of surprised

July 25th, 2006 at 02:10 pm

It was slow at the restaurant last night so I decided to talk to our young waitress. She has been there about a year, and probabaly makes decent money for an 18 year old.
I told her at her young age, she should be opening a roth ira and saving her money.
She did not have the slightest idea of what I was talking about.
She has never heard of IRA's or mutual funds.
Her mother works at the area's largest bank, and she has never heard of mutual funds, ira's!!
That is sad. Young people are not being taught anything about money, not even from their parents!!

4 Responses to “kind of surprised”

  1. Homebody Says:
    1153833680

    Not ALL young people!

    My new son-in-law's mother is a banker and he and my daughter at ages 18 and 19, took their wedding money (married 4th of July) and opened a 5 month CD that was getting a higher yield than the 1 year CD (5.25%). Children learn by what they see as much as what comes out of our mouths, probably more so.

  2. ima saver Says:
    1153837832

    Good for them!!!

  3. LuckyRobin Says:
    1154086643

    My kids are learning. They are learning that some things must wait until payday and can keep track of which days are payday. They know which CU has the savings account for the car fund, which CU had the savings account for the new freezer and which CU has the main checking account, and incidently which CU gives out the best stickers.

    They can recognize the envelope that has the 401K statements and they recognize the envelope that has the social security earnings statements. They both have savings accounts that do monthly drawings for kids and you can win $5. Both have won once. They also get a treat for every 5th deposit they make.

    My daughter wants to get her first savings bond with her birthday money. I won't let my kids wander out into the world having to learn all this stuff on their own like I did.

  4. Jaydee Says:
    1154311201

    As an incentive to get my 19 yr old part-time working college daughter to start saving, I match her IRA deposits ($100 for every $25 she puts in her Roth IRA each month). I know it sounds like a lot, but she has been saving now for years and has accumulated more than most 30yr olds have.

    Please Educate The Young. Especially your young women. Nurture them along. Instill good habits and lead by example.

    Unforunately, my DD has learned a lot by watching that poor elderly woman in the community who has resorted to caring for others for meager pay, because her deceased husband did not provide for her (no savings/life insurance) in an era when women stayed at home instead of working.

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