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!!
kind of surprised
July 25th, 2006 at 01:10 pm
July 25th, 2006 at 01:21 pm 1153833680
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.
July 25th, 2006 at 02:30 pm 1153837832
July 28th, 2006 at 11:37 am 1154086643
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.
July 31st, 2006 at 02:00 am 1154311201
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.