| How many out there talk to thier kids about $$ |
| Yes |
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100% |
[ 7 ] |
| No |
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0% |
[ 0 ] |
| some what |
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0% |
[ 0 ] |
| It's none of thier business, they'll learn when they get older |
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0% |
[ 0 ] |
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| Total Votes : 7 |
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| ladyvegas |
 Posted: Fri Jan 27, 2006 8:16 am Post subject: How many out there talk to thier kids about $$? |
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Investing Sr. Associate
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| I'm just curious, because myself at 37 while growing up my parents never talked to me at all about finances in any aspect. More or less they felt it was thier business alone and it was not discussed. I am making it a point to discuss the importance of good credit, maintaining it and protecting it, as well as saving for the future. Anyone with me?? |
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| Dave Rathbun |
| Posted: Fri Jan 27, 2006 8:27 am Post subject: |
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CFO
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Next question... when do you start? 
My boys are 3 and 4, and we've started already. Of course they don't really "get" the concept. They get a minimal allowance. For Christmas this year I took them with their piggy banks and they helped pay for Mama's gift. They went through the process, but I'm sure they didn't get the underlying idea of what was going on.
We've opened a bank account for them and try to talk through concepts like interest. It's not that I want them to know it, but when they get a little older they'll (hopefully) start asking questions.
The earlier the better.
When I was a kid, everything I got, whether allowance, mowing lawn money, gifts for special occasions... half of everything went into my college fund. |
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| Im Not Warren Buffett |
| Posted: Fri Jan 27, 2006 8:28 am Post subject: |
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CFO
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My parents never say anything about that. The examples they offered are:
Mom started investing for herself by buying Lucent (LU) at $60 and JDS Uniphase (JSDU) at $130.
Dad bought a Mercedes on an impulse.
Basically, I have to figure out this stuff by myself. So far, I think I've learned from my mom, but I have spending habits similar to my dad. |
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| frusnak |
| Posted: Fri Jan 27, 2006 9:57 am Post subject: |
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CFO
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My wife and I started talking to our kids about money around 10 years old, allowance time.  |
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| akh098 |
| Posted: Fri Jan 27, 2006 10:04 am Post subject: |
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Investing VP
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| I am 23 and my parents also talk to me about finances. They want me to put money in government bonds, infrastructure bonds whih gives 8% returns p.a + tax saving. But my real love is capital appreciation over a long period of time through equity. |
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| DKnightSr |
| Posted: Fri Jan 27, 2006 4:38 pm Post subject: |
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Member of the Month
May
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I don't know about the rest of these folks, but I've had SEVERAL years I couldn't claim an 8% gain. You're folks aren't all wrong, especially if your net worth is still being built.
To invest properly, you have to take losses when necessary, and that can be hard if you only have a few thousand to work with. 8% ain't bad. |
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| DKnightSr |
| Posted: Fri Jan 27, 2006 4:55 pm Post subject: |
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Member of the Month
May
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akh098- One last thing, and I'll get off my soapbox. A very good book says "To everything there is a season". Don't limit yourself to just the market, look at a home, a duplex, corporate bonds, metals, even a car can be an investment if it's the right one at the right price. As the others will tell you, I'm the biggest nervous annie there is in the current market. I've just bought my first bond from Ford, paying 13%. I (and the bank  ) own a home, I have a silver dollar collection (amazing how much Morgan's increased!) and a piece of worthless dirt... that just happened to get part of a city built around it.
Keep your eyes open, listen, watch, add it all together, and when the opportunity comes... jump on it. In between- as Warren Buffet said:
Rule #1, never lose money
Rule #2 never forget rule #1
As many saw on the sad day of 9/11- things can change rapidly. What was yesterday's holdings is todays loss. But today's white elephant.... well, it just might be tomorrow's holding. One of my favorite stories is about the Beatles Abbey Road album I bought and never opened. My brother thought I was a nut and bought me another one, and of course had a good laugh at me. It's still safely sealed, and worth many times what I paid. So you see... don't limit yourself to just the market. Watch everywhere! Read, listen, think it through, and then... jump |
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| Im Not Warren Buffett |
| Posted: Sat Jan 28, 2006 3:26 am Post subject: |
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CFO
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| akh098 wrote: | | I am 23 and my parents also talk to me about finances. They want me to put money in government bonds, infrastructure bonds whih gives 8% returns p.a + tax saving. But my real love is capital appreciation over a long period of time through equity. |
You are young, so its completely natural to want to take on more risk and look for better returns. If you are smart about it, that will become apparent to them as you return higher and higher amounts... although 8% isn't bad. |
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| Im Not Warren Buffett |
| Posted: Sat Jan 28, 2006 3:29 am Post subject: |
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CFO
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| DKnightSr wrote: | As the others will tell you, I'm the biggest nervous annie there is in the current market. I've just bought my first bond from Ford, paying 13%. I (and the bank ) own a home, I have a silver dollar collection (amazing how much Morgan's increased!) and a piece of worthless dirt... that just happened to get part of a city built around it.
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Yeah, with you the sky always seems to be falling, or at least preparing for descent.
How does one buy a corporate bond? Do you use a broker, contact the company directly, or what? 13% is a great rate; you are much more confident in Ford's solvency than I am. |
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| Grimreaper |
| Posted: Sat Jan 28, 2006 3:39 am Post subject: Re: How many out there talk to thier kids about $$? |
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CFO
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| ladyvegas wrote: | | I'm just curious, because myself at 37 while growing up my parents never talked to me at all about finances in any aspect. More or less they felt it was thier business alone and it was not discussed. I am making it a point to discuss the importance of good credit, maintaining it and protecting it, as well as saving for the future. Anyone with me?? |
I caught my son trying to take a bunch of change outta my change jar and I told him I was gonna kick his a$$ if I caught him doing that again. |
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| DKnightSr |
| Posted: Sat Jan 28, 2006 5:51 am Post subject: |
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Member of the Month
May
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| "Im Not Warren Buffett"- I used a broker, since this was my first time and the bond a bit large. I "tippy toed" all the way, but got the job done As for Ford's solvency... Ford Motor is the only automobile manufacturer I know of that is a family business. Yes, they have stockholders, but "The Family" still has a huge sway. They are a proud family, and the company is their heritage... perhaps even their ID? No, Ford won't go under. There may be some radical moves by the company, even wilder than we're seeing now, but I'm banking on generations of experience, pride, sacrifice, and the willingness to do what it takes to continue. Several times they've been in deep trouble, and each time they've sucked it up and made it happen. You might check out some of their biographies and autobiographies. These guys play rough when they have to. Not saying they do anything wrong, they just play rough. No quarter asked, no quarter given. I have faith in them, and through them, the company. For me, I went the bond as it pays better than their stock will in the next year. But you can bet that should it get down in the mid $7 range, I'll be back in there. Risk VS Gain. A difficult equation sometimes, eh? |
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| Im Not Warren Buffett |
| Posted: Sat Jan 28, 2006 5:57 am Post subject: |
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CFO
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| DKnightSr wrote: | | "Im Not Warren Buffett"- I used a broker, since this was my first time and the bond a bit large. I "tippy toed" all the way, but got the job done As for Ford's solvency... Ford Motor is the only automobile manufacturer I know of that is a family business. Yes, they have stockholders, but "The Family" still has a huge sway. They are a proud family, and the company is their heritage... perhaps even their ID? No, Ford won't go under. There may be some radical moves by the company, even wilder than we're seeing now, but I'm banking on generations of experience, pride, sacrifice, and the willingness to do what it takes to continue. Several times they've been in deep trouble, and each time they've sucked it up and made it happen. You might check out some of their biographies and autobiographies. These guys play rough when they have to. Not saying they do anything wrong, they just play rough. No quarter asked, no quarter given. I have faith in them, and through them, the company. For me, I went the bond as it pays better than their stock will in the next year. But you can bet that should it get down in the mid $7 range, I'll be back in there. Risk VS Gain. A difficult equation sometimes, eh? |
I'm sure the Ford family is full of complete gangsters, but I don't think the magnitude of this crisis is being fully grasped. The have hundreds of billions in liabilities, they are losing market share, there is a global overproduction of autos... each is a bad situation by itself, but together there is the potential for catastrophy. I'm not saying they will go bankrupt, but I wouldn't tie any money up in them. How many years is the bond for? |
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| frusnak |
| Posted: Sat Jan 28, 2006 6:33 am Post subject: |
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CFO
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| Ford is profitable and I would buy some stock if it gets to $7.50. One of our members bought some GM not to long ago and if they sold it in its little run up, they made a little profit. |
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| geb9696 |
| Posted: Sat Jan 28, 2006 8:14 am Post subject: |
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Investing VP
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| My parents always talked to me about $$$$$$. They stress how important it is for me to get a good job so I will be able to buy all of the things that I have grown accustomed to. |
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| frusnak |
| Posted: Sat Jan 28, 2006 8:39 am Post subject: |
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CFO
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| frusnak wrote: | | Ford is profitable and I would buy some stock if it gets to $7.50. One of our members bought some GM not to long ago and if they sold it in its little run up, they made a little profit. |
Wow did I get off the subject or what!  |
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