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| moneytree |
 Posted: Wed Feb 23, 2005 5:45 pm Post subject: young investors |
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Investing Sr. Associate
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We have a 17 (soon to be 1 year old who will be graduating this year. He isn't sure if he wants to go to college right away. He is thinking about going to a discipleship school first and then college. Until he decides he will be working part to fulltime. What would you tell a young person such as himself about investing? We really want him to do better with his money than we have. |
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| chop456 |
| Posted: Wed Feb 23, 2005 5:55 pm Post subject: |
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Investing Sr. Associate
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| I think that if the company he works for offers any kind of plan (401k or 403B) to be sure that he takes advantage of it and make it a worthwhile amount. Also, at such a young age I am not sure if full investing is needed, but rather a smart savings plan. You could consider a 401K plan as the investment and money put into his account (% of his wages) as his savings plan. |
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| chop456 |
| Posted: Wed Feb 23, 2005 5:56 pm Post subject: |
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Investing Sr. Associate
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I just thought of something else... if he is living at home you could charge him rent and put that into an account for him (don't tell him, though). He could have a nice starting point when he moves out on his own  |
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| moneytree |
| Posted: Thu Feb 24, 2005 12:08 pm Post subject: |
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Investing Sr. Associate
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| Yep, we had already thought of that plan. He will graduate just days before his 18th birthday. He will then get more hours for the summer and we plan to start the rent then. He will be very agreeable. He is pretty responsible. |
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| paula0000 |
| Posted: Thu Feb 24, 2005 5:26 pm Post subject: |
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Investing Manager
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| My parents did the same thing with me. They saved the rent I paid them and gave it to me upon moving out. Once I was done with school I had to pay rent (a little - but still rent). |
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| jboone |
| Posted: Fri Feb 25, 2005 4:50 am Post subject: |
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Investing Associate
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Give him a book as a graduation present-"Missed Fortune 101 by Douglas R Andrew.
Ask hime to read it and do a book report on it.
This may be this best financial education he will ever get! |
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| paula0000 |
| Posted: Mon Feb 28, 2005 5:55 am Post subject: |
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Investing Manager
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| I also think he'd be at a good age for "the wealthy barber" book. It's about starting young and paying yourself first. |
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| InvestingMac |
| Posted: Mon Feb 28, 2005 9:19 am Post subject: |
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Investing Manager
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That's a great age to have your son get a little more involved in household finances. Show him utility bills, phone bills, grocery bills, etc. to help build an appreciation for where a dollar goes.
The younger the better for this one. |
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| moneytree |
| Posted: Mon Feb 28, 2005 12:27 pm Post subject: |
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Investing Sr. Associate
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We've always let him in on how much it costs to run a household. He is very good at spotting a bargain too...especially at the grocery store...and it helps that he works at one too.
He actually is wise beyond his years, but he just doesn't seem very motivated...so wise money management is even more important. |
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| sarahwells |
| Posted: Thu Feb 24, 2011 6:05 am Post subject: |
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| davebatista |
| Posted: Thu Feb 24, 2011 2:26 pm Post subject: |
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