Quote:
Originally Posted by hakuna matata
I think if you are raised to be a saver you might be more likely to be one, but not all savers were raised to be one. My family wasn't a saving family-my father barely made enough to keep the family afloat, let alone plan for the future. So I wasn't a saver when I was younger--it is only now that I am older that I see the value of it.
For me it was the light bulb of finally understanding compounding interest and paying myself first. Something that most people aren't taught, nor ever learn.
My wife and I have vowed our daughter won't graduate high school without understanding these simple concepts.
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Wow, I think I could have easily been the one to say those words!
I grew up watching my folks buy a new cars every few years, or when the next years model came out that was better. Buy what they wanted whenever they wanted. I always thought my Dad's business was a money machine, and for the most part it was. But what I didn't realize is what they were NOT doing. And that was to NOT save anything. I only found out within the last couple of months that the only savings or retirement money they have is my Mom's USPS pension and Dad's SS check.
I finally got my eye opening about 6 years ago when I went to work for my current employer. I had never saved anything, or had a retirement account. I had no clue what I was doing when I signed up for our SIMPLE IRA plan.
Back on track here..... My main reasoning was simply because I wanted it. Whenever my folks wanted something, they bought it. So that was right in my mind. I'm not blaming my folks, that's just what I thought (learned) was right.
I am excited to see the way my kids deal with their allowances and birthday money. They both have online savings accounts. When they get $100, they buy a Savings Bond. My son just bought his first in his name only this Saturday (I had been buying them for him with both our names on them). I was a very proud father to watch him go to the counter (while I stood back and watched) and hand over his mostly completed form and tell the clerk "I need to buy a savings bond please." The clerk really played it up too, he was awesome! Watching my son (7, be 8 in September) signing the form was the best part! I put that copy in my safe, that one's a keeper!