The magic of compounding also needs to be taught how it can work quietly against you. Loans, and most importantly,credit cards, seem reasonable until you see the effects of compounding.
I really liked your video! It makes sense to teach kids how to manage money and invest wisely. I agree that compound interest, where your money grows over time, is like magic. Starting early is super important because it lets your money do most of the work for you. And you're right, this idea of growth applies not only to money but also to getting better at things and improving your life. Great job on sharing these important ideas!!
This is the second video of yours that I have watched ... and the second OUTSTANDING video of yours that I have watched ... THANKS ... if I may, I would like you to consider doing another video similar to this but a bit different ... this proposed video also involves teaching kids to invest, but more on a nuts and bolts level for kids who are actually young adults ... our daughter is 29 and does value investing and I would like her to be able to do it as well as possible ... lets just say she makes 70k-80k per year ... she puts in 15% into her 401k and has a 6% company match ... my question is in that the best way for her to be investing ... I am sure the 6% with match is, but should additional money possibly be going into an IRA ... possibly a ROTH IRA ??? ... or possibly somewhere else ??? ... I have what money I have all in my 401k ... I know I should be diversified but I am where i am ... I want our daughter to be in a better place ... could you do a case study of how a young professional might beat set up their personal retirement plan ... thank you ... I have no doubt that you will be BLESSED many times over for doing such good work and making others lives better ...
This is such a good video! I do think one big problem though is that $250 is a lot "more" for a twenty-year-old than a thirty-year-old or a forty-year-old. Given the way people's incomes tend to rise over time, it might be dramatically harder for the same person to save $250 at age 20 than it is for them to save $1,000 at age 40.
The magic of compounding also needs to be taught how it can work quietly against you. Loans, and most importantly,credit cards, seem reasonable until you see the effects of compounding.
Taxes, inflation.... It's no so magical anymore. More of a requirement.
From a fellow CFP, excellent video and great points you cover. I was looking for videos to share to teach my kids. Well done!
Another outstanding video full of wisdom. Thank You James! Rich
Great thoughts, James!
I started educating my 7 yr old about saving. She has a small safe where she puts her money.
Open a high yield bank account online. You get a higher interest rate.
I really liked your video! It makes sense to teach kids how to manage money and invest wisely.
I agree that compound interest, where your money grows over time, is like magic. Starting early is super important because it lets your money do most of the work for you. And you're right, this idea of growth applies not only to money but also to getting better at things and improving your life. Great job on sharing these important ideas!!
This is really valuable. Thank you 🙏
Great points!
This is the second video of yours that I have watched ... and the second OUTSTANDING video of yours that I have watched ... THANKS ...
if I may, I would like you to consider doing another video similar to this but a bit different ...
this proposed video also involves teaching kids to invest, but more on a nuts and bolts level for kids who are actually young adults ... our daughter is 29 and does value investing and I would like her to be able to do it as well as possible ... lets just say she makes 70k-80k per year ... she puts in 15% into her 401k and has a 6% company match ... my question is in that the best way for her to be investing ... I am sure the 6% with match is, but should additional money possibly be going into an IRA ... possibly a ROTH IRA ??? ... or possibly somewhere else ??? ...
I have what money I have all in my 401k ... I know I should be diversified but I am where i am ... I want our daughter to be in a better place ... could you do a case study of how a young professional might beat set up their personal retirement plan ... thank you ... I have no doubt that you will be BLESSED many times over for doing such good work and making others lives better ...
This is such a good video!
I do think one big problem though is that $250 is a lot "more" for a twenty-year-old than a thirty-year-old or a forty-year-old. Given the way people's incomes tend to rise over time, it might be dramatically harder for the same person to save $250 at age 20 than it is for them to save $1,000 at age 40.
Glad you liked it! Good point.
If only the stock market actually compounds, rather than move in all sorts of crazy directions…