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Ever have one of those moments? You you’ve been reading HumbleDollar for a couple years and your 26 year old son calls and says “Dad, work is going to start kicking in %5 for a 403(b), what should I do?” “Well, son, let me tell you about low cost index funds…”
Anybody else had softballs teed up like this ? 🙂
I tell my kids they can play with stocks a little bit but all retirement savings should go into index funds — and NEVER touch it until you retire!!!
One thing that sometimes works for me is leaving a book or magazine (like Kiplinger’s Personal Finance) around the house. I just purchased Ron Lieber’s The Price You Pay for College but didn’t urge either the visiting adult son or my grandson (his son) to read it. Sure enough, one of them asked if he could borrow my book. Jonathan’s How To Think About Money has been a big influence on the grandson, for which I’m very grateful.
I recently sent my 30+ year old youngest a link to the article penned by Kristine Hayes titled Up and Away about a lower cost way to eliminate PMI that Jonathan had featured in the Second Look portion of his newsletter.
I am happy to share the sincere Thank You I received with Kristine and Jonathan.
I’m sort of in the opposite situation. I always tried to set a good example for my daughters. Then my oldest married a financial advisor and my youngest married an estate attorney. So now I find that I’m the one teeing up the softballs. My sons-in-law are both great guys, I suspect that I will be the one benefiting the most by their help going forward.
Thanks, Dan. My daughter seems attentive when I talk about the qualities of a good husband. You helped me narrow my list!