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If you start investing a small amount at age 17 you can build the habit and increase totals later. Saying "I'll do it later when it is rational" often translat
by graeme 11mo ago
If you start investing a small amount at age 17 you can build the habit and increase totals later.
Saying "I'll do it later when it is rational" often translates to "I won't do it (for a long time)". Which is not rational
- bluGill 11mo agoGet your habit be investing in an education savings account.
- Brendinooo 11mo agoThis is true of most money behaviors! My mom taught me the same thing about giving. And even today, knowing way more about personal finance than I did at the start of my working life, I'm still amazed at how blocking out money in the budget astronomically increases your chances that that money actually goes to the thing you want.
- tonyhart7 11mo ago"My mom taught me the same thing about giving." care to share what you learn???
- imp0cat 11mo agoProbably something like this: https://www.youtube.com/watch?v=6ayPuijerjQ https://www.youtube.com/watch?v=6ayPuijerjQ tldr; have your kids split their money into three separate "jars": Spend (can be freely spent), Save (this jar generates interest from the money in it, they also have to wait some time to access the money if they want to spend them) and Give (for charity).
- vasco 11mo agoThey mean don't wait till you're rich to start giving charity. Just give what you can when you can. Many people tell themselves they are great people because of all the money they'd give away just as soon as they are rich enough to do it but die without giving anything.
- Brendinooo 11mo agoMore or less: yup. The great thing about saying "give 10%" is how well it scales.
- simianparrot 11mo agoExcept it doesn’t. If you’re poor, 10% directly impacts your life negatively. It means less (or lesser quality) food. It means less money set aside for yourself in the case you need it — and you will. 10% for middle class is fine. That’s just one less night out. People should not give to charity if they themselves are likely to be dependent on charity.
- mathgeek 11mo agoThis comment perfectly illustrates the mindset folks are talking about. "I'll give when it doesn't hurt me so much" is another form of "I'll give when I have more." It doesn't make the person "bad" or any such thing for not giving, but you won't convince folks to not give by saying "but what about you, don't you want nicer food/clothes/etc."
- bluGill 11mo agoMost people do think they have less than they really do - which is to say there are families living on less income than they are thus proving it is possible with some luxury quality of life compromises. However that doesn't destroy the point that there are people at or near the bottom who shouldn't be giving.
- simianparrot 11mo agoI live in reality. It's me first, then it's my family and my close friends, and then my local community and then, finally, local charities. That's how my budget works. A budget is money in and money out. And when all of that is good, then maybe I'll think about larger charities where I can't be directly involved to see where my help actually goes.
- 11mo ago
- hshdhdhehd 11mo agoYes. You can make it a 2% contribution at 17 then add another 2% each year, until you hit say 24% at 29 then keep it there. Then the habit is set up and you just log in to whatever and up the number.