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I’m a middle aged parent who has contributed to 401(k) throughout my working career. I am slowly accumulating a nest egg. I always made a habit of contributing. I also opened a brokerage account to invest after-tax money.. Now as a parent, I have tried to instill financial literacy into my child. I also have a rollover IRA at a brkerage. I even made sure to get my statements by snail mail. That way every month the statements show up as a reminder to me and my child how important saving is. When she first started baby sitting, I explained how money could grow over time by saving and investing. So she got a bank savings account and kept accumulating money from baby sitting and birthday gifts, etc. After that grew she got a bank CD for better interest rates. Then she became curious about investing so she opened a Roth IRA with her baby sitting money. Now she is exciting about investing and recognizes how this money can really grow for decades into retirement. I think the key was to start early and start small. Then it progressed from there. Now in high school, she already has an IRA worth a few thousand dollars. Saving has become a lifestyle for her. She won’t have to unlearn consumption in her twenties, then learn to save starting at thirty – and already be far behind. She will already know the importance of saving – and already practicing it. That’s what it needs to be for everyone. We need to start people early so they recognize the responsibility they have to themselves. I’m trying to change the cultue a tiny bit at a time. We need to encourage this more in all our young people.
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