[Susanne]

I have the honor to teach a local homeschool high school-age co-op on Personal Finance this year.

I really want to drive home the point that their youth is their superpower.

The more these young people can save now the better.

Saving and investing in your teens and early twenties will translate into their younger selves taking care of their older selves.

There are tons of resources and I am using the Choose FI foundation to help me build out some slides.

I wanted to ask you all for any stories, anecdotes, infographics, or advice about why starting young is a good thing.

Advice you have given to your own children or that was given to you that you have really resonated.

Many of the young people I come across just want to wander around and spend the money they were gifted instead of working.

It is so hard to say which is the better advice, especially after reading books like “Your Money or Your Life” or “Die with Zero”

What are some of your thoughts?

[Dan]

Man, good for you! For me, I read rich dad poor dad, the millionaire next door, and total money makeover when I was 18 and avoided debt (including student loans by going to an affordable college) and began investing early and often.

By the time my college friends paid off their student loans my net worth was over $500,000.

[Christopher]

I learned about compound interest in second grade. The idea fascinated me. I started saving at 17, and investing in my mid 20’s. I retired at 36 (now in my early 40’s).

Sadly: the lesson was also taught to something like 23 other second graders too since it was in class (in fact, some other kid brought up the question that led to the discussion, not me).

Don’t expect education to change most people. We know far more about the dangers of obesity now than ever before, and yet more people are obese than ever before too.

Education doesn’t make for better choices.

[Steve]

I love the money guys example of the “88$ beer”. Basically using the compound calculator, but it’s a very catchy phrase.

[Stephanie]

Best piece of financial advice I got was to live like a college kid for as long as possible (in the sense that once you got your first job, don’t give into lifestyle creep so quickly).

I had roommates post-college for several years and was saving 50% of my engineering salary. I still traveled a lot (which is something I highly valued, but I did it backpacker style).

Then I got an expat job for work and was able to save and invest a ton for those 4 years. I retired at 31!

[Julie]

I like Retire Before Mom & Dad. It lays out some things in more steps than Simple Path to Wealth does.

And of course has the whole.. do this better than your parents are doing it vibe that might speak to some of them.

I also think that spending money you receive as a gift is definitely different from spending money you’ve earned.

Like, if you’re earning it, you know you’ll get more, and at what rate you’ll get it. So, it’s easier to save and make plans with that money.

If you’re given money as a birthday/Christmas/whatever gift and you haven’t had the agency to really buy things on your own, why wouldn’t you want to spend it on something you haven’t been able to have before?

Not sure I’m explaining myself too well here.

Money = freedom, but especially to kids who have little freedom and even less money.

[Mss]

Don’t forget to teach about insurance. Almost every financial Ed curriculum skips it and I don’t know why.

It’s so important. All the types.

[Kim]

I remember once seeing a commercial with a graph showing how much $ you could have at retirement by starting to save as a teen.

Then it shows the age progression at 20 and 25 years old. A big difference!

[Michelle]

For sure illustrate how much they can make investing if they forgo fancy coffees, fake lashes, nice cars, etc.

[Kat]

my 14 year old has been playing around with the compound interest calculator for at least 3 years and has created his own plan for saving once he gets his first job (he already saves.)

We homeschool too – this sounds like it’ll be an awesome class!

[Lori]

The money guys latest podcast is all about the average person vs a FI minded person. They go stage by stage, student loan debt, cars, house payments, and the small changes that add up to big differences.

IE purchasing a $20k car vs $40k etc.

with two scenarios making the same exact income. These are doable decisions that add up.

[Author]

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