folaht@lemmy.ml to Shitty Ask Lemmy@lemmy.ml · edit-27 days ago40 year olds, what financial advice would you have for a 3 year old?message-squaremessage-square7linkfedilinkarrow-up11arrow-down10file-text
arrow-up11arrow-down1message-square40 year olds, what financial advice would you have for a 3 year old?folaht@lemmy.ml to Shitty Ask Lemmy@lemmy.ml · edit-27 days agomessage-square7linkfedilinkfile-text
For those 50 and older, I’m sorry, but in my personal experience, your advice have been way out of date.
minus-squareinfinitevalence@discuss.onlinelinkfedilinkEnglisharrow-up0·7 days agoHalf for me, half for now. Every check, allowance, paycheck gets split. Half goes into savings the other half they can keep and use on whatever. This teaches about saving, to some degree taxes, and the power of compound interest without needing to understand the math. Second suggestion is the old adage: the best time to plant a tree was 20 years ago, the second best is today. Applies to retirement and education saving. Also applies to actual trees and climate change mitigation. Third if you are waiting for someone to do something about “it” you are that someone, might as well get started.
Half for me, half for now. Every check, allowance, paycheck gets split. Half goes into savings the other half they can keep and use on whatever.
This teaches about saving, to some degree taxes, and the power of compound interest without needing to understand the math.
Second suggestion is the old adage: the best time to plant a tree was 20 years ago, the second best is today.
Applies to retirement and education saving. Also applies to actual trees and climate change mitigation.
Third if you are waiting for someone to do something about “it” you are that someone, might as well get started.