I bought something totally corporate and conservative for my daughters for Christmas. No, not oil and gas gifts but rather a very teensy mutual fund for each of them. All three of them. Yeah. It's true. I know they're very excited about it too. Not.
They certainly could care less at this point in their little lives. But they should. I mean if you actually begin a mutual fund in your teens and honestly put away $20 per month for 20 years (yes, that's all you need to invest: $240 per year) and just say that said mutual fund accrues 12 percent interest annually--yeah I know that the market is more volatile than that but I'm just picking a high number because I bought a pretty aggressive fund for them--which gets more conservative throughout the life of the fund, you would be able to retire at 50 years old. Possibly earlier.
And so I want to teach my girls these principles of saving and compounding interest because these types of things were never taught to me and I wish they had been, because I'd be in pretty good shape today if I had known this.
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