Comments on: Do Valuations Continue to Slide for Years? What’s The Answer? – PART 2

By: Tom Koziol

Tom Koziol — Sun, 08 Jun 2008 21:59:26 +0000

Yes, I will belly up to the bar and take credit for my post. Chris, I think you hit the direction of my thoughts spot on. BTW, the young man has yet to stop by and change companies. If he does, he will learn we can save him more than the $65 I wrote since we added another carrier to our portfolio. But, I’m not holding my breath.

I don’t believe anyone of us has the answer on how to make all children financially responsible as they too have personalities and ideas they garner as they interact with friends and watch TV and read articles. However, your idea seems to be working for you and I would bet it would work for others.

The beauty of your program is that should your son hold elective office he probably will bring that same mindset to office. Imagine the 535 representatives in the District of Criminals thinking like that.

Would we have budget deficits? Would we be spending willy nilly on every single piece of clap trap masquerading as “social programs”? Better yet (maybe), we would be able to export that philosophy as part of our foreign aid. How about a world full of responsible money managers?

I could go on for hours but somehow, some time, we better grab a hold of it and start installing it into our future generations. After all, they will be the ones who decide what old folks home we will be in I say more than tongue in cheek.

By: Joshua Dorkin

Joshua Dorkin — Sun, 08 Jun 2008 21:11:23 +0000

Chris – I wish I could take credit for the post, but it is Tom Koizol who is the author. I accidentally posted it with myself as the author – WHOOPS!

By: Terry2T

Terry2T — Sun, 08 Jun 2008 14:51:20 +0000

Spot on! I am still trying to figure out how to drive the point home to my daughter that money means something. It is not that she spends like crazy. Her needs are met and she doesn’t really care about it.

I would have jumped on that insurance savings that instant and invested the difference in an index fund. Different generation.

By: Chris Lengquist

Chris Lengquist — Sat, 07 Jun 2008 21:15:05 +0000

Josh,

This may be your best post…ever. That is a compliment.

My oldest son is 15 and has his first job. It is a REQUIREMENT that 10%, minimum, goes into the savings account each week. The other rule is no loans from mom or dad any more. He has to save up for what he wanted, separate from the 10% in to “forever” savings.

The other day he had finally gotten enough money to purchase something he had been saving for and I asked him if he was going to go get it. His response? “Well, I really don’t think I need it.”

By making him value the money he collects and not allowing him to buy on credit (from mom or dad) he learned the difference between impulse purchases and having a plan.

I’m not sure that’s the direction you were headed with all this. But I think there is a lot of relevance.