So I stumbled on this article about kids that started saving when they were real young. Basically an entire article meant to make everyone who has no money feel absolutely terrible about themselves. Well in the words of Lee Corso, not so fast my friends.
(Source) Older Americans who haven’t saved enough for retirement could learn a lesson or two from these young retirement savers — they’ve already socked thousands of dollars away for their golden years.
Fabian
Age: 14
Age started saving: 10
Amount saved: $10,000
Hometown: Houston, TX
One day I saw my dad trading on eTrade. It looked interesting so I wanted to do it. I had always saved my allowance money and birthday money, and the first thing I bought was Apple stock — when shares were only $100.
I now have an eTrade account and a Scottrade account. In addition to Apple, I’ve also invested in other stocks like Google, Microsoft and Rim. I have some money in a savings account, too. But most of the money I plan to use for retirement is invested in stocks.
This January, the New York Stock Exchange was sponsoring a competition where the challenge was to create something to teach other kids how to save and invest. I decided to make an iPhone app called Oink-a-Saurus targeted at kids and teens who want to learn ways to save money, and I ended up winning first place.
I want to help other kids learn to save and invest more responsibly. The current generation cannot rely on Social Security, so we have to save for our own retirement and can’t depend on that.
When I was 7 years old, all the kids would get trophies whether they won or lost and I thought they were worthless. I asked my mom, who would actually pay for the trophies and how much they cost. When she said they were $10 apiece and parents paid for their child’s trophy, I asked if I could keep the $10 to save in a bank account instead of receiving the trophy.
I’m not planning on spending most of the money I have invested for a very, very long time. I’m not that scared about investing most of it in stocks, because when you’re a kid it’s not that big of a deal if you lose a little money — you still have time to get it back.
…
Way to really take some risks there Fabian. Google, Microsoft and RIM? What were you just not feeling Nike, Mastercard and Home Depot that day? Give me a break. You want to make money you need to find one of those Boiler Room type schemes. Go work for JT Marlin make your paper and get out. Your 10 stocks of Apple and cute little I-phone contests aren’t doing shit.
PS
Have you ever seen a more smug asshole than Fabian. He’s going to “teach” other kids. Fuck you dude, you’re not better than me. And even if you are better than me you’re definitely not stronger than me. Boom, point Big Cat.
PPS
“when you’re a kid it’s not that big of a deal if you lose a little money — you still have time to get it back”
This is what I’ve been saying to myself every NFL Sunday for the past decade.
Tommy
Age: 17
Age started saving: 16
Amount saved: $3,000
Hometown: Great Falls, VA
I’m only $3,000 in so far, but 20 more years of doing this and it will be pretty substantial. When I’m sitting on something like that, I can maybe step out of the workforce at a younger age or I can do something that I love that wouldn’t otherwise give me sufficient income.
I’m a senior in high school and I got a job a year and a half ago at a restaurant. During the summer, I work four days a week. And during the school year, I work two to three nights a week.
My parents and I opened a bank account, and I started putting all my paychecks and half my tips away. The other half of my tips I’ll spend on things like gas and food. The tips are harder to put away because they’re cash, right there in front of me. But the rest of it goes in the bank account and I think of it as untouchable.
…
3 Grand??? NO fucking way man. Big spender Tommy in the House. Hey Tommy, here’s a little secret. You’re about to go to college and find out a couple of things. Namely drinking beer and chasing girls is a lot of fun. And guess what Tommy, that shit ain’t free. I give you the end of the first semester, tops.
Shirt off adds a nice touch
- Anonymous
What a badass
- rooster