Chips-off the Old Block!
Posted 09-18-2009 at 08:20:42 AM by BargainSeeker
From the time my two boys started their early teen years, I was always talking to them about the importance of saving. Since they were little I had an account for each, and every month would take them to the bank with me, and have them give the bank teller their deposit slip and money, or I would just show them their balances growing, all the while praising them. Not that they understood, but so that they would get used to it. Forward to the teen years, they each still had bank accounts, only one was more inclined to save than the other. Forward to the present, my youngest, 32, is married, owns a home, almost paid for, and thankfully has married a wonderful girl who is financially savvy. My oldest 36 is still living with me, and recently had surgery, so is home-bound. Yesterday I took him to the bank, and when he comes out I ask him if he withdrew funds. He said, "No, I want to keep all my money in the bank!" Come to find out, he is so enamored of the interest he's earning, he doesn't want to spend or withdrew money! Since he can't really go shopping or anything in his condition, might as well as keep it in the bank. It took me a while to have him invest and diversify, but once he started, there was no stopping him. Since I, myself, am so in love with compounding interest, he made me very proud. They both have very good credit scores, which they keep on top off, and both look for sales and use coupons. I am one beaming mom! 
Total Comments 2
Comments
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wow you did great as mom. I hope when my son grow up will have great feeling like yours . I haven't any bank accounts set a side for my 2 sons only have upromise account which is been 2 years and it grow up to only $14 somthing.
I heard that if you got the saving accounts you will not be able to get school grant if you were to qualify. anyway I am still lthink having your own saving is better than not at all.
Thanks for the inspiration.I hopw I can figure things out for my 4 yrs old son and 4 months old soon.
PhinPosted 09-20-2009 at 10:11:45 AM by phinphana
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My kids were still able to get school grants. Now I don't know if it depends on the state you live in, availability of funds, who knows. I do remember reading, at that time we were appylng for the grants, that anyone could apply, no matter what the income or financial situation. Now, true, this was quite a few years ago, and situations do change substantially. You have time on your side. As your children approach that time in their lives, and do start way before they start college, you will be involved, as most parents are, with funding requirements. Familiarize yourself with requirements for grants, student loans, etc., and eventually you will make the right choice.Posted 09-21-2009 at 08:44:49 AM by BargainSeeker
