March 2022

At a young age, my parents helped to teach me how to save.  Each year on my birthday, I would go to the bank to deposit money that had accumulated in my piggy bank throughout the year.   When I started getting part-time jobs, they taught me to deposit most of my check (this was before direct deposit existed) and keep out what I needed for gas and spending money.  They purchased shares of individual stocks for me and showed me how to read the statements and talked to me about what a dividend was. They instilled in me the importance of planning ahead and planning for my future.

Not all children receive this same type of education. They don’t teach it in schools and not all parents take the time to educate their kids on these basics, or frankly, they just don’t know themselves.   I was lucky. 

The need for financial literacy is a real thing.  When my kids were young teenagers, we took them to a program sponsored by the Kalamazoo Foundation.  It was a financial education program aimed towards kids around their age.  It was a little goofy, but they learned a lot.  In fact, I remember one of the things they talked about was in the future, we would have the ability to pay for items directly from our cell phones!  Can you imagine?? It seemed outrageous at the time but the point was how important it would be to keep track of your spending, when technology will make it so easy to spend without thinking.  Now that this concept has come to fruition, I can’t emphasis how true this is.

 As young adults, my kids enrolled in a Dave Ramsey, “Total Money Makeover” class. This was something they chose to do on their own. It helped provide a different view of money management and savings.  Now, I can’t say they continue to live by these principals 24/7, but the seeds were planted.

Do you have a young person in your life who could use some savings education?  There are things available that you can do to help them know what their options are.  First, you are welcome to bring any young woman to one of my women’s events (when COVID allows us to hold them again).  It is a great way for them to hear conversation and questions about financial security.  If you feel comfortable, bring your young person to our next annual review meeting.  They might be bored to tears, but if you let me know they are joining, we can carve out a few minutes to discuss some basics of investing and saving.  Check out your local credit union or bank. So many local institutions are starting initiatives to help educate in financial literacy.  I’m sure there are some online opportunities that are available.  The local library is a great resource as well. Never underestimate the power of reading and education to get a young person on the right track.

We talked last month about making sure our money lasts us the rest of our lives, and now we must help our young people learn and save so they don’t have those same concerns.   What have you done to help your young people along?  Share your ideas with me:  stacy.caudill@raymondjames.com

Raymond James is not affiliated with and does not endorse, authorize or sponsor Dave Ramsey or any of his affiliates.