Teaching An 18 Year Old About Wealth.

Discussion in Off Topic Discussion & General Questions started by ptahm22 • Feb 14, 2017.

  1. ptahm22

    ptahm22Active Member

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    hello.
    my 18 year sister is starting her first job, so far this is what I was planning to do to help her reach financial wealth.
    she will save 20% of her income and my parents are also opening a IRA for her. she will get a credit card that pays her to shop, but she will only use it for necessities and will be paid off at the due date.
    what other things will you do if you were starting over?
    thanks,
     
  2. CCarpenter

    CCarpenterNew Member

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    I would not have moved out until I had enough money put away.

    If the question is wealth, then you cannot get wrapped up in just trying to have things. And one of the things that people think is necessary is to move out at 18.

    Not only was this a bad call for me because it drained my money, but there was no greater privacy or self-reliance. In fact, there were more roommate issues than anything.

    But I had a stable home life that I left. This is not an option for everyone. If you are lucky enough not be forced out, then save the money. Save the hassle.

    I had to get an apartment in a bad area, and I lost most of the things I owned to criminals. Getting held up and just getting burgled. I would have to cover rent for my roommate... it was just bad.

    Stay away from being desperate.

    Some people like to look at desperation as a way of artificially increasing drive. This never worked for me. Overwhelming was more like it. There were roadblocks. Missing interviews because the power went out, or my car had been broken into or stolen.

    Once I moved back in a few years down the road, I was able to focus. I locked myself away and just focused.

    Putting your nose to the grindstone is different than having your nose ground down into the pavement.
     
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