Comments on: What Difference Does A Decade Make? http://www.moolanomy.com/345/what-difference-does-a-decade-make/ Personal Finance. Investing. Wealth Building. Thu, 09 Feb 2012 21:35:54 +0000 hourly 1 http://wordpress.org/?v=3.3.1 By: Jaque http://www.moolanomy.com/345/what-difference-does-a-decade-make/#comment-9749 Jaque Sat, 26 Apr 2008 12:57:33 +0000 http://www.moolanomy.com/345/what-difference-does-a-decade-make/#comment-9749 I have to say to Kev that i consider situation number 3 - not to start - as being very very bad. I know for sure that there are people that don't ever start saving money. I agree with Pinyo, that we have to teach our children how to appreciate their possessions and i also agree with Elisabeth's thoughts that the children have to learn not only to appreciate the number of the objects but he have to know very many things about the quality of the products that he uses every day. I have to say to Kev that i consider situation number 3 – not to start – as being very very bad. I know for sure that there are people that don’t ever start saving money. I agree with Pinyo, that we have to teach our children how to appreciate their possessions and i also agree with Elisabeth’s thoughts that the children have to learn not only to appreciate the number of the objects but he have to know very many things about the quality of the products that he uses every day.

]]> By: Jonathan http://www.moolanomy.com/345/what-difference-does-a-decade-make/#comment-8315 Jonathan Sat, 12 Apr 2008 17:04:09 +0000 http://www.moolanomy.com/345/what-difference-does-a-decade-make/#comment-8315 It just goes to show that starting early is key. I think that $4,000 is a good starting investment for anybody to work towards. It just goes to show that starting early is key. I think that $4,000 is a good starting investment for anybody to work towards.

]]> By: Pinyo http://www.moolanomy.com/345/what-difference-does-a-decade-make/#comment-2547 Pinyo Thu, 06 Dec 2007 22:44:32 +0000 http://www.moolanomy.com/345/what-difference-does-a-decade-make/#comment-2547 @Elizabeth - I really like that idea about making things more durable and meaningful. Try to steer the kid away from disposable mindset. @Minimum Wage - I am sorry, but you just have to snap out of it. Let me tell you about my mum. She can barely speaks English and used to work in a sweatshop not too long ago -- working 50-60 hours for minimal pay, no overtime, no benefits, etc. She made some changes, tried, and now she's the head tailor for a premiere fashion designer. She also went from earning to least, to earning the most in the family. There's a sweet spot for you somewhere out there; you just have to find it. I know people who would kill to have your mastery of the English language and communication skill. @Elizabeth – I really like that idea about making things more durable and meaningful. Try to steer the kid away from disposable mindset.

@Minimum Wage – I am sorry, but you just have to snap out of it. Let me tell you about my mum. She can barely speaks English and used to work in a sweatshop not too long ago — working 50-60 hours for minimal pay, no overtime, no benefits, etc. She made some changes, tried, and now she’s the head tailor for a premiere fashion designer. She also went from earning to least, to earning the most in the family.

There’s a sweet spot for you somewhere out there; you just have to find it. I know people who would kill to have your mastery of the English language and communication skill.

]]> By: Minimum Wage http://www.moolanomy.com/345/what-difference-does-a-decade-make/#comment-2520 Minimum Wage Thu, 06 Dec 2007 07:44:14 +0000 http://www.moolanomy.com/345/what-difference-does-a-decade-make/#comment-2520 I have no marketable skills and no career-related experience, and I am well into middle age. My resume is pretty useless and even I can't see anything in it that might positively interest an employer. I can't get financial aid, so going to get a skill isn't an option (and at my age probably wouldn't help). I am overweight and have bad teeth, and no money to fix them. There is no promotion path where I work, and since I have bad credit I cannot fix on my minimum wage income, getting a better job is a problem even without my other problems. I have no marketable skills and no career-related experience, and I am well into middle age. My resume is pretty useless and even I can’t see anything in it that might positively interest an employer. I can’t get financial aid, so going to get a skill isn’t an option (and at my age probably wouldn’t help). I am overweight and have bad teeth, and no money to fix them. There is no promotion path where I work, and since I have bad credit I cannot fix on my minimum wage income, getting a better job is a problem even without my other problems.

]]> By: Pinyo http://www.moolanomy.com/345/what-difference-does-a-decade-make/#comment-2510 Pinyo Thu, 06 Dec 2007 05:02:29 +0000 http://www.moolanomy.com/345/what-difference-does-a-decade-make/#comment-2510 @kev - that's a good way to look at it :-) @Minimum Wage - I am sure not many. What's stopping you from earning more than minimum wage? If I am earning minimum wage, you bet I will be fixing that first. @Elizabeth - Yeah, I was joking around. I really admire parents who can teach their kids to be frugal and responsible at such young ages. I can only hope to be able to do that with my own son. One of the thing I am planning to do early is not giving him too many toys and stuff. It will be a tough balance between encouraging him to learn and helping him to appreciate his possessions. @kev – that’s a good way to look at it :-)

@Minimum Wage – I am sure not many. What’s stopping you from earning more than minimum wage? If I am earning minimum wage, you bet I will be fixing that first.

@Elizabeth – Yeah, I was joking around. I really admire parents who can teach their kids to be frugal and responsible at such young ages. I can only hope to be able to do that with my own son. One of the thing I am planning to do early is not giving him too many toys and stuff. It will be a tough balance between encouraging him to learn and helping him to appreciate his possessions.

]]> By: Elizabeth http://www.moolanomy.com/345/what-difference-does-a-decade-make/#comment-2512 Elizabeth Thu, 06 Dec 2007 02:08:49 +0000 http://www.moolanomy.com/345/what-difference-does-a-decade-make/#comment-2512 Pinyo, I applaud your plan to keep the number of toys under control. I think that's a key means of teaching our children core frugality values. Another important concept, for me, was to forgo all cheap plastic toys. I feel strongly that children should have well-made, open-ended toys. Cheap plastic toys break -- no matter how careful children are. If you provide sturdier, well-made toys, children will not grow up assuming that things will break and expecting to have broken toys replaced. These are great examples of how parents can teach valueable financial lessons early on. Indirect lessons can be more memorable and have a longer lasting impact that direct lectures and lessons. Pinyo,
I applaud your plan to keep the number of toys under control. I think that’s a key means of teaching our children core frugality values. Another important concept, for me, was to forgo all cheap plastic toys. I feel strongly that children should have well-made, open-ended toys. Cheap plastic toys break — no matter how careful children are. If you provide sturdier, well-made toys, children will not grow up assuming that things will break and expecting to have broken toys replaced. These are great examples of how parents can teach valueable financial lessons early on. Indirect lessons can be more memorable and have a longer lasting impact that direct lectures and lessons.

]]> By: Minimum Wage http://www.moolanomy.com/345/what-difference-does-a-decade-make/#comment-2499 Minimum Wage Thu, 06 Dec 2007 02:05:51 +0000 http://www.moolanomy.com/345/what-difference-does-a-decade-make/#comment-2499 True, but realistically, how many people living on minimum wage do you think are going to be able to invest $4,000 a year, even if they try hard? True, but realistically, how many people living on minimum wage do you think are going to be able to invest $4,000 a year, even if they try hard?

]]> By: Elizabeth http://www.moolanomy.com/345/what-difference-does-a-decade-make/#comment-2509 Elizabeth Thu, 06 Dec 2007 01:36:18 +0000 http://www.moolanomy.com/345/what-difference-does-a-decade-make/#comment-2509 Pinyo, I didn't keep the compounding credit interest illustration. But it's a topic I want to bring up again soon; I'll be sure to keep it to share on my blog. My kids are 13 and 15. Both are extremely responsible with their funds (cash and gift cards) and both have timed savings accounts in which they continue to watch their savings grow. The 15-yo also has a checking account that she handles very responsibly. I have strong opinions about how to teach kids about money; I'll keep sharing them on my blog. One of the keys, imho, is to give them a strong taste for saving before they ever get a chance to spend. I know you were joking, but I feel strongly that teaching early is not always the best way to go. Teach smart instead. Pinyo,
I didn’t keep the compounding credit interest illustration. But it’s a topic I want to bring up again soon; I’ll be sure to keep it to share on my blog. My kids are 13 and 15. Both are extremely responsible with their funds (cash and gift cards) and both have timed savings accounts in which they continue to watch their savings grow. The 15-yo also has a checking account that she handles very responsibly. I have strong opinions about how to teach kids about money; I’ll keep sharing them on my blog. One of the keys, imho, is to give them a strong taste for saving before they ever get a chance to spend. I know you were joking, but I feel strongly that teaching early is not always the best way to go. Teach smart instead.

]]> By: kev http://www.moolanomy.com/345/what-difference-does-a-decade-make/#comment-2460 kev Wed, 05 Dec 2007 02:39:51 +0000 http://www.moolanomy.com/345/what-difference-does-a-decade-make/#comment-2460 That chart sums it up quite well. Starting early = good Starting late = bad That chart sums it up quite well.

Starting early = good

Starting late = bad

]]> By: rocketc http://www.moolanomy.com/345/what-difference-does-a-decade-make/#comment-2454 rocketc Tue, 04 Dec 2007 22:52:43 +0000 http://www.moolanomy.com/345/what-difference-does-a-decade-make/#comment-2454 I find these types of graphs to be depressing. . . but I passionately want to shake every 20-something I know and tell them to get on the ball. I find these types of graphs to be depressing. . . but I passionately want to shake every 20-something I know and tell them to get on the ball.

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