Business reporter Alexis Christoforous answers viewer financial questions about starting a savings account early and the right investments plans to start at a young age.
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Don’t make a kid because it costs like $100,000 dollars from 0 to 18 years
When I was in first grade, and I'm a Boomer, a "bank man" came from a bank and set up a savings account for each of us (this was in the classroom at a public school, U.S.). Each "bank day" (every 2 weeks), the "bank man" arrived with a bag that had a big dollar symbol on it. On those bank days, we brought in the change we had saved, gave it to the "bank man", and he would update our savings book with the deposit amount. We could see our savings grow over the course of the year. I think because that was done at such a young age, it burned into my neurology to always have a savings account – I didn't even have to think about it, it was like making sure I brushed my teeth. In high school, I saved up thousands of dollars for college via waitressing and babysitting jobs. As an adult, I've always been a good saver. The lesson for me is, involved your children from first grade on by giving them their own savings account and progress from there so managing money is second nature by the time they reach age 18.
abc KL0WN network 😂😢
How can you save money if you don't have money to save in the first place? Why do you think nobody saves? 😂
The #1 mistake by everyone is not investing early for your future.