Author Topic: I just convinced my 22 year-old stepdaughter to open a Roth IRA!  (Read 3358 times)

Kris

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Her parents (my husband and his ex) are, shall we say, shitty with money.  She's a bright girl in general, and so I've made it one of my roles as stepmom to instill better financial sense in her.  Since she graduated from college last June, I've been sending her the occasional, well-toned article about how to begin saving when you're young, and I guess I finally managed to hit the right nerve, because she texted me today and asked me to help her set one up!  We're going over to her and her boyfriend's place tonight (she's cooking dinner for us -- another first!) and I'm gonna give her Retirement Savings 101.

Cool Mustachian Stepmom FTW!

Kris

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Re: I just convinced my 22 year-old stepdaughter to open a Roth IRA!
« Reply #1 on: March 13, 2015, 02:09:00 PM »
That's great. I wish I had that sit down when I was that age. The money I could had been accumulating...

I know.  I told her just that.  And I did the calculation of "how much money would I have now if I had saved just X amount a month from 22 years old to now." She was blown away.

And the next day, she texted me to tell me her boyfriend now wants me to come over and talk to HIM about setting one up.  I'm so proud!

2Birds1Stone

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Re: I just convinced my 22 year-old stepdaughter to open a Roth IRA!
« Reply #2 on: March 13, 2015, 02:43:32 PM »
Such a great thing to do!

My SO was 23 last year when I convinced her to do it, she thanked me a few weeks ago for encouraging her. By the end of the year she will have it maxed out for 2 years. Next step is getting a full time job with 401k options.

I try to lead by example. Many of my employees over the past 4 years have come to me for help regarding their personal finances. I LOVE helping people with this stuff. If I knew what I know now, I would have pursued a CFP and made a career out of it.

Kris

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Re: I just convinced my 22 year-old stepdaughter to open a Roth IRA!
« Reply #3 on: March 14, 2015, 07:01:53 PM »
Such a great thing to do!

My SO was 23 last year when I convinced her to do it, she thanked me a few weeks ago for encouraging her. By the end of the year she will have it maxed out for 2 years. Next step is getting a full time job with 401k options.

I try to lead by example. Many of my employees over the past 4 years have come to me for help regarding their personal finances. I LOVE helping people with this stuff. If I knew what I know now, I would have pursued a CFP and made a career out of it.

Yes indeed on the leading by example.  My stepdaughter doesn't know the details of my and her father's finances, but she does know that her father was in debt when I met him nine years ago, and that now we travel frequently and that we are on target to retire in three years, when he will be 60 and me 51.  So she knows we're doing something right, and she knows it is largely due to my influence.  I'm just glad that my example seems to have caught her attention.  I love her, and I want her to do well.

Lanthiriel

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Re: I just convinced my 22 year-old stepdaughter to open a Roth IRA!
« Reply #4 on: March 14, 2015, 11:11:57 PM »
My 21yo almost college graduate sister just opened and fully funded a Roth IRA yesterday too, at my suggestion. The kid is sitting on a giant pile of cash and no student loans. She is the single most Mustachian person I know despite not having heard of him until a month ago. She is going to have an amazing life free of worries about money. I wish I'd been that self possessed that young. Heck, I wish I was that self possessed now.

Calvawt

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Re: I just convinced my 22 year-old stepdaughter to open a Roth IRA!
« Reply #5 on: March 15, 2015, 09:21:22 PM »
That is great news.  I try to instill that in our younger employees, but most are probably already in debt. We have a new accountant starting soon, fresh out of school.  I plan on working on him/her until they break and do the same thing!

irishbear99

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Re: I just convinced my 22 year-old stepdaughter to open a Roth IRA!
« Reply #6 on: March 16, 2015, 04:22:53 PM »
That's wonderful!

+1 to wishing I'd had someone at that age (or before) who sat me down and explained retirement savings to me.

 

Wow, a phone plan for fifteen bucks!