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Author: dsemmler Big gold star, 5000 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 76237  
Subject: Re: Roth for daughters - what fund Date: 1/24/2004 6:06 PM
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I applaud you, for one! Just the kind of education I wish my parents had given me. I'm doing what suits my situation: I'm asking my 16 to save 1/2 the $1000 to open a Roth, and while he's living at home, to make regular deposits as well (small). I'm afraid I've already talked waaaay past the tolerance for my daughter, 14, who doesn't even want me to breath a word about money until she has a job and has to think of it. Do I talk too much? Hardly, in my mind, it's mostly telling my consumer daughter what's within our means. I think 'walk around the block' she thinks 'Health Club membership'... with her, I don't know what I'll do.

Our boys are 5 and 2 and I am starting them with the habit of whenever they receive cash as a gift or for doing extra chores, they need to set a minimum of 10% aside and put into savings. The rest of their money they can spend as they see fit, which usually means Hot Wheels cars or GI Joe but that is okay. I am trying to get them used to saving a portion of their "earnings" so it will not be foreign once they do begin making money.

I also commend SierraSprings for making the effort to get her children, regardless of age, interested in saving. Personally, I wish my parents had talked more about finances when I was a child or just getting out of school. I think what you are doing is great.

dt
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