Building Generational Money Habits

25 Minutes. Four Conversations Worth Having With Your Children or Grandchildren

What they covered:

- Jim's personal story: the "investment tax" About ten years ago, Jim and his wife Krista opened small investment accounts for each of their three kids. The kids saved a little, mom and dad matched a little, and they picked the companies together. It wasn't financial planning. It was building a habit.

The Roth IRA most families don't know about Vinny walks through a client family with two working teenagers who opened custodial Roth IRAs. Starting with $500 and saving $200 a month, the projections over 45 years are north of $900K at 8% and roughly $1.7M at 10%.

When compound interest clicks Jim shares the moment his oldest son saw his Roth IRA go from $600 in returns to $1,200 and realized his money was working for him. That shift changed how he thinks about every dollar.

The head start most families miss The average American doesn't start saving for retirement until age 27 to 33. The families in this conversation gave their kids a 10 to 15 year head start.