Last week I mentioned to our adult children ages 21, 20 and 19 that if they invested just $50 a week until age 65 they would be millionaires. What surprised me was their response. “Why would we want to sacrifice our fun now by planning for an event 45 years from now?”
Granted, at their ages, $50 a week or $200 a month is a stretch, so I partially understand this mindset. But, if someone told me back in 1980 this same statement, I would have taken action. Although, my investment strategy has been successful, I didn’t know what the future would hold for me back then and to have the knowledge that I have now would have catapulted me toward financial independence much sooner.
So my question is, how do we as parents model for our children the urgency to start early and stay committed over time? I’m not sure how to handle this with my own children and step-children. How do you motivate this generation to change the direction of their lives by sacrificing some today so they can live free later? I’d love to hear your response. Comments are welcomed!