I can be a bit “judgy.” I catch myself thinking superficial thoughts and it doesn’t feel very good. So I decided to try something completely different. I felt so much better- and here’s what I got that I didn’t expect.
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Do you aspire to opening your own business but worry you won’t be able to meet your expenses during the start-up years? Or do you dream about taking a luxury cruise but get anxious when you think of the price? If money worries are keeping you stuck, here’s the solution…
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You most likely know that focusing on gratitude can make you happier, but did you know that having a daily gratitude practice might also make you more money? I’ll show you an easy way to make gratitude a habit. Try it for just 5 minutes a day and you’ll bring more happiness into your life and maybe grow your bank balance, too.
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Recently my husband was kidding with our daughter and said, “You’ll just take care of us financially when we’re old.”
I immediately said, “Amy, don’t worry about that. Dad’s just kidding you.”
She replied, “Mom, if you’ve been helping us save for our retirement as teenagers, I figure you and dad are just fine.”
So, how I did I get our kids to start saving for retirement when they were in high school? It’s all about the magic of compounding.
Driving into downtown Chicago one night with our kids, I said to our son, “Now that you have your first paying job this summer you can start a Roth IRA.”
I explained a Roth is where you can contribute up to a certain amount of money (in 2018 the IRS limit is $5,500 or earned income, whichever is lower). This money is invested in an account. You decide how it’s invested, and it grows tax-free forever. He could take out his contributions if he needs the money, but if he takes the earnings out of the account before he’s 59 ½ he’d have to pay taxes and a penalty.
Just about this point I was losing him. “Why would I want to do that mom?”
This is where the magic of compounding comes in.
Now, it wasn’t easy for him to save into this account as he needed and wanted to use some of the money he earned. So to increase his contributions he used some of the money from his savings account (money that he’s received from gifts and that he’d saved from his allowance over the years) to help fund his Roth IRA contribution. Our daughter did the same when she started earning money.
That was it. That simple. Benjy got it and so did his sister Amy.
When you start saving and investing when you’re young, time is a powerful investing partner.
You may have heard that gratitude and thankfulness can make you happier, but what if being thankful and grateful also made you better with money and increased your income?
I’ll show you how to boost your wealth in just 5 minutes a day by using simple gratitude practices.
Oh, and thank you for watching and sharing…I am so grateful.
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