Tuesday, February 2, 2016

Use Sick Money Lingo With Your Teens

Dad Son Money Chat

Father: “A Roth IRA funded with after-tax dollars using a dollar cost averaging strategy will allow your investment in highly diversified, low cost index funds to grow tax efficiently at roughly a 7% average annualized return if held for a significant period of time.”

Son: “Zzzzzz.”

OK Pops, you’re gonna have to step up your game if you want to connect with your teen about important money concepts.

Take two:

Father: “Junior, how’d you like me to show you how to turn $500 into $500,000 without going to the slammer?”

Son: “Sounds baller! TMAI* Daddy-O!”

Now you’re getting somewhere.

So, that’s your homework assignment inspired by J. Money over at BudgetsAreSexy.com: spend 15 minutes teaching your teen something about money using “sick” lingo that won’t put your kid in an instant coma.

Read J$’s “baller” article for more tips.

* Tell Me About It

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