Comments on: A Letter to Their Daughter

By: This Week in Personal Finance - My Favorite Blog Posts | Cash Money Life

This Week in Personal Finance - My Favorite Blog Posts | Cash Money Life — Mon, 15 Sep 2008 21:08:45 +0000

[...] Financial Matters – A Letter to Their Daughter. JLP got permission to reprint a letter from his friend and blog author, Barry Barnitz, and his [...]

By: » Weekly Roundup - Night on the Town Edition @ fivecentnickel.com

Thu, 24 Jul 2008 18:17:40 +0000

[...] reprinted a fantastic financial letter from some parents to their teenage [...]

By: Jen

Jen — Wed, 18 Jul 2007 02:18:37 +0000

By the time she finishes reading that letter, her $1,000 will be worth $1,157.

By: Matt

Matt — Wed, 18 Jul 2007 00:14:52 +0000

Good letter, but I would also add the effects of taxes to the illustrations. With even the best savings account, you barely earn any interest at all by the time taxes and inflation are done with you. With more typical savings accounts, you actually lose money over time. No wonder Americans’ savings rates are so poor: our tax code punishes us for saving.

That’s a good thing to consider when it comes to risk tolerance for the stock market: there are also risks to NOT being invested in the stock market.

By: Mike

Mike — Sat, 14 Jul 2007 18:30:31 +0000

Warn the kid about “fiat currency” and the risk of hyperinflation, and the decline of the dollar against other currencies. Invest in precious metals and oil. Warn her about “peak oil,” and what that is likely to our economy.

By: John G.

John G. — Sat, 14 Jul 2007 16:21:08 +0000

Has anyone else tried to find out if Albert Einstein really said anything about compound interest?

http://timpanogos.wordpress.com/2006/07/22/einstein-compound-interest-does-not-compute/

By: Moneymonk

Moneymonk — Fri, 13 Jul 2007 20:18:50 +0000

Awesome, She have no other choice than becoming a millionaire. I hope she listens to Mom and Dad.

Good post JLP

By: Esmo

Esmo — Fri, 13 Jul 2007 19:20:34 +0000

great letter! a definite read for people who aren’t financially aware.

I’d like to note that for minimum wage workers who earn $5.15 per hour have to work considerably MORE than 24, 8-hour days because of tax (a little), Social Security, FICA, etc. (but maybe that’s something for a addendum letter )

By: Chris

Chris — Fri, 13 Jul 2007 18:27:12 +0000

“When you were a little girl I did an experiment with you. You didn’t know about it. I put a marshmallow on the table and told you that if you waited for 10 minutes until I got back and didn’t eat the marshmallow while I was gone, I’d give you two marshmallows when I returned. But if when I came back you had eaten the marshmallow, I wouldn’t give you a second one.”

Jatie has brilliant parents. Thanks for sharing the letter!!