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Old 05-04-2013, 09:59 AM   #21
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Congrats to you and your son. I think most parents want to see their kids get off to a good start and be successful in life and for me, there is nothing that makes me feel better. My DS is 26, graduated with an MBA, two years ago, has pretty good nest egg started and bought his first house last September to take advantage of the housing market and low interest rates. DD graduates next week, is starting grad school in the Fall, so it will be a while before she lauches into the work force.
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Old 05-04-2013, 10:03 AM   #22
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He needs a lesson in password safety and you need a lesson in boundries.
Do the decent thing and tell him to change his password.
And tell us-were you so brilliant that you could figure out all the fees and costs of a 401k just from looking at the balances? Share that information not your son's personal info.
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Old 05-04-2013, 12:30 PM   #23
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Originally Posted by Bestwifeever View Post
So did you look at the account's fees?
Oh yes. He doesn't have a wonderful selection, but he's getting a pretty amazing match from his employer. He's in 3 funds, and the average expense ratio is .65%. One is 1.05%, but he's earned 20% in that one this year, and he's only got 19% of his balance in that one. We'll have to discuss it. Honestly, in looking through his options, I'm not sure what I'd have done any differently.

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Originally Posted by lemming View Post
He needs a lesson in password safety and you need a lesson in boundries.
Do the decent thing and tell him to change his password.
And tell us-were you so brilliant that you could figure out all the fees and costs of a 401k just from looking at the balances? Share that information not your son's personal info.
Thanks for your concern. Someone referred to me as a helicopter parent earlier. Believe me, if you knew our situation, helicopter is not a word that would come to mind. He lives 600 miles away, and we're going to visit him for the first time this weekend since he moved there last June.

This all came up because a few weeks ago he texted me a picture of his computer while logged into his 401(k) account, showing his balance in large font, so I could easily see how much he had. Again, after watching Frontline, I wanted to make sure he really understood fees. I'm in this line of work, so my kids are brilliant enough to ask for advice from someone who has worked in this field for 30+ years, even if she did give birth to them. They have solicited my opinion many times to ask about DB, DC, health, life, legal and dental insurance, etc.

Please don't fret about the password issue. We're all a lot smarter than we look.

And congrats to all the other posters with similar success stories. You do the best you can as parents (despite the lack of an instruction manual) and I think it's only fair to pat yourself on the back when something, anything, turns out right.
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Old 05-04-2013, 12:39 PM   #24
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Good for him! Count me in the crowd that was not thinking about or had any money for retirement at his age.
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Old 05-04-2013, 01:12 PM   #25
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Outstanding and congratulations to both of you. I do not think I had a positive dime in the bank until about age 30. My 4 kids did very well - now it is the 5 out of 10 grandkids in that age range I have a concern for.
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Old 05-04-2013, 01:42 PM   #26
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At 24 I'm sure I had zilch, or pretty close to it. He's on the way!
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Old 05-04-2013, 02:18 PM   #27
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At 24 I had $5k to my name.....I know because I converted it all to travelers cheques to come to the US to start a new job. Get this I put 9% of my salary into TIAA Traditional and my employer put in 17%.....that's not a typo!
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Old 05-04-2013, 02:20 PM   #28
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I put 9% of my salary into TIAA Traditional and my employer put in 17%
Those were the days....
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Old 05-04-2013, 02:41 PM   #29
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Those were the days....
Failed to mention that my starting salary was $30k
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Old 05-04-2013, 07:33 PM   #30
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That's great! You should be proud.

Gives me hope after what I overheard at w*rk yesterday. A late-20-something with a one-year-old was talking to someone else and all I heard was "401(k)." I clearly heard the response, "I'm not 40 yet, I don't have to worry about that." Now, I'm really not sure what the discussion was, but what I thought I heard made me depressed. I just kept walking, hoping I missed something.
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Old 05-05-2013, 08:32 PM   #31
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Coincidentally, I just had this conversation with my youngest, who is 21 and was hired by Microsoft less than a year ago. He now has almost 20k (participates in an optional stock purchase plan plus stock options), which blew my mind, since I think I accumulated about the same after 4 years in my first professional job, when he was a baby and I was in my first job. I told him as much, just to let him know what he was accomplishing.
He also paid off his student loan with his tax refund check.
Yewts like him and your son reinforce my conviction that the 20s-30s are a lot more impressive than most of our or the older generation are willing to give them credit.
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Old 05-06-2013, 12:25 PM   #32
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Yewts like him and your son reinforce my conviction that the 20s-30s are a lot more impressive than most of our or the older generation are willing to give them credit.
+1

By the way, I also say "yewts". Love it!
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