The Richest Man In Babylon

[runnerr]

I am sure some of you read this book. I am just getting started and fortunately I have been following his suggestions for over 30 some years. So I know they work. My question is how do you get young people or anyone to buy into "part of all you earn is yours to keep." At least 10 percent. I just don't understand why others don't save.

[yakers]

Good book. And there are other good ones. YMOYL is another. How to get it across to the kids? Mostly by example. Youngest son is a senior (graduates in two days!) and driving. So a couple months back he comes up and asks "Hey Dad, why does gas cost so much? and Where are the heap stations?" He was aware that I was pretty cheap but 'got it' for himself when he has to pay for things.

[NinjaPigeon]

Ya know, I just got through this recently. I cheated though and listened to it on audio book

But it always amazes me that the key to pulling this off is so simple - pay yourself first. And yet, so few people actually do.

I think the key is to force them to save early on. Like, tell your kids from the first nickel they get, that some % must be put into savings. By the time they are old enough to spend, it should be pretty much ingrained.

[Bigritchie]

One of my biggest hopes, since I am going to retire at 30, is the honor of both parents being able to stay home, and I plan to teach them at 5 years old, or even sooner to start planning for retirement. If a child starts early enough saving and investing they can have a massive head start before they even begin their adult life.