It's enough to bring a tear to an old mans eye...

[hakuna matata]

Today is my 56th birthday (woot) AND I have been retired one year. BUT the best birthday present I got was my daughter emailed me and wanted to know 'how' she could fund her ROTH IRA by herself! (She got married this last June, I know, 20 years old but what are you going to do right!) Anyhoo she is living in Hawaii with her husband (military) and she is a saving maniac. She told me last week she and her husband are living off 50% of their take home pay--all this while she goes to school too.

Since she was 17 we matched her contributions and I had hoped the lesson stuck and today I found out it did. Currently she has about $10k in her ROTH. I am a very happy old man. She is only 20 and if she sticks with this she will be in such a good position when she is my age for sure!

You will excuse me while I go cry in the corner

 

[W2R]

Aw!!! That is such a sweet post. And don't you dare call yourself an old man at the tender young age of 56!

 

[Walt34]

Ya done good!

 

[GreenER]

That is great to hear and must feel great as well. Congrats!

 

[frayne]

Excellent parenting I must say !

 

[hakuna matata]

Thanks--I am proud of the kid that is for sure. You never know if the lessons you give them take, but now and again you get a glimpse and to have it happen today was especially nice I really wished she had waited to get married but both her and her husband are good kids, so you have to cross your fingers and wish for the best. And there are worse places to be than Hawaii that is for sure!

Off to celebrate my birthday with friends with dinner and drinks and then home to break open the birthday Scotch my wife got me.

You know getting older ain't too bad at all when you sit back and think about it

 

[rodi]

That is a sweet story. I can see why you're proud.

 

[FIYes]

Congrats and happy birthday to the proud papa. Hear lots of stories about twenty something's who just don't get financially. It is nice to hear the opposite.


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[Taxman59]

I agreed to contribute $3k to each of my sons' ROTH IRA to get them started on their retirement. My oldest first reacted with "3,000? That won't let me retire". He then started to compute the value at his retirement and then thanked me. A few years later he started his first real job, and he tells me that he is planning to save buckets of money in his 401k and HSA accounts so he can retire early! Our other two sons aren't employed in permanent jobs yet, but are thinking about how to save money for retirement. Maybe there is hope for the next generation!


Have the day you deserve, and let Karma sort it out.

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[prose3589]

Great story! Great kid.


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[travelover]

I'm jealous. I gave my step daughter a copy of Millionaire Teacher and she said thanks, but I'm not a teacher and I don't want to be a millionaire.

 

[kgtest]

And there are worse places to be than Hawaii that is for sure!

I started getting pretty serious about retirement while I was living in Hawaii. There wasn't much else to do at night with the sun down and it gave me a lot of personal development opportunities. Plus I think the high COL opened my eyes a bit to some needed planning.

Man, if I could have the military pay my housing, Hawaii would be the place to do it.

 

[Greencheese]

Once the ideas of compounding interest and saving for tomorrow take hold its all smooth sailing from there. Sounds like the hardest parts of your job are over

 

[Dreamer]

Belated Happy Birthday and great job parenting. It was nice that she asked you that on your birthday!

 

[Dog]

Good for you and even better for your daughter! Sounds like she made a good choice in partners if he agrees to live on 50% of income. You obviously raised her well.
My daughter was on the right track too, but partnered up with a spender. DH and I cringe as we watch them piddle way their earnings on crap.
Oh well, hoping she will find her way back at some point.


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[UnrealizedPotential]

Today is my 56th birthday (woot) AND I have been retired one year. BUT the best birthday present I got was my daughter emailed me and wanted to know 'how' she could fund her ROTH IRA by herself! (She got married this last June, I know, 20 years old but what are you going to do right!) Anyhoo she is living in Hawaii with her husband (military) and she is a saving maniac. She told me last week she and her husband are living off 50% of their take home pay--all this while she goes to school too.

Since she was 17 we matched her contributions and I had hoped the lesson stuck and today I found out it did. Currently she has about $10k in her ROTH. I am a very happy old man. She is only 20 and if she sticks with this she will be in such a good position when she is my age for sure!

You will excuse me while I go cry in the corner

Great job. That accomplishment with one's children is easier said than done. I do not have any children myself, but I have seen plenty of examples of where the example set forth of saving does not stick.

 

[Fedup]

Happy belated birthday. I was hounding one of my kids to save for retirement and this year she will be able to put down large chunk of money, like 25% of her income. In the past, I have helped her with my own money, but I agree it's a fantastic feeling when they can finally do it.


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[kcowan]

I started an education savings account for my grand-daughter when she was 2. I said she did not need more toys or clothes. She is now in second year engineering, and, when her mom found out about the $10k/year, she said that is a life-changing amount!

I said yes the power of tax-sheltered compounding is amazing. A lesson for two generations....

 

[kimcdougc]

Good going for you and your daughter. It makes you feel good as a parent thinking they will be alright when we leave this earth. We have a daughter and her spouse who are doing great. She is currently 26 and finished her 4 year degree at 20. Went in the Army as an officer. Did her 3 1/2 years. She was the youngest officer at 21 at OCS. She got out, got married, just finished her masters with her GI bill. No student loan debts. Just found a full time job as a project manager. Already bought their first house.

Son is 35 and still trying to figure it all out. Has a wonderful girlfriend who we hope he marries.

Can't believe the two come from the same parents. We taught them both how to save for the future etc. Guess one out of two isn't bad regarding financial independence.

Great going with the daughter! Nice post!

 

[heeyy_joe]

More important than the Roth is this question: Did she marry the right person?

If so, she will do well with the financial lessons taught to her.