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Home > Nephew #2 started a Roth IRA with $5K - I'm so Proud
 

Nephew #2 started a Roth IRA with $5K - I'm so Proud

May 12th, 2015 at 03:17 pm

My 23 year old nephew has the habit of frugality. I told him that even though he can't find full time work, he is in the place to start planning for the future, so this weekend, he started a Vanguard Roth IRA in one of the SP500 accounts.

I wish I had done that when I was his age, but I'm so proud of him for doing it now. He's already better at figuring out all the nomenclature on their site and made his selection within a few hours with some study.

I explained since he is paying very little for rent - $240 a month to me, and I'm paying for food for all of us, this is the time to start his funding for future. His little nest egg will have years to grow. He is also signed up at work for a 401K and has started saving in that too.

I wish they taught classes on this in highschool. Instead we send kids out to get jobs and they waste all their money on electronic toys and end up with nothing but debt.

He already has the habit of savings, and now he has a goal. I'm so pleased for him.

3 Responses to “Nephew #2 started a Roth IRA with $5K - I'm so Proud”

  1. Petunia 100 Says:

    Good on your nephew! It is wonderful that you have encouraged him to begin planning for his future. What a difference it will make in his life. Smile

  2. michdado Says:

    Your nephew is well ahead of the game - kudos to him and to you! I plan to open IRAs for my 16-year old twins. Now is the time to start. They are both taking a Personal Finance class this coming Fall of their Jr. year. I MADE them take this elective class, LOL Smile

  3. Ima saver Says:

    I think that is wonderful! I opened mutual fund accounts for both my granddaughters when they were born, but they have not opened roth account yets. He made a very good choice with vanguard 500. That is where I have my IRA and it has grown nicely since I opened it almost 30 years ago. I Wish all "kids" would start sooner!

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