Graduate School:
-
- Columbia Business School – New York City (1989)
- MBA in Finance
- College:
-
- University of Texas at Austin (1983)
- BBA with Double Major in Finance and International Business. Minor in French
- Business:
- Tobin & Company Investment Banking Group LLC
- Title:
- Founder and Managing Partner
- Location:
- Charlotte, NC
- Description:
- www.tobinandco.com
August 26, 2010 at 9:00 pm
Justine; you can blog about the 401(kid) program that we use. We created savings accounts for our kids when they reached the age of eight and we encourage them to save their money and to spend it wisely. When they make deposits, we match 25%. If they withdrawal for “wants” rather than “needs” they pay a 10% penalty. They still make out on the deal, but it gets them to think about their saving and spending.
Have fun with it.
Gary
August 26, 2010 at 9:17 pm
Smiling while cutting the grass: I have created a brief presentation for kids to help them understand the value of time on money. For the four summers your teen is in high school, encourage them to find twenty neighborhood lawns to mow once a week for the twelve weeks of summer at $25 per lawn. Ask them how they would use the resulting proceeds of $6,000. Then show them that if they save and invest $4,000 of those proceeds at an average annual rate of return of 9% (and don’t touch it), it will grow to be over $1,000,000 when they are ready to retire at age 63. Once they have time to process that, show them that a 1% change in interest rate can swing those results by $400,000.
So, the next time you see a teenager smiling while they are mowing a lawn — they may have a plan to be a millionaire!
Have fun with it.
Gary A.