Description

Twenty somethings are in a unique position for creating an extremely lucrative future. Here's the Dolans' advice to put them on the right path.

Transcript

Ken Dolan: It is not easy talking or thinking of Thanksgiving turkey. It’s not easy talking to 20-somethings about money. Here is the point especially if they’re just finishing college. You’re just out of college and your major concern, “Let me get a job, let me get a couple of bucks in that bank, let me have a little good time. I’ve been in school.” But there’s never been a more important time to just focus the way our parents didn’t Daria because nobody had any money. Daria Dolan: Nobody had any money. Ken Dolan: There weren’t the choices. Daria Dolan: And not a lot of understanding of investment alternatives anyway, but it was a simpler type. Ken Dolan: That was a simpler type. Daria Dolan: It’s simple for parents. It was simpler for us starting out. It’s difficult now which is why you it deserves to your 20 something. If you don’t kind of approach the subject right out of the box as they begin and in some cases you don’t have to. You’ve set such a good example of thriftiness and investing and putting some economic side. Ken Dolan: You’ll be the exemption. Question number one, my dear did they started learning about investing. Maybe their parents could take out the hard too. We say we guarantee if you’ll tell the kids. One hour we spend on Dolans.com. One hour a week they will learn all that they know at least to get started, so wonderful legacy to get the kids started learning about investing. Daria Dolan: And if you’re going to encourage them to put a little something aside for rainy day. I’m not even saying they should jump right into the companies for one K-plan or an IRRA. I’m just saying to learn to put something on aside. Ken Dolan: To save. Daria Dolan: So that God forbids the motor pools out of there car, the engine and falls out of their car. They’ll have some money they’re fixing. Ken Dolan: We never forget when we first go out married we had trouble with our car, and we took our money we have put aside to fix the car to buy underwear for Mary, remember, or baby clothes for Mary. Daria Dolan: So you cut that backwards our saving. Ken Dolan: All the money. Daria Dolan: We were saving up to buy for the layette for the baby and we had to put it into the car of the bank that we had it. Ken Dolan: Exactly right because we saved. Well, Daria did mention about 401K and the kids are certainly in their first job the last thing they’re concerned about is what’s going to happen when they are 59 and a half, but I will tell you this especially if you find out that the kids 20-something in your life. Kid friend branch out especially is in the 401K with matching contributions or nearly matching contributions from the employer. I’m going to tell you it’s a sack race game not to take it. If in fact they match 50% of the kids contributions just like you’re making 50% return on your investment so get them into the 401K. Get them to take a look at that. It’s well worth it. Daria Dolan: And just remember this too as I much as you know it’s nice sit down and say to your kid, “Alright, let’s session a budget for you.” Ken Dolan: And let’s talk to do with kids. Daria Dolan: If I were going to hit you with the paper that you sit down to table with. But the fact of the matter is you yourself or your parents you’ve been there. I don’t want to talk about. You try to talk to your parents about. Ken Dolan: That’s smart. We need to talk about that. Daria Dolan: You know the assets and things. You don’t want somebody your kids sitting down and saying, “Hey mom and dad, are you budgeting properly? Are you saving enough? What’s going on? Ken Dolan: Nobody wants to hear it. Daria Dolan: You don’t want to hear it, so keep that in mind when you talk with them, but try to stress. It’s so important that they learn right from the beginning to pay their bills on time, put something away and not over spend. Ken Dolan: And finally by the way, make sure your kid—now, this is parents stuff and you probably thought of this but if you have it make sure the kids have proper health insurance. Sometimes they go to work for a company and they don’t qualify right away. Daria Dolan: Or there is none being proper. Ken Dolan: Or there is none. Sometimes there’s a period on your palsy on the parents palsy where the kids can get protection for at least a period of time. And if sort of none of this works and there’s nothing going on you may want to go with your kids or have your kids go to eHealthInsurance.com. It’s not a commercial by the way. They are good ones. Daria Dolan: Let them cover with the big expense, you know the hospitalization God forbid that sort of expense. They don’t have to have all sort of you know. Ken Dolan: Of fiancee coverage. Daria Dolan: Fiancee coverage for little things. Ken Dolan: We’re talking about mostly getting ready until their company will cover them, eHealthInsurance.com. Talking with 20 something about money not easy, talking to anybody about money isn’t easy, but I tell you it’s a wonderful, wonderful legacy to your kids. Well worth the effort.