Browse Tag: friends

Young Money Mistakes - Investing with an Investment Club

Young Money Mistakes – Investing with an Investment Club

In the early 2000’s, a friend of a friend started an investment club. If you’re not familiar with the term, the SEC says:

An investment club is generally a group of people who pool their money to invest together.

To participate in the club, you would send him money each month. The group would choose and buy stocks. And ideally you’d make a profit.

Nothing could go wrong there, right?

At the time, I was in my early 20s. I knew I should be doing something with investing or stocks or the stock market, but I didn’t know what. Here was someone who supposedly knew; he was someone I liked and trusted, so I started sending him money every month. (I didn’t participate in the group otherwise and didn’t help choose the stocks.)

At some point I stopped sending him money and lost track of how much I had sent.

A few years later I got an email inquiring how much I had invested. The leader of the club was in trouble for embezzlement.

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If I could teach my child just one financial lesson, it wouldn't be to save

If I Could Teach My Child Just One Financial Lesson, It Wouldn’t Be To Save

Last week I saw a tweet from Adam at Money Savvy Daddy that said, “If you could teach your child just one money/financial lesson… what would it be?”

I love to learn what people are teaching their kids so I was eager to read the responses. Not surprisingly, many people said, “Save!” Saving is definitely important, but saving without context… how can that be successful? What are you saving for?

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results-of-no-present-party-experiment

Results of the No Present Party Experiment

J’s 9th birthday party was last weekend! If you remember, we asked for no presents, phrasing it like this: “Please, please no gifts for the birthday boy.” And if guests wanted to, they could bring something to donate to our local animal shelter. We said: “J would like to make a donation to [Specific Shelter] for his birthday. If you would like to donate with us, please consider something small from their needs list: [link].

I wasn’t sure how it was going to turn out. J mentioned that some kids said they were still going to bring him a present (in addition to a donation), even though he told them not to. I even heard one mom make a comment to another – that her husband said, “Are they trying to make us feel bad? Are we supposed to do this now?”

A few parents texted before the party with questions, and I reiterated what the invitation said and how we wanted to focus on giving.

J and I had a few talks before the actual party as well – that the party was the present and getting to spend time with his friends. (Just to try to avoid a potential upset kid when he realized there were no presents for him.)

But all in all, it DID seem to work!

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