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Just had a chat with my mom about retirement accounts
She didn't get IRAs, so I compared it to a piggy bank. How do you teach family about investing?
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the_taylor6mo ago
Piggy bank is a perfect way to explain it. I had to do the same thing with my dad, comparing a 401k to a big, locked savings account at his job. Simple pictures and stories work way better than throwing numbers at them. It takes patience, but once they get the basic idea, the rest starts to make sense. I found that using things they already understand, like a garden growing over time, really helps.
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walker.logan6mo ago
Skip the stories and just show them the numbers.
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