Today’s life lesson is important. The best financial advice I can ever give you, whether you’re 7 years old or 97 years young (or anywhere in between) is to save your money. Save for a rainy day. Save for the extras in life – vacation, homes, cars, toys. Save for college. Save for retirement. Save. Save. Save. A little nest egg gives you independence, peace of mind and flexibility to do the things you want to do.
All these things are way beyond your vision right now Girlies, but you’ve already begun the discipline of your saving your allowance. After Christmas, you both wanted Fatheads for your room. Because you both saved your money, you could buy your Fathead. We went to the American Girl doll store this year and because you had savings, you were able to buy an outfit at the store.
Later in life, you will most likely borrow money at some point for a big purchase – a home, a car, college. This is fine, but make it a priority to repay the debt as quickly as possible. And while you’re repaying the debt, still save. Save. Save. Save.
Right now you are seven and nine years old. You work hard to earn your allowance. You’re both good savers. Keep it going for your whole life. It’s a good thing.