epoche wrote: ↑Sun Oct 02, 2022 10:39 am
celia wrote: ↑Sun Oct 02, 2022 3:53 am
In the last 20 years I worked, I helped others learn by asking questions aloud at employee benefit meetings (401K, 457, Flexible Spending plan),
even if I already knew the answers. Of course, the employer first had to offer these benefits.
I have to say that I love this idea! My employer keeps making changes to the benefit options almost every year, so it means I'm more likely to be in one of those meetings. I usually do ask some obscure question that I don't actually know the answer to, but perhaps I'll throw in a few I'm pretty sure about.
I find it a bit disheartening that so much of the sentiment on this forum leans toward staying out of it. Knowledge is meant to be shared.
Of course, you have to meet people when they are ready, but there are ways to prime the pump so to speak.
I’m with
epoche on this. Maybe it has to do with a co-worker I once had who kept explaining the financial benefits of being a homeowner when I got my first tech job.
[Off-topic comment removed by admin LadyGeek] He intentionally was modeling and mentoring young people who wanted to learn but taught more than the subject matter at hand, if you get the idea.
I started with our own kids while they were growing up. I laughed when each one showed me the work they did for school (private school around 10th grade) where person A contributed to an account (without saying “IRA”) for 10 years and then stopped. Person B started contributing the same amount starting in the 11th year and continued until they retired. Both accounts grew at the same rate, but person A had more money by age 65. Everyone in their class was astonished that compounding was so powerful.
When we refinanced, the oldest was about 12 and I had him calculate how much more we would be paying if we kept the old mortgage and the new mortgage, both ending at the same time. The kids took turns navigating and calculating mileage and gallons when we went on trips. They learned to comparison shop and use coupons and get rewards for things we needed to buy.
I don’t think we talked about our employee benefits that much but I frequently inquire about theirs and which ones they are using. When I hear a young person (usually nieces and nephews) saying they got a new job, I ask about their benefits too and throw in a few extra questions to see which they are taking advantage of and to see if they understand their options.
We’ve also had discussions at large family functions on financial topics such as why those in their 30s and 40s aren’t buying houses. They think it is harder for them than my generation (60s and 70s), but we put things into perspective for them, telling them we didn’t have the savings options they do and that we had to sacrifice our “wants” to get homes. I shared that when we got married, we decided to live on only one salary and save the other one. Since then, two have married a long time girlfriend and I suspect they are saving similarly.
I don’t tell anyone what to do, but rather I ask them about their options just to make sure they understand the pros and cons of each. If necessary, I might ask if “X” would also be an option. If a non-relative brought up a financial topic with me, I would do the same for them.
And I’m very pleased when I hear that my kids talked to their friends about how they need to save. They’ve got others to invest in retirement accounts. (One of them was asked by her small employer to set up a 401k plan for the employees. Without already having participated in one, it would have been difficult.)