Ken Dolan: It is not easy talking to 20-something about money. Here’s the point, especially if they’re just finishing college, they just out of college. The major concern is, “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 to just focus the way our parents didn’t Daria because nobody had any money.
Daria Dolan: Nobody had any money.
Ken Dolan: There wasn’t the choices.
Daria Dolan: And not a lot of understanding of investment alternatives anyway, but it was a simpler time.
Ken Dolan: That was a simpler time.
Daria Dolan: You know it’s simply for parent. It was simpler for us starting out. It’s difficult now which is why you do what deserves to your 20-something. If you don’t kind broach the subject right out of the box as they begin, and in some cases you don’t have too. You’ve set such a good example of thriftiness and investing and putting something on aside.
Ken Dolan: You’ll be the exemption. Question number one might be, do you start learning about investing? Maybe their parents could take that a hard too. We say we guarantee if you’ll tell the kids. One hour spend on Dolans.com. One hour a week, they will learn all that they need to know at least to get started. It’s a 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 a rainy day. I’m not even saying they should jump right into the company’s 401k plan or an IRA. I’m just saying to learn to place something on aside, so that God forbids the motor falls out of their car, the engine falls out of their car, they’ll have some money there to fixing.
Ken Dolan: I’ll never forget when we first got married. We had trouble with our car, and we took out the money we have put aside to fix the car, to buy underwear for Martha or baby clothes for Mary.
Daria Dolan: Every saving and provided the layette for the baby then we had to put it into the car, the bank that we had it.
Ken Dolan: Exactly right because we saved.
Daria Dolan: Yeah.
Ken Dolan: Well, Daria to mention abou t401k and the kids will certainly in their first job the least thing their concern about is what’s going to happen when they’re 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, grandchild especially is in the 401k with matching contributions or in nearly matching contributions from the employer. I’m going to tell you it’s a soccer’s game not to take it. If in fact, they match 50% of the kids contributions just like you’re making a 50% return on your investment. So get them into the 401k. Get them to take a look at this while working.
Daria Dolan: And just remember this too. As much as you know it’s nice to sit down and say to your kid, “Alright, let’s fashion a budget for you.”
Ken Dolan: And that’s tough to do with kids.
Daria Dolan: If I'm going to hit you with the paper that you sit down in a 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 know you try to talk to your parents about—
Ken Dolan: That’s right. You need to talk about that.
Daria Dolan:: Wills and assets and things. You don’t want somebody to your kids sitting down and saying, “Hey, mom and dad. Are you budgeting properly? Are you saving enough? You know what’s going on?”
Ken Dolan: Nobody wants to hear it.
Daria Dolan: You don’t want to hear. To 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 overspend.
Ken Dolan: And finally by the way, make sure your kids, and there’s a parents’ stuff and you probably thought of this, but if you have them make sure the kids, they 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 offered.
Ken Dolan: Sometimes there’s a period on your policy on the parents policy where the kids can get protection for at least a period of time. And a sort of none of these works and there’s nothing going on you may want to go with your kids or have your kid go toeHealthInsurance.com. It’s not a commercial by the way. They are just—They are good.
Daria Dolan: Let them covered the big expense. You know the hospitalization God forbid, that sort of extent.
Ken Dolan: Yeah.
Daria Dolan: They don’t have to have all sorts of you know.
Ken Dolan: Fancy covered.
Daria Dolan: Fancy covered for little things.
Ken Dolan: We’re talking about emotionally getting ready until their company will cover them, eHealthInsurance.com, talking with 20-somethings about money not easy. Talking to anybody about money isn’t easy. And I’ll tell you it’s a wonderful, wonderful legacy for your kids. Well worth the effort.
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