By Andrea A., Branch Manager and Guest Blogger
In golf, a mulligan is a do-over that doesn’t add to the score. But what about in life? Do we get mulligans?
When I was 16 and started my first job, I wish someone had explained the importance of starting a retirement account early. Sure, I had a savings account, but not much went into it. Instead, I did what most kids do when they start earning their own money … I spent it. As I got closer to college, I began to save more. I realized how expensive going to college was, but I still did not understand or learn about the magic of compounding interest until I was taking accounting classes in college.
Do you have children, grandchildren, nieces or nephews? Have you explained the importance of investing and money management yet? Most children start earning allowances and understand the concept of putting savings in their piggy banks, but saving for retirement is not taught in most schools.
Working at Scottrade, I have had the opportunity to point customers in the right direction of Scottrade's educational resources. The Knowledge Center is a great starting point if you want to learn more about investing for children. Your family can also stop by your local branch office and meet a stock broker and let your children “help” make a deposit to get an investing account started. And remember – make the most of any mulligans life gives you!
Andrea A. has been at Scottrade since 2001. She enjoys educating customers to help them become better investors.