Rule 31: Start Saving Young (or Teach Your Kids if Its Too Late for You)

I realize that for most of you, it might be too late for you to ‘start saving young.’ But you can certainly teach your kids the importance of this rule. Scrimping and saving just to have something to save is shitty. Saving should be something you naturally do. People that are self-employed know this all too well; if they don’t save, their business will die. Every time you earn money, you should be putting some aside for your future. We’ll talk about this in The Flight.

Like you, I really wish I had (a) started saving young and (b) been taught to do so. My parents didn’t teach me shit about money. I had to figure it out on my own. If I had never been homeless, I seriously doubt I would have pursued this knowledge. Did I only educate myself because I had to? Could the same be true for you? Do you think that you know so little about finance because you never were forced to learn?

I teach my son about money; I’m trying to instill good behaviors. Fortunately, he’s a pretty simple guy. He doesn’t want a lot. If you gave him money, he likely won’t spend it all. That’s a start, I guess!