A few weeks ago on social media, a stranger posted that his former boss had guided his team in “lifetime wealth building,” in part using my book Get Rich with Dividends: A Proven System for Earning Double-Digit Returns.
I was honored that this mentor found the book so useful that he used it as a tool to teach his employees how to build better financial lives.
Shortly after, a friend told me that she is going to give the book to everyone she knows who is a new parent.
Now, I may be a little biased, but I think it’s a great idea.
I love buying baby gifts. I typically go for something useful that also will make the parents laugh. I recently got a close friend a “diaper genie” so she’d think of me every time she got rid of a poopy diaper.
Having a baby is incredibly joyful – and stressful.
When we brought my son home from the hospital, my wife and I looked at each other and said, “Now what do we do?”
We meant that in every way.
How do we care for this tiny being to ensure its survival? How do we raise a child? And how will we handle the expenses?
Fortunately, we had a head start on the last question, though it still seemed daunting.
When my wife was pregnant, we met with a financial advisor. He told us that by the time our child reached college age, a private university would cost $80,000 a year. At the time, tuition was less than half that.
We started saving and investing furiously.
It’s not easy for young parents and parents-to-be to save, especially for their own retirement. They are often early in their careers, so they may not be earning big bucks. And life, particularly with little ones, is expensive.
But lessons learned about compounding over the years are invaluable and can be the difference between struggle and financial security.
I would love to see financial education included in the various ways we help new parents – whether that’s in a birthing class, as part of baby shower registries, or any other way.
If you are knowledgeable about money, perhaps the biggest gift you can give is your time. Sit down with the new parents and talk to them about your own financial mistakes and successes. Explain the things you wish you had done when you were younger.
The next time you’re invited to a baby shower, consider giving some financial knowledge in whatever form it may be. It may not garner the “oohs” and “ahs” of a cute onesie, but it will be the gift that lasts the child and parents a lifetime – long after the diaper genie has been retired.
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