- Feb 1, 2018
Amen to educating youngsters. I have never forgotten the day that my high school math teacher asked the question "If you had $10,000 dollars right now, what would you do with it?" Someone said they would buy a truck, and he proceeded to teach us about compound interest, contrasting the ever increasing value of a compounded investment with the depreciation to zero of the truck. The lesson made a profound impact on me. I knew that my math teacher was a very wealthy man who owned many rental properties (my family once lived in one of his trailer parks), and he knew what he was talking about.Furthermore, at a minimum no kid should be able to graduate high school until they have a full understanding of the IRA accounts, the stock market, compounding interest and investments.
I remember when a Social Studies/Economics Teacher saw my interest in this kind of thing and we sat down after class and went over a bunch of ideas and he told me that he bought Boeing aircraft stock for $1.50/share. I said how many shares did you buy? He said, "Enough that I probably shouldn't be sitting here talking to you right now..." lol
I have never been able to bring myself to take a loan for a vehicle, I hate the idea of being on the wrong side of compounding for a discretionary purchase (had to do it for a house though).