Years ago a friend of mine commented that children learn valuable lessons in saving for a large item. As a teenager he had worked and saved for a car. He felt this was an important maturing step in his life. He felt all children, especially teenagers, should be encouraged to pick large financial goals and work towards them.
Another friend, who grew up in India, related that on the way home from work one day her husband had picked up a television. My friend said her mother was totally shocked. Growing up in India people would save and plan for months. You had to check out the different models and shop around for the best price. Here in America her husband had been walking through Costco and saw a model he liked and just bought it.
My younger brother use to live about forty five minutes away from our house. We would get together a couple times a month. At the time he had three daughters, about the same ages as my second and third daughters. Sadly he and his family moved back East almost two years ago.
My second daughter greatly missed her cousins. She talked about how far away they were and how she wanted to see them again. Remembering the above events my wife and I told her that if she saved half of an airplane ticket we'd pay the rest. The plan was to let her go with my parents when they went to visit my brother and his family. For months our second daughter saved. At first the money seemed like a drop in the bucket. Then after a couple months she had a quarter of the goal. Soon she was at the half way point. When she finally hit the total amount we had a small celebration. I was very pleased with her.
Last year she went with my parents. They had a great time visiting. Our daughter played and played with cousins. It was one of the best weeks of the year.
She had so much fun that she wanted to go again. And our youngest daughter got caught up in the idea and decided to also start saving her money. For eight months they saved and saved. Finally about a month ago they reached the goal. My parents had already visited my brother in the summer, and my father teaches chess in the fall, so they were not planning on heading back east any time soon. My wife and I talked a bit and she reluctantly agreed to take the younger two to visit their cousins.
This morning we got up at 4:00 AM and drove to the airport. The three of them caught a nonstop flight to Washington DC. From there they will take a train. Already the house feels empty with just my oldest daughter and me.
I am very pleased with how my daughters are learning to save. (My oldest has recently bought the original Star Trek DVDs.) The discipline and habit of building a nest egg will help them realize many good things in life.
But I'm already missing my wife and the younger two girls.
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