Ty Wilson Law - May 2020

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Your Compass MONTHLY

MAY 2020


May: The Month for Mothers?

Mother’s Day is around the corner. With the craziness that has been all consuming and unprecedented I can only hope your mother has the best day possible. As I write this we are still being asked to remain in our homes except in emergency circumstances. Yet there is a politician in Texas saying we should let the seniors decide if they want to wreck the economy and saying he himself wants to get the economy back to where it was prior to the pandemic. Well, I understand wanting to go back to the way it was, I think we all share that desire. But to have a section of the population doing whatever they want, or letting everyone do whatever they want, could be quite tragic, and that’s something that should be considered. In this day and age of “I need some press, so I have to be controversial,” that politician has done his job. I do not have to tell anyone that this could be devastating, and we want to keep it at “could be” not “is.” However, it is important to note that COVID-19 has been devastating to many in Italy. Staying at home is inconvenient, without question. Is it the best thing to do with what we know? I have to say I believe so, but I do not encourage you to listen to me. Make your own decision. I work remotely to take responsibility for myself and more importantly for family. I would be devastated if I brought this virus into my house causing harm to any of my family members.

Think back: How old were you when you first learned about the stock market? What about Roth IRAs and 401(k)s? Odds are you were well out of your teens by the time you started worrying about money management. In fact, only 20 states require kids to take financial literacy classes in high school, and many parents don’t have the expertise to teach money management at home. That means far too often, kids head off to college without a clear idea of how basic financial processes like loans, debt, and retirement savings work. According to Gallup, most people don’t start investing in retirement until age 29, and just 7% of people start saving before they’re 20, even though the benefits are widely known. In the last few decades, those numbers — along with horror stories about college kids racking up thousands in credit card debt and worries over dwindling Social Security — have inspired parents and teachers to start giving kids the tools they need to properly handle money earlier in life. This can be tricky because the last thing most teenagers want to do is sit through a lecture about credit, student loans, and the stock market from their mom and dad, but one strategy seems to work well: gamification. Thanks to innovations in gaming, NFL quarterbacks, vampires, and virtual competitions are getting kids excited about investing, personal finance, and economics. HOWGAMIFYING PERSONAL FINANCE CAN HELP TEENS TACKLE THE REAL THING SHOULD YOUR KIDS BE PLAYING WITH MONEY?

Stay safe,

-Ty Wilson

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