We recently had the opportunity to present to over 300 local high school students at the Livastride Foundation’s 10th Annual Financial Literacy Bootcamp. The bootcamp is one of my favorite events that Peterson Wealth Services sponsors each year; I believe this is one of the most valuable opportunities for high school aged students to learn about financial freedom. Local high schools bring their students to Weber State University for a day of learning and financial education. Billy and I host an investing basics class. We illustrate the value of compound interest and how students can invest to make their money work for them in order to potentially retire a millionaire!

Many students approach us after the class to tell us how much they enjoyed it and how excited they are to start investing. Their enthusiasm and appreciation are very rewarding, which inspires us to continue our mission with the annual financial literacy bootcamp. Each student attends breakout classes throughout the morning and then we all gather in the main ballroom for a special guest speaker. The day then ends with our professional business panel consisting of locals in the in the community with a variety of backgrounds. This year we had an oral and maxillofacial surgeon, a mortgage professional, a non-profit foundation director, and a mutual fund wholesaler, all whom are very successful in their respective industries. The Q&A segment is held at the end of the professional business panel, allowing the students an opportunity to ask the panelists questions. This provides the students with significant insight into the panelists’ path to success. We are confident that students walk away with this event armed with the tools necessary to succeed in life and with their money.

We believe the bootcamp teaches the importance of investing early and hope that out of the thousand of students we have taught over the years, some of them took our advice. Getting started isn’t hard, but what is hard is to start late in life and make up the lost years. Here is a great example: if a 20-year-old started investing $100 a month for 30 years until age 50 and earned an 8% return, they would have accumulated $1,788,431. If that same 20-year-old waited to start investing until they were 35, they would have to invest $430 a month to have $1,788,431 by age 50. Starting to invest early on means not having to crunch the budget as much to reach your goals and objectives. Billy and I are always available to talk to your children or grandchildren if you would like us to show them examples like this. Thank you for reading!

 

This is a hypothetical example for illustration purpose only and does not represent an actual investment.

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