Sobering Savings Stats, Raising Savvy Savers, Monopoly e-Money: Weekly Family Finance Picks (#36)

We’re constantly scouring the Internet looking for articles related to family finances and teaching kids good personal finance habits. You can visit the FamZoo delicious page to see our ever growing list of family finance bookmarks. We’re up to 1056 now! Each week, we pick our favorite articles from the previous week and post them here.

Want the fun stuff or the depressing stuff first? OK, let’s get the sobering news out of the way, so we can get back to non-reality! Here we go with this week’s picks:

Save 5 Times More

No Substitute For Saving

Here’s a serious reality check for you normal folks out there who’d like to be comfortable in retirement someday:

  • You probably need to be saving around 25% of your income (5 times more than what the average American is saving)
  • You can kiss off hoping for 8-10% returns on your assets
  • You need to consume less stuff
  • You need to start saving early (How’s that going?)

Depressed yet? Read the details here.

All the more reason to get your kids in the habit of saving now. Also a great reason to set up a “Family 401(k)” if your teen earned some W-2 income last year — there’s still time.

Some Further Thoughts on Children and Piggy Banks

OK, ready for a cute, happy saving success story now? Check out this one from Trent about his experiences with his two young kids ages 3 and 5. Maybe with his 5 pieces of sound advice, you can turn your kids into savvy savers too.

Money Games: Monopoly for YouTube Generation

Enough reality, let’s talk Monopoly money — or, shall we say, Monopoly e-Money. Dan covers a preview of the upcoming high-tech rendition of the old classic Monopoly here. It’s called Monopoly Live. Here’s the preview video:

Looks pretty cool. It’s due out in the fall.

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