December 22, 2014

Rich Dad, Rich Son, Rich Granddaughter

George Marotta, also known as “Papa” to me, is quite a fount of wisdom and knowledge. He served in the Army, worked for the United States in foreign affairs, taught at Stanford, and founded a financial firm. However to me, he is my beach bum buddy on family vacations, Don Ravioli in our family mafia movie, and the only grandfather I know to allow his grandchildren to paint his toenails hot pink.

Anyway, in this post, I give you Papa Marotta and a little bit of wisdom I managed to get him to share.

Megan: You’re quite generous with your money. What advice do you have for younger people who would like to be able to do the same in their retirement?

George:  As soon as you start earning money, set aside at least 10% to invest in stocks.  When you get your first job, invest at least 10% in an “Individual Retirement Account.”  If you start saving early, you will get into the habit of “paying yourself first” in your savings before you think of spending that money.

M: You’ve had many years of experience with money. What is your favorite thing you’ve been able to do with your money?

G:  When I first thought that my investments could earn more than I made in salary, that gave me a tremendous incentive to reach that goal.  The fact that I could some day live off of my investments was very comforting to me.  The fact that money (not only me) could make money was an exciting concept.

 M: You have ten grandchildren, of which I am one. What are some of your favorite memories of time spent with us? What advice would you have to a grandparent who wants to be involved in his grandchild’s life?

G:  I always looked forward to the annual family vacations, ususally held on the seashore.  Making a movie during that family vacation was always fun, rewarding and made many happy memories on film.  To keep up with the grandchildren today, a grandparent has to keep modern:  have an account on Facebook and follow some of the antics of their grandchildren.

M: You’ve been quite generous with your grandchildren, from Christmas and birthdays to unexpected presents. In your mind, what are some of the best ways a grandparent can be involved in their grandchild’s finances?

G:  Helping the parents provide for the grandchildren’s college education is a good way to be involved with their lives.  Their being able to graduate from college without burdensome student loans gives them a fast headstart in developing their careers.  The grandparent can also make sure that their own children do a good job with their finances and serve as a good model for their grandchildren.

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About Megan Russell

Megan Russell+ is the Systems Analyst for Marotta Wealth Management. A Cognitive Science graduate from the University of Virginia, Megan loves neuroscience, formal logic, creative writing, kittens, and her childhood. Her favorite blog series: Wealth Inequality in America.

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