August 22, 2017

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 Chief Operating Officer for Marotta Wealth Management. She studied Cognitive Science at the University of Virginia and now specializes in explaining the complexities of economics and finance. Megan loves formal logic, creative writing, and kittens.

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