Last night my daughter, Emily, got $20.00 in the mail from my parents for working so hard this year and getting all As (except for PE, which is a bone of contention right now between myself and the PE teacher, but I digress) in school this year.
She added the $20.00 to the $10.00 that she also got from my parents the night of her piano recital. Next thing I know, she's got a calculator, pencil, and paper, and is going to figure out if she puts her money in the bank, and it compounds 3% interest, how much it'll grow by.
She apparently has over $100.00 in HER PURSE, because she just saves and doesn't like to spend (she only likes spending my money)...And yes, she does have a bank account. Anyway, she does all the correct math, and soon has her answer.
She says to me, "So if I put my money in the bank, and it gets 3% interest, by the time I take it out in five years for college, it won't have...it won't have...it really won't have changed that much..."
That's the reality, I guess...
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