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Blue Chip Kids: What Every Child (and Parent) Should Know About Money, Investing, and the Stock Market by David W. Bianchi

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CHAPTER 15 MONEY SMART (MOVE TO THE FRONT OF THE CLASS!)

Congratulations! If you made it this far, you are on your way. You are now smarter than you were before you read this book and know more about money, investing, and the stock market than most people your age. Never stop learning about all of this. You will need these skills for the rest of  your life.

Retirement Savings

Retirement simply refers to the day when you stop working, which you can do only if you have saved enough money to support your lifestyle or if you will continue to have an income of some sort after you retire. One way or the other, you have to pay your bills after you are done working. When you are a kid, retirement may seem so far away that it is not even worth thinking about, but it is a concept that you need to know something about even at a young age.

Most people graduate from high school in their late teens. They graduate from college around the age of 22, and some then go on to graduate school for another two to five years. Law school, for example, is another three years after college. Medical school is maybe five more years after college. Getting a master's in business administration (MBA) is another two years after college, and so on.

Once you are out of school, you will start your working career, and if all goes well, you will make enough money to start saving for the day when you decide to stop working and retire. People retire at different ages, but generally speaking, retirement age is ...

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