How to Write a Letter Worth Millions of Dollars

Motley Fool Answers

The Motley Fool

Taxes, Saving, Money, Investing, Planning, Retirement, Personalfinance, Finance, Education, Business

4.4 • 823 Ratings

🗓️ 27 September 2016

⏱️ 22 minutes

🔗️ Recording | iTunes | RSS

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Summary

When it comes to your history with money, you’ve made some smart decisions and a few mistakes. Sure, finance is personal, but don't keep it to yourself. Be a great example AND a horrible warning to your loved ones so they can benefit! Personal finance expert, Kimberly Palmer, joins us to talk about why you should write a letter to your kids or grandkids to share your money experiences. She’ll cover what to write and when to deliver it.

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Transcript

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0:00.0	This episode of Motley Full Answers is brought to you by Pearl Auto.
0:03.6	Pearl Auto makes wireless rearview cameras that retrofit to any car and sync with your smartphone
0:09.2	so you can drive safer. Check it out at Pearl.com and get free two-day shipping.
0:20.0	This is Motley Fool Answers. I'm Alison Southwick and I'm joined as always by Robert Brokamp,
0:24.3	personal finance expert here at the Motley Fool. And you are also the advisor on Motley Fool's
0:30.3	Rul Your Retirement Newsletter. It is so true. Hello, Allison. Hello. So talking to your
0:34.3	friends and family about money can be weird. Whether you want
0:37.7	to share a love of investing or help them avoid the same pitfalls that tripped you up, it can
0:41.7	be awkward. So today, Kimberly Palmer, personal finance expert and author of many fine
0:46.0	leather-bound books, joins us to talk about how a well-crafted letter can help your loved
0:50.3	ones learn from your experiences with money. We'll also answer your question about what
0:54.4	to do if your employer doesn't match 401K contributions and play a little TV pundit Madlibs.
0:59.6	All that and more on this week's episode of Motleyful Answers.
1:03.4	It's time for answers, answers, and today's question comes from Justin. He writes,
1:07.6	I was pondering my current employer's retirement plan, being that they do
1:11.4	not match contributions, would I be better off taking the money and putting it to work in my
1:15.3	Roth IRA? If I do this, would I be missing out on any benefits of having it in my company's
1:20.6	plan? Love you guys. Well, we love you too, Justin. And I think you're on the right track.
1:25.7	So I think, yes, you should first contribute to your Roth IRA and here's why.
1:29.5	IRAs have advantages that 401Ks don't.
1:32.4	It starts, first of all, with fees.
1:34.9	The average 401 has some fees associated with it.
	...

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