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The youngest reader of Get Rich Slowly might just be C.J., who is nine-and-a-half (”almost a teenager”). C.J. recently started his own fiscal fitness journal in the Get Rich Slowly discussion forums. He writes:
I want to get rich so I can buy a backhoe. A real one, because that’s the job I want to do. After I finish college I want to build big buildings and be an inventor. I want to be on Dirty Jobs and Myth Busters, too.
I have $103.57 in my savings account. It’s at ING and they paid me $50 just to get it. And they pay me money every month because they use my money, so I get free money all the time. But I can get it back any time I want, they can’t keep it. I have some money in my jar that’s from my allowance ($8 every two weeks) and money I find at stores on the ground. I always look for money. Yesterday I found 3 dimes, a nickel and 4 pennies at Home Depot. One time I found a 50 cent piece. Dad says I have eagle eyes and I’m good at it.
[...]
I have a job pretty soon to feed the neighbors dogs. I think they’ll pay me $20. Half will be for my back hoe and half for a new train. I already have $33 for it. That’s my idea, half for each one. And half from my candy machine, but I have to buy more candy after it’s gone. I got $7 from my brother because he broke my radio I won at Boy Scouts and that’s how I bought the candy. [...] I want a crane machine next and then I’ll have two businesses plus my inventions, too. Now I need to find a good place to put the machine so people will put quarters in it. [...]
We went on vacation and I wasn’t going to take any money to spend but then my Aunt sent me $20 to buy something on our trip. I wanted to save it for my train, but mom said I had to use it the way my Aunt said, so I bought a big stuffed snake. That’s one way you can get money — from your Aunt if you use good manners and say thank you and talk to her nice, then she might give you some money for no reason.
It’s great to see a kid this age already developing smart financial habits. You all know how much I love child entrepreneurs — C.J. seems to be well on his way in this regard, too. (I’m going to send him a copy of What Color is Your Piggy Bank?, though something tells me he doesn’t really need it.)
If you have any advice or encouragement for C.J. on his quest to save for a backhoe, drop by the forums and let him know. (You’ll need to use the VIP code 0325 to register.)
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July 12th, 2007 at 12:23 pm
Dude, the kid is 9. You should drop the VIP number to register for his forums so he doesn’t have internet whackos tracking him down. Forward him selected feedback from here.
July 12th, 2007 at 12:30 pm
July 12th, 2007 at 12:51 pm
I love the Mike Mulligan steam shovel story….maybe even more than my 6 year old…
July 12th, 2007 at 1:40 pm
I just posted the other day about getting started teaching my toddler to save. Of course, he’s too young to understand why, but it’s a good way to get started. http://www.mamablogga.com/teaching-toddlers-financial-responsibility/
July 12th, 2007 at 2:39 pm
That is awesome. Reading that reminds me so much of my son who’s 10. He talks EXACTLY like that. Kids are so great at cutting thru the BS and getting to the heart of any issue. Just last week we opened up an ING savings account for my son, and he too was blown away by the concept of interest. “They just give you money for nothing?”
I told him “Yep, but the key to interest is to make sure it’s always something someone pays YOU, and not the other way around”
Kudos to his parents for teaching him about money. He sure didn’t learn it at school or on TV. I have no doubt CJ will be very wealthy some day.
July 12th, 2007 at 5:47 pm
I especially like the part about the aunt. That’s me the aunt that sends money for no reason but loves the thank you cards she gets in return. I also do the 529 savings accts for my niece and nephew for larger chunks of cash.
July 12th, 2007 at 10:27 pm
If you use good manners and comment on blogs about things bloggers are interested in — they will send books and things.
I suggest C.J. start posting on construction blogs.
July 13th, 2007 at 1:34 am
I think this is kind of sad actually, and I’m speaking as a person who was highly focused on money as a kid. In some ways it shows maturity and intelligence because this boy is demonstrating a capacity for numbers and understanding how finance works, even at a basic level. However, I think a childhood spent focusing on money would leave one feeling rather empty. I understand this boy probably doesn’t obsess nearly so much as adults and may truly see it as fun or a game, but isn’t 9 years old far too young? I think this kind of focus on money can promote materialism which can completely undermine future attempts at fiscal responsibility. One of the toughest lessons to learn is that while money can be important, it is not because it can buy more ’stuff’.
I’m probably reading into this far too much, but I’d rather see a kid of that age who is completely ignorant of money than one who could do their parents taxes.
July 13th, 2007 at 4:57 am
Sounds like someone needs to buy this kid a LEGO MINDSTORMS NXT Robotics Kit. Let him start inventing things now…
P.S. Check out my website link for some of the stuff that can be made with LEGO.
July 13th, 2007 at 7:57 am
This is possibly the coolest kid in America. And…. quite possibly might be one of the wealthiest men in America in about 25 years.
July 13th, 2007 at 8:18 am
Good for CJ! I started saving money when I was 10, saving a lot of birthday money and then babysitting money, and then paper route money, and then, well you get the point. I’ve had a job of one form or another since I was 10 and always had one goal in mind - COLLEGE. I knew that if I wanted to go to college I would have to shoulder some of the expense, so I worked and saved as a kid. How did that work out?
Well, I studied very hard, got excellent grades, worked every week, usually restaurants after age 16, and saved my money. I qualified for some scholarships and managed to get some inexpensive student loans (back when they were inexpensive). We took the scholarships/loans and split the remaining tuition and room & board 3 ways: mom, dad, and me. I also paid for all of my text books.
So CJ, here’s some advice: keep saving. When you’re old enough, get a job that will pay you better money, maybe a paper route when your folks think you’re old enough. Keep saving and finding better paying jobs. You’re wise enough to know that your dream takes money and you’ve already started to plan and save for that dream. Good for you. If your dreams change a bit in the next few years, you’ll be prepared for that as well. And when you finally get your big company going, give another kid a chance to save for his dream.
July 13th, 2007 at 8:59 am
I too love Mike Mulligan and his steam shovel, I actually still have the one that was read to me as a kid. While my parents loan them (all my baby books)to people with young children, I am saving them to read to my own kids. Not only is setimental, it is also a great way to save money.
Back to the story, I love when people get off to a great start, go for it C.J. you buy that backhoe.
July 13th, 2007 at 12:35 pm
Dear Mr. J.D. and other people,
Thank you for showing my writing to everyone. That’s cool because I think I might be famous just a little bit now. You’re nice to send me the books so I can make my businesses. I know how to do some of it, but some parts are hard.
I’m not too little for money. I’ve been doing money for a long time and it’s not very hard. I’m not a baby. I can get my backhoe because I don’t spend all my money, that’s what I think. Kids can do money stuff too, not just grown ups. That’s what most of these people said, that I can do it, because they read about my plans.
Sparky that’s good you kept your money for college, otherwise you have to work at Burger King all the time. I will keep saving and get some better jobs like you. My backhoe would be a good job. You can get smarter in college too, because your brain can make more room. Like when you memorize the multiplications, then you have more room to do the story problems easier.
Thank you for writing me back. I’ll tell you when I get my backhoe. If you need to use it, you can tell me and you don’t have to pay for it. I just want to drive it a lot.
My mom says thanks, too. She thinks this will have a great and positive influence on me!
July 13th, 2007 at 9:19 pm
that’s great.
July 14th, 2007 at 6:04 am
This is good stuff! Good for you CJ, keep followig your dreams and saving your dimes! And. don’t forge to kepp showing your Aunt the love so she’ll give you money, just ALWAYS send a “thank you note”! I am that Aunt, I do not have children, but 6 neices and nephews..and I am always giving them a little money!
July 14th, 2007 at 4:36 pm
this is good stuff!!!
my dad had a backhoe when i was a kid, so i actually had a backhoe. I think i learned to use it around aged 10. it was a blast as a kid, and even though the skill doesn’t translate much to my current job, it was still a great experience as kid who liked to dig holes…
anyways, the only advice that i can give is that there are alot of non-wealthy people who need backhoes, so you can actually get a decent ‘vintage’ one for only around $2000 - $3000! Find a decent 1940s-1960s John Deere AND a mechanic, and have a blast.
July 16th, 2007 at 3:41 pm
is this true or just a scam cause none of this never works
?????
sage
July 19th, 2007 at 10:45 am
WOW, this is great! I love his reply back about some of the comments made here to his original posting…
Sounds like a young man who has a firm grasp on Capitalism, I think. Perhaps he will manage one of the larger excavation companies here in the USA someday!