Day #4931 (Fri., July 7, 2023) – Family Dinner
We need snacks for the kids as they will be going to Spence’s Farm next week, so I ended up at Harris Teeter this morning. I got some Lance’s crackers, which they enjoy, but also some California Pizza Kitchen pizzas, which were on sale.
Today I did something that I was planning to do for months…I created a spreadsheet to show Katie and Bobby the miracle of “Compound Interest”. I basically started out with the hourly rate at Chick-Fil-A ($14/hour), and showed that if they worked full-time (40 hours) for the summer (10 weeks), and put this money into a ROTH IRA Index Fund (at 10% per year), by the time they retire in 50 years, this will grow into $774,779.63. The kids heard what I said, but I don’t think they realize the total impact of this. This means that by working for the summer, they don’t need to worry about saving for retirement as much as $774,779.63 will be there for them!
Katie and my wife spent a lot of time cleaning up the house today. We were even able to have family dinner on the dinner table this evening (see photo to the left). My wife made a vegetarian stir fry with tofu. I was very impressed that the kids ate it, even though the tofu needed a bit of seasoning and Bobby really doesn’t like sauces much. The donuts that I picked up this morning at Harris Teeter made the perfect dessert.