A Penny Saved

The economy here and abroad is terrifying. There are some serious issues that need to be addressed and no band-aid is going to fix what ails us. I was sent the following article by Tom Dyson, publisher of The Palm Beach Letter and thought I would pass it along. Take what you want and leave the rest, but hopefully, it will get you and your family thinking about the financial lessons you are teaching your children. chrissie
I wrote this essay for your children and grandchildren.

You've probably heard about America's huge debt load. The U.S. government's financial obligations now exceed $663,000 per American family. This burden will fall on the youngest Americans.

It's unethical. It's unfortunate. But it's the reality.

With this giant financial obligation bearing down on them, it's critical that now – right now – your children and grandchildren learn about money and finance. They need to know the basic principles… like how to be independent, why debt is dangerous, and how to grow money.
They don't teach finance in schools. If you don't teach them this knowledge, no one will. They call this financial illiteracy.

If our children are financially illiterate, they have as much chance of survival as a swordsman in a gunfight. There will be no mercy for the financially illiterate in the future. It's likely these people will live as indentured servants to the government and its creditors.

But if our kids have a grasp of finance and its basics – and they obey its laws – they will grow up rich. They will be in a position to help other Americans, too.

Below, you'll find the three vital financial concepts all children need to understand. Please pass them on to your children and grandchildren as soon as you can. I have two young children… And these three concepts are my starting point for their financial education.

First of all, our kids must know that they are not entitled to money or wealth… or anything for that matter, even Christmas presents. They must earn money. I want my children to learn that they shouldn't expect anything to be handed to them. I don't want them to rely on the government for their livelihood, like many people do right now.

So many people treat money and prosperity as an entitlement. The government even calls its welfare programs "entitlements." This word – and what it represents – gets stamped into young people's brains. Kids act as if they are somehow entitled to toys, video games, and cars. But why should they be? Just because they have parents, it doesn't mean they should get everything they want… or anything at all, for that matter.

I plan to regularly remind my children of this when they are old enough to understand it. And I'm not going to pay my kids an allowance. An allowance would reinforce the sense of entitlement. They can make money by earning it: doing the dishes, making their beds, mowing the lawn… there are a million things. My wife and I will pay them for doing those things. But I'm not going to just give them money.

The second concept our children need to understand is debt. Debt is expensive. If you abuse it, it will destroy you. Like the entitlement mentality, debt is an enslaver. It robs you of your independence. I avoid debt in my personal life… and when I'm choosing investments.

The best way to illustrate the cost of debt is to calculate the total amount of interest the debt generates in dollars over the lifetime of the loan, instead of looking at the interest rate (like most people do). Once you look at it like that, you can see how expensive borrowing money really is.

For example, say you borrow $100,000 with a 30-year mortgage at 7%. Over 30 years, you'll end up paying $140,000 in interest to the bank. In the end, you're out $240,000 for a house that cost less than half that. Not a good deal.

The third thing our kids need to learn is the power of compound interest and the best way to harness it.

Compound interest is the most powerful force in finance. It is the force behind almost every fortune. The brilliant Richard Russell calls compound interest "The Royal Road to Riches." And it's mathematically guaranteed.

Let's say, for example, you have $100 earning 10% annual interest. At the end of a year, you'll have $110. During the second year, you'll earn interest on $110 instead of $100. In the third year, you'll earn interest on $121… and so on. This is the power of compound interest. The numbers get enormous over time, simply because you're earning interest on your interest.

Because time is the most important element in compounding, it's an incredibly powerful idea for children to understand. They have the ultimate edge in the market: the time to compound over decades.

The stock market is the best place to earn compound interest. You buy companies that have 50 years or more of rising dividend payments ahead of them. Then you let the mathematics work.

As soon as my kids are old enough to understand some arithmetic, I am going to sit down with the classic compounding tables and show them which stocks they have to buy. I'll use Coca-Cola, Johnson & Johnson, and Phillip Morris as examples.

After that, assuming they have the discipline to follow through, they will get rich. There's no doubt about it.

In sum, you have the responsibility to educate your kin about finance. If you don't, no one else will, and they will suffer for it.

Encourage them to work hard and avoid the entitlement mentality. Teach them the power of compound interest and explain the dangers of debt.

If you do this, you will equip your kids and grandkids to survive financially in the difficult circumstances ahead. You'll provide them with something that nobody can place a price on: the power of independence.
Good investing.

I Hope You Dance

My oldest son was married last weekend.  It had all the usual earmarks of a wedding. Drama: Misplaced rings.  Late Best Man.  Reluctant ring bearer.  Pageantry: String quartet.  Billowing veil.  Towers of fragrant summer flowers.  Laughter: Now found rings placed on the wrong hands. Misquoted vows.   Tears. Faces of loved ones who were only there in memory and spirit. Remembering the children that now stood at the alter. So many stories to tell in the years to come.

It is all kind of a blur to me.  I get visual snapshots and then there are great expanses of not remembering.  What did I say as I took my son's arm to be seated?  What music was playing? How did I miss them cutting the cake?  Or not get to kiss them goodbye?

But I remember the sweet spirit of the wedding.  What they looked like as the fireworks exploded in their honor.  The full moon as they danced to their song. Her family and ours as we all joined together on the dance floor, arms flailing, dancing to Sister Sledge's "We Are Family." The sound of children laughing and playing. Friends and family celebrating not only Ward and Ally's Big Night but the sheer joy of life and living, with the round, full moon and a lovely summer night.

All God's blessings to my sweet boy and his beautiful bride.  May they remember their wedding with smiles and may they be affirmed by how many people love them.  May their life together be long and happy.  And may they always dance under the bright, round moon.

Muskogee Memories

As we have discussed in the last few months, it is important to find something our children enjoy. Something he or she is good at. Something creative, worthwhile and something that keeps them OUT OF TROUBLE! As discussed in the blogs, that is easier said than done. So, in the interests of parents everywhere, do share ideas, what worked for you and how you "snagged" your talented and engaged teen.

As a junior higher in Muskogee, (West is Best) we would ride the city bus downtown and visit Hunts, Durnil's and Calhoun's. We would wear our brush rollers, in perfect rows. (Swear to you, this is true. Looking back I think this was one of my parents "Don't Sweat the Small Stuff" issues) . We would bug Nancy and Leonard Howard at the camera store and eat lunch at Pete Smith's or at the Purity Drug, owned by my grandfather, Porter Clark. Those greasy drugstore hamburger's were doubly delicious, one, because they were so good and second, because they were free.

We might go to the Ritz for a double feature and enjoy a tasty D.P. and a Fire Stix . Dill pickles were another favorite but never, never eat one of the hot-dogs. Those wieners looked like they had ridden around and around in their display cooker for weeks and weeks. After the show we would try to ignore the prisoners at the jail next door as we waited for our Mother's to pick us up. The men would hang through the bars and try to engage anyone who would listen in a conversation. Remember the scene in To Kill A Mockingbird where Atticus is guarding Tom Robinson at the jail? The old jail looked just like that, but with bigger steps up to the front door.

Favorite summer activities included tennis lessons at Rotary Park, Red Cross swimming classes with Cecil Roark at Honor Heights and my favorite, cooking classes at the ONG building on Court. I still remember a certain tasty treat that involved canned biscuits and cherry jelly. And oh, how smart the lovely instructor was in her starched apron and high heels.

To this day, I love to cook. I think it goes back to that energetic woman at the ONG kitchen and Marjory Leake, who let her dear daughters and eager friends have the run of her beautiful kitchen. A nod to my long suffering Mother who did not share my epicurian passion but let me experiment to my heart's delight.

When I returned to Muskogee as a new bride I offered cooking classes for children and teens. It was something I had loved and it seemed natural to offer the opportunity to children of friends. It was such fun and I am happy to report that these grown children, now parents themselves, still use the recipes we made so many years ago. Aimee will call Cathy for Puffy French Toast and they both still pronounce it the best they have ever tried.

SO...still searching for something for your child to to pursue, to learn and perhaps even embrace? Try cooking. It is therapy. It is art. It is comfort....and the bringer of chocolate chip cookies is always the most popular person at the party!!!!

Cooking has become so trendy that a whole network is devoted to it. The television in my older son's house is always tuned to Bobby Flay or Emeril. He has even fancied himself as a chef should his current career not work out! So, get your own son or daughter started. Start them young or in the middle, but if soccer or clogging or karate hasn't cut the mustard, introduce them to cooking. Not only the actual process in the kitchen but everything associated with the final product.

Introduce gardening with herbs and easy to grow vegetables. This is a continuing project that teaches responsibility and delicious results are as quick as a growing season. Start searching garage sales and flea markets for special utensils, interesting cake pans and old cookbooks. An additional bonus? . You are also sneaking in that together time. Take advantage of our Porter Peaches, July blackberries and abundant produce stands. Is there anything better than fresh corn, summer tomatoes or purple hull peas? Additionally, healthy and fresh eating is a good habit to instill in our kids. Tie in family history with a special recipe. Great Grandmother's corn pudding is not only tasty, the dish will tie the generations. Grilling outside is a story in itself. Share stories ( and a little parenting too) as you charcoal, smoke and roast on the Hasty Bake.

If you want to plant some beginner herbs, I would suggest dill, oregano, thyme and basil.
Use the basil for the following:

Tomato Brushetta

Coarsely chop 4 large tomatoes- drain seeds and water

finely chop 8-10 nice leaves of basil-stems removed

(Roll up several together like a cigarette and slice thinly)

Mince or press 4 fat cloves of garlic

combine with tomatoes and toss all

with a good quality olive oil (lightly)

salt and pepper to taste

Serve with a good italian bread, sliced thinly,

rubbed with additional garlic and olive oil and lightly toasted

Offer fresh Parmesan to sprinkle on the top

Randy's Corn

Pull some of the husk back from ears about halfway and replace

Soak in a pan or sink of cold water and salt

Place on a grill and steam for 15 or 20 minutes

Remove husks outside and throw away

Drizzle corn with butter, lime juice and paprika

Salt and pepper

....and from the sublime to the ridiculous!

Gooey and Delicious Cinnamon Puffs

Combine 1/2 cup sugar with 1 tbsp cinnamon

separate 2 cans Crescent Dinner Rolls

Dip 16 large marshmallows into melted butter and then

roll in the cinnamon mixture

Place marshmallow at wide end of triangle and fold corners over

marshmallow. Seal and brush with butter.

Place greased side down in a muffin pan.

The Hurrier I Go!

 

 What follows is a recycled post..  It is still relevant in every way.  My oldest son, Ward, is getting married this month and right now, time to sit and do anything is non-existent.  I thought Mother of the Groom was just supposed to wear beige and keep their mouth shut!  I will sit and share the experience soon.  So, today, enjoy the shower story.  chrissie

Another 4th of July, come and gone. I washed and dried 33 towels today, (yes, I counted) and probably an equal number of t-shirts and athletic shorts. Our cabin was like Grand Central Station as my children came and went, fitting us in with their other holiday activities. Some now come with married friends in tow and our usually casual sleeping arrangements seem a little primitive for either pregnant or recently delivered female guests. Throwing a musty sleeping bag on a Naugahyde couch just doesn't do it. Of course, no sibling coordinates arrivals and departures, beds or kayak use with another one, so it's pretty much every man for himself. Throw in two grand babies and it gets pretty tight. Next year I need to get a flashing No Vacancy sign with a maximum occupancy posting beneath it.

One thing that has helped is our outdoor shower. First, a little background. I had a picture from Pottery Barn that I showed my handy husband. Would he build it for me? It was a simple and environmentally pleasing apparatus. A minimal shower, it's delicate pipes camouflaged by ivy that beautifully wrapped around the tree and the plumbing. Laughing little children were standing under the shower head on a small circle of pea gravel under a canopy of tree branches. Matching towels in coordinating colors hung in an aesthetically pleasing row, (100 % cotton of course) and large sea grass baskets hung from the trees with wonderful potions, expensive soaps and exotic lotions.

I knew my vision was in jeopardy when I saw my husband and two sons unloading 16 sheets of corrugated metal. Next, an old septic tank lid was resurrected from behind the shed and placed on the ground. Huge walls of metal were built around the concrete lid and industrial strength fittings and faucets were installed. One son went down to the gravel bar on the four wheeler. He returned with stinky river rocks the size of softballs and artfully arranged the gravel around the septic tank lid. Oldest son almost lost a toe when a razor sharp sheet of the metal was dropped on his foot. Benches and shelving were constructed out of cedar beams from a barn that had burned to the ground. "I knew we could use those beams somewhere. That smoky smell will fade after a while." Someone got the plumbing mixed up so my husband wrote Hot and Cold in ball point pen. Voila. My outdoor shower.

We love it. Next door neighbors know a Wagner or Wagner guest is showering by the steam coming out the top and the bare feet coming out of the bottom. Raggedy beach towel hang in a row and Suave Shampoos, Dial Soap and disposable razors stand ready for everyone. One city guest was a little rattled by a friendly garden snake who joined her at the septic lid. A favorite game is throwing ice water over the top on an unsuspecting bather. Gets em' every time. There is always someone singing at the top of their lungs. Curious dogs happen by for a scratch and a drink. There is always a steady stream of towel wrapped family, coming in from the back door and heading to their respective rooms. We don't dwell much on formality at the river. I knew my son-in-law was one of us the first time I saw him wandering through the cabin, wrapped in a pink and white beach towel.

For me, the best time for the outdoor shower is at night. The moon is overhead, the crickets are chirping and the water is steaming. All is quiet. It is solitary. It is one of the most peaceful places I have ever been. Those times on that septic lid are ones I will remember when I am old and counting special moments. There are just some times you know God is in his heaven and all is right with the world. Showering under the stars is one of them.

Pottery Barn, eat your heart out!

Yankee Doodle Dandy

Hope all had a Grand 4th of July. I have spent my 4th at the exact same location for 48 years. That was kind of hard to type. 48 years! It is hard to imagine so many years have passed but the content of those years is what's important.

There's an excited 6 year old, waiting for her Dad to light her sparkler. I next see a snapshot of a buck teethed, bird- legged girl running madly, a Black Cat firecracker spewing sparks behind her. Another year? Chief, my wonder horse is prominent in this 4th of July parade, and we all ride our horses, decorated with red, white and blue pom-poms, made by our Mother's.

Years pass. There's a group of young girls, perfectly coiffed, standing apart and watching the festivities. Actually, out of the corners of our mascara rimmed eyes, watching the boys we're growing up with...... now much more interesting. Flash forward. Another 4th and we all return, this time in college t-shirts, regrouping and reconnecting.

We proudly share our newest loves to meet everyone and join in the festivities. Many come and go but eventually, each of us introduces the one we will marry. They too find themselves dressing like madmen, marching in a parade without spectators, to music no one can hear.

Babies come. Babies grow. Now the photographs have different faces, but amazingly, in this place, nothing ever changes. There is comfort that here, things stay the same. In a changing world, often turbulent and frightening, it is comforting and affirming to celebrate an event in the same way with people you love. We are proud to be Americans and recognize our blessings every time we gather for the 4th. We are proud to be Oklahomans and celebrate how good our state has been to us as we catch up at the river.

It is not so hard to watch the years pass when you do it with people you love. As I gathered once again with my family, and the friends I have known for ever, looking back was a pleasure and a gift. And looking forward isn't so bad either!!! chrissie