It is always fun to look back and remember how we became concerned when gas rose to over $1 a gallon. I Remember dabbling at smoking as a teen and when cigarettes went over $2 a pack, I panicked and quit. Now households who smoke spend as much as $400 a month to smoke cigarettes. Prices of common goods will always rise and with that comes the opportunity to teach our kids what many schools lack teaching-finances! My son just turned 16 and he is to deposit money into his savings EVERY paycheck. I teach him the value of paying yourself first. The unexpected will inevitibly arise and being prepared will help tremendously. He knows that even if he has a wee little paycheck and can only spare a $10 deposit, that he must do so.
It is fun to show our kids how times change and if they don’t plan for their future now and educate themselves into a better pay scale or learn the value of saving, then what are they to do when their cost of gas and milk are even higher than today?
Can you believe this! In 1963, you can decently live with a $20,000 mortgage! Today that would be the minimum for a down payment! And just as alarming is the cost of tuition! In 1963, College tuition averaged $1,450 a year as opposed to the $22,261 a year cost today! No wonder we are broke and uneducated as a society.
As cost of living rises so does pay, but it is not as fast a climb by any means. I searched what the average Minimum wage was in 1963 and found it to be .25 and hour. Today it is 7.25 and hour.
So have fun browsing the 1963 vs Now AAG App and open up the discussion with your teen!