Yes, you’re correct. This is a good start. It’s really not where we need to be but it’s definitely a good start.
This is intended to help kids out when they turn 18.
My opinion is that we also need to seed money into their retirement accounts when they’re born that can’t be touched till they’re 65
Very few people have the mathematical skill to grasp the importance of time in the compounding interest equations
The growth is exponential and time is the only number you can actually make big assuming you start soon enough
Note the importance of time with regard to Warren Buffett’s wealth accumulation
Notably, 99% of his net worth was accumulated after age 50, and over 94% was earned after age 60
