Abbreviated Knowledge - by Chris Cushman

Jennifer Hester |

LOL, FWIW, TTFN, BRB, TTYL, SMH, IDK - It seems like with the advent of texting, we almost are speaking a different language nowadays, doesn’t it? IRA, 401(k), RMD, JTWROS, 403(b), NYSE, FINRA - does it seems like money has a language of its own? Language seems to be morphing on a daily basis and it seems like the only way to keep up is to learn. How does Generation Y learn this new language so well? Exposure. They see abbreviations. They use them. They become part of their every day existence. Do your kids know what a 401(k) is? What about an IRA? They probably don’t if they haven’t been exposed to them. Test your child’s knowledge. Ask them a few questions. If a child is old enough to drive or attend college then they are old enough to advance their financial vocabulary. They won’t learn it the first time. They will need several exposures to let it sink it. This will help them understand their financial world more fully. Now we just need to figure out how we can get them to speak English again! Maybe a few Gen Y abbreviations could help a parent’s knowledge as well! :)