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Showing posts with label saving. Show all posts
Showing posts with label saving. Show all posts

20081023

Teach your kids the value of money (and adults too?)

 (See the $212 secret surprise near bottom)
I’ve made many of these and given them to many neighborhood kids and kids of friends and relatives. This piggy bank comes with a huge surprise when filled (see below). It can be tucked into a closet corner and takes up almost no floor space.
With each one I always make them listen to a lengthy lecture (along with graphs and charts and timelines) about the value of compounding interest and how anyone if starting young enough, can effortlessly become a millionaire or multi-millionaire (Really). A can of pop purchased today would be worth up to $6,000 cash at retirement age. This piggy bank always amazes them how small amounts can add up to some real money. I make them VOW to not open it till is full (a few have waited, most don’t)
It’s useful for adults too, but of course you’ll know the secret in advance (see below) but don’t tell the kids. It took me years to fill mine, my daughter only took a couple of months.

The white PVC has thinner walls and contains more money and weighs more. The value and make up of a pound of change varies from person to person.
It’s so easy to make, and the kids seem enthusiastic. It’s one 3 foot piece of 4" PVC sewer pipe, (either white or green) plus two end caps both glued permanently in place. Make a quarter sized slot on the top piece before gluing it on.
The markings are at 4.25" apart starting at the bottom (see photo) incrementing by $25.00 with the very top being $212.00. 


You can drill a small hole in the top and put a 3' wooden dowel or wire in it to instantly see the level of the coins inside and compare it to the markings on the side, or tie a washer on a string and drop in slot.
One pound of typical? (varies) loose change has a value of about $12 to $15.
Typically made up of
.49 cents in pennies
.65 cents in nickels
1.90 in dimes
9.50 in quarters
100# of change is $1,300 to $1,400.
If your coins are in an unmarked container, weigh it and deduct for the weight of the container, then multiply number of lbs times $13 and you'll have the approximate value.
***Hint at surprise – When full, this 4’ tube will weigh about 60 to 65#
The Secret Surprise… the markings do not represent $25 each, they represent more like $100.00 each for a total of about $865.00 when full.