Introducing the Don't Be Jack game We put a new twist on financial education with "Dont Be Jack"--an interactive board game that helps members understand common financial pitfalls and how to avoid them. Each turn provides a scenario that will illustrate the advantages or consequences of certain financial actions.
Example: Here is an illustration of how the different choices made by Jack and Jill regarding retirement savings early in their careers had a significant and long-lasting impact on their financial bottom line at retirement.
They start out as equals: same school, same job, same salary. Smart Jill socks $50 a pay period (24 times a year) into her retirement account right away. Tardy Jack waits 10 years.
Look at what happens.* Jill's contributions in the first 10 years—totaling $12,000—grows to $103,530 by age 55 even if she stops contributing at age 32. Jack, who just begins investing at age 32, contributes $28,800 over 24 years, but his account value at age 55 is still less than Jill's. Jack contributed more money and still doesn't catch up with Jill
…all because he procrastinated.
*Your actual situation may be different from the value shown here. This example uses a projected earning rate of 7.5% for illustrative purposes only. No guarantees are expressed or implied. Results will vary depending upon the actual rate used in the calculation. Over time, the results of any investment will fluctuate and are not guaranteed.
The story of Jack and Jill illustrates the power of compounding interest or the time value of money.