Cooper Tietgen was just 12 when he reached out, on his own, to his family’s Thrivent financial advisor, Allison (Ali) Bolger. He had a little money tucked away from gifts and small jobs, and he wanted to make it work for him.
Now 18, Cooper, son of Jeremy and Kerri Tietgen of Sioux Falls, South Dakota, along with his mom and financial advisor reflect on what got him thinking about
Cooper, what sparked your interest in investing?
I’ve always had a fascination with money. When I got birthday money, I wouldn’t spend it. My grandparents would tell me to go buy something I wanted, but I’d just hold on to it. It wasn’t a lot of money, but it accumulated. From hearing others like my parents and grandparents talk, it seemed stocks were a good way to go as far as making money long term. I knew Ali, who also was a friend of my mom’s, would be a good place to start.
Kerri, when did you first learn Cooper had contacted Ali, and what was your reaction?
Ali called to say she thought his iPad was hacked. She had received a text saying, “Hi Ali, this is Cooper Tietgen. I was wondering if I could schedule an appointment with you to talk about investing some money.” I didn’t know he had contacted her, so likely a little nervous. But when I asked Cooper and my husband, they confirmed that Cooper did, in fact, reach out to her. Given that investing was a grown-up decision, we followed Cooper’s lead. Cooper set up his own appointment and met with her like any other client. My husband went to the first meeting with him.
Cooper, what was that first meeting with Ali like?
I came in thinking I’d invest in something like Apple or Amazon. Ali and her team explained to me how the market works, including the S&P 500 and index funds. And they made sure I knew investing isn’t like hitting a jackpot overnight but that it was a long-term commitment.
Ali, how did you know Cooper was ready for this and how do you explain the concepts in a way that stuck?
Cooper actually listened to me and was interactive in the meeting, so I knew he was ready. I like to use pictures and whiteboarding to help. They need to see the concepts. For example, I put up the words
Cooper, what was your biggest takeaway after meeting with Ali?
I learned the greatest advantage I had was time. Ali explained how money compounds. Because I was so young, I could put in a little bit of money, and it could be the same as someone putting in a lot more money at 50.
Kerri, what has the follow-up looked like for Cooper?
The next year, when we did his annual review with her, I went with Cooper. He had additional money saved that he wanted to invest, and Ali and her team treated him as any other client. They had his mutual fund performance reports, they taught him about other investments to consider, they educated him and answered his questions. Cooper always has been a thoughtful and cautious person. So, when he decides he wants to act, he’s ready! I appreciate that Ali and her team took him seriously, and as a mom, I was really proud of his grown-up decision. It seemed like a mature choice for a young person.
Kerri, what changes did you notice in how Cooper talked about money, spending or long-term goals?
It opened up great conversations with our family. In the first few months, his investments grew by $60. He was super proud and told his friends. Some older kids on the bus made fun of him for “only making $60.” He came home and was so distraught and discouraged. It allowed him and I to talk about
Cooper, what did your friends think about you starting to invest?
They really didn’t take it seriously. Some wondered why I would even invest—and they teased me a bit about $60 of earnings in the first few months. But now they understand and are even asking me to teach them how to get into investing.
Ali, many young investors want quick wins or individual stocks. How did you help Cooper understand patience and realistic expectations early on?
They all want those things, and my adults do as well. With Cooper and other young investors, I explain my kids’ own portfolios a lot and how they worked. I share how once when my kids invested, the markets instantly went down. But then I also can show them the now and the potential that exists.
Kerri, what kinds of money conversations were happening in your home that you think shaped how Cooper viewed saving and investing?
Cooper’s dad probably did more talking with him about saving, making good choices and investing. Cooper had seen me involved with Thrivent through the work that I did as a member of the
Cooper, six years have passed. Have you made changes to your portfolio?
Yes. I originally just put money into the S&P 500. A year or two later, Ali made suggestions for some additional funds to consider. I did a little research, and I put money into two more funds. They’ve actually been doing well.
Ali, from your perspective, how did Cooper’s mindset or questions evolve as he moved from 12 to 18?
He learned more in school, classes, the world, and he also matured and saw how time impacts the investments. He also knew how hard it was to work and make $15/hour versus what you potentially can make in your portfolio.
Cooper, how do you balance short-term wants with longer-term investing goals?
There are things in my life that I have to sacrifice in order to keep investing. Let’s say I’m saving up for a concert; then I don’t buy take-out or clothes during that time. I’m always aware when I spend, there is less to invest and therefore earn. While the short-term items seem tempting, I like to see the longer-term gains.
I’m always aware when I spend, there is less to invest and therefore earn. While the short-term items seem tempting, I like to see the longer-term gains.
Cooper, what’s the biggest misunderstanding young people have about money?
I think it’s the idea that you can just make money overnight, that only a select few can obtain it, and that they either have to be born into or marry into money. Realistically, if you’re just smart with your money, you put it in the right place, you don’t spend more than you make, you invest what you have or what you can, I think you’ll do just fine.
Kerri, as parents, how did you balance wanting to protect him with wanting to let him take ownership of learning about money so young?
I don’t know that we even had concerns about ‘protecting’ him against saving and investing money. Financial responsibility can be taught at all ages and is best learned at an early age. In addition, it wasn’t like he was going on to some website to invest in some extreme or risky stock; he met with our advisor. The best way to learn is by experiencing things. So putting his money into the market and watching HIS money grow is the best way for theory to become real life. Because he did this himself, he has set himself up for a better relationship with money for the rest of his life. It’s not some concept, but now a real experience that before he really knew the value of money, the pain of him investing it was lower. With that in mind, he has experienced the upside of investing and has a stronger proclivity in continuing investing responsibly throughout his life.
Ali, based on your experience, what’s the most important habit or mindset teens need to build early—not just for investing, but for life?
To start…just start somewhere. Give them a space to ask questions, and ALL questions are good questions.
Kerri, as a parent, what’s one thing you’d encourage parents to do if their teens show interest in investing—but they’re unsure how to support it?
Act quickly if they show interest. We didn’t allow for a lot of time to pass for him to change his mind, and we followed his mutual fund activity online so he could see real, immediate results. Don’t underestimate a child’s ability to understand this conceptually. Cooper was used to understanding things digitally as he loved playing video games—the connection to watching his money grow through watching online performance was surprisingly easy for him to understand.
Cooper, do you have a job, and what are your future plans?
I’d been a lifeguard for four years, working at pools and teaching swim lessons to children. I took a break for varsity soccer and am now working at a pizza place in town. I’ve been working, however, since I was about 12. I’m currently evaluating colleges, looking at programs and scholarship opportunities. I’m considering a degree in finance/ economics, dentistry, or chemical engineering.
Donna Hein is senior editor of Thrivent Magazine.
