What is a nest egg? In modern times, the term Nest Egg is used to describe money that a person has put aside for retirement. But the term Nest Egg originated centuries ago to describe the farming practice of putting a fake egg into a hen’s nest to induce it to lay even more eggs.
When Nest Egg became a financial term instead of an agricultural one, the phrase, unfortunately, became a passive way to refer to the end result instead of the practice. Ancient farmers were not simply putting eggs away for safe keeping, they were actively taking steps to get more out of what they already had.
As the founders of My First Nest Egg, Annie and I were fascinated with the origins of the Nest Egg. When we decided to develop a system to help educate children about finances, we knew the name of the company had to incorporate the Nest Egg phrase. Dealing with finances is learned behavior and it is a proven fact that simple financial practices implemented at a young age can change a person’s future. We believe that with the right tools, anyone can achieve financial success. The younger that a person starts planning for the future, the better the results. Like the ancient farmers, My First Nest Egg seeks to inspire growth from what you already have.
Albert Einstein is reputed to have said, “Compound interest is the eighth wonder of the world. He who understands it, earns it; he who doesn’t, pays it.” Compounding is the notion of earning interest on interest, and that is what allows you to turn a series of relatively small contributions into a much larger sum over time. When you add money to your Nest Egg and invest it, your returns will get added to your account balance, and you can freely keep reinvesting them to generate more earnings. The secret of building your Nest Egg is that the sooner you start putting money away, the more you stand to accumulate.
At My First Nest Egg, we want to ensure that children will fall into Einstein’s category of understanding compound interest. As mothers to seven children between us, Annie and I know that to teach children a complex idea like compound interest we needed to create a toolbox to make it kid friendly. It has to be fun, hands-on, simple to use, safe and convenient for us, as parents.
We are so excited to launch My First Nest Egg and invite you to join us on our journey as we take our company from our living rooms to your homes.
Nicolle Hood, Co-Founder, My First Nest Egg