As much as it would be a good idea to start saving when you are young, the fact is that most students are more focused on short-term needs, that is, getting a job and making money.

As the old saying goes, “Two of the hardest things to do are save when you’re young and spend when you’re old.” (Found in “The Maxims of Wall Street” — see below.)

If you want to encourage a young person to start saving, the best thing you can do is open a brokerage account for them (preferably a Roth IRA), and let them make their own investment decisions. That way, they have skin in the game, and I guarantee they will start watching the stock market every day.