How I teach my kids about life and money

[crondanet5]

Watch what their friends have in the way of toys and gadgets. Instead of giving them the third degree about purchases shock them by handing them some cash and see what they do with it. We live in a very different time when so much is happening behind a mouse/controller/keyboard. Work with them to get the programs they need to actively participate in the internet world. Board games are fun, but there are other skill developing games out there. You ever play the card game Spoons? Or PIT?

[jlozano042]

Damn, I am in serious need of "up'ing my game" - no pun intended.

Right now our game night is passing the VR headset and playing either "pistol whip" or "superhot".

I found a video of Jay

Hahahah .... I've had my shitty dad moments. This was taken of me and my son the other day ...

[BYK777]

Very good subject! I use a lot R Kiyosaki ideas from his books and games. Also, hands on in a rental properties. I try to do as much as I can hands on stock market, finance, YouTube videos for kids about money and books for kids about finance.

https://www.amazon.com/Rich-Kid-Smart-F ... .+Kiyosaki

[Aitrus]

Kiyosaki is good in some ways, and not in others. Mostly I disagree with him on loans. His approach is that you need to get money to make money, and you get money by taking out loans. As I understand him, he advises that you create a self-owned business and then take out a loan in the name of that business, so the business takes the risk and not yourself personally. I dislike the method because in reality you're still taking out a loan on your own personal honor to pay it back, and sidestepping the risk and responsibility to pay it back if things go wrong through allowing the company to go bankrupt. Then you're free to start over again.

Other than that piece of his approach, I agree with him on the value of creating additional income streams. He's like Dave Ramsey in that way, except he advises buying additional homes purely on a cash-only basis. In other words, don't make risky plays. Get your own financial house in order first, and don't sacrifice your name and honor just to make a buck.

[Scorpio70]

When I was a kid I was surrounded by adults that bragged about their credit. They drove new cars and wore fancy clothes. My Uncle seemed to buck this trend, and I asked him why. His response I never forgot, "Anyone can be in hock up to their eyeballs, that's not hard to do. Pay cash for things and you will be better off."

[wingchaser]

Teaching my children about life is really about the walk I ensue & their impression of the fruits that it unveils

WORK => SUSTAINMENT
CHURCH => SERENITY
VOLUNTEER => SELFLESSNESS
PATIENCE => VIRTUOUS

The 2nd part of this equation is about MONEY (Finances). From a young age, I’ve always encouraged them to invest a portion of their allowance & any earnings into Custodial Stock Brokerage Accounts that I had created for them. I would always “match” any contribution that they made as further incentive. It got them started @ a very young age in understanding the process of self-directed investment vehicles & it made for (added) bonding experiences. I also got them started @ very ages into State-Sponsored Prepaid College Funds. When they were 6 months (or less), the cost of securing College (4 yrs.) was about $75/ month for each child. My hope (here) is that they will afford their children this similar opportunity as well, if not (Gramps, meaning “me”) can kick it in.

With my not so lil’ guy (19 yrs.), I’m still matching his contributions. Like myself, he’s currently heavily-weighted in AAPL stock. They have a big announcement (event) scheduled for Tuesday (13-Oct-20), & their earnings report (30-Oct-20) should continue to rock as they’ve (AAPL) exceeded expectations throughout, even in the midst of this Pandemic that we’ve all experienced.

Best of Luck (everyone) in all you choose to endeavor!!!