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 Post subject: Re: Helping my kids get rich slowly
PostPosted: Fri Jul 01, 2011 8:08 pm 

Joined: Sat Apr 30, 2011 3:40 pm
Posts: 60
Location: USA
Panda wrote:
My parents never matched my casual savings when I was a kid (because I was pretty naturally inclined to save, so they joked they couldn't afford it), but I'll offer this up as an idea for when they're older. When I got my first "real" job (for me was after my freshman year of college as a waitress), my Dad gifted me my IRA contribution. I had to earn the income, which I used to pay expenses during the school year, but they made the IRA contribution. This lasted for the 3 summers I worked in college.

I'll always credit it for making a HUGE difference in how I viewed saving for retirement, etc.

Sounds like it worked.

On an unrelated note, all this reminds me a bit of how my parents tried to motivate me to come home for visits when I was in college. They promised to fill up my gas tank any time I drove home to visit. They kept to their word until I started dating my wife consistently and showing up pretty much every weekend (she lived near them). At that point they decided I wasn't really coming to see them, and they invited me to pay for my own gas, which I happily did.


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 Post subject: Re: Helping my kids get rich slowly
PostPosted: Fri Jul 01, 2011 8:12 pm 

Joined: Mon Nov 01, 2010 5:15 pm
Posts: 1213
Mr. Mordecai wrote:
On an unrelated note, all this reminds me a bit of how my parents tried to motivate me to come home for visits when I was in college. They promised to fill up my gas tank any time I drove home to visit. They kept to their word until I started dating my wife consistently and showing up pretty much every weekend (she lived near them). At that point they decided I wasn't really coming to see them, and they invited me to pay for my own gas, which I happily did.

That's a nice scam until they caught on, huh? Wish I woulda thought of that. :D


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 Post subject: Re: Helping my kids get rich slowly
PostPosted: Wed Jul 06, 2011 8:35 pm 

Joined: Sat Apr 30, 2011 3:40 pm
Posts: 60
Location: USA
We've been starting to think seriously about allowances. I've been poking around and it seems like there are quite a few things to consider. Here's my list of things to think about so far:

  • When to start
  • How much will they get
  • What are they expected to use it for
  • How much freedom do they get in using it
  • How often do they get paid
  • Is it tied to chores/behavior or not

Any others I've missed?


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 Post subject: Re: Helping my kids get rich slowly
PostPosted: Sun Jul 17, 2011 3:20 pm 

Joined: Sat Apr 30, 2011 3:40 pm
Posts: 60
Location: USA
Little Red Chief went with me to the bank last week and we opened his savings account. He did a great job waiting while they worked through the paperwork, etc. He then happily walked over to the tellers and made his first deposit: $0.37.


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