Helping my kids get rich slowly

New! Use this space to post your goals, accomplishments, and setbacks on your path to get rich slowly. Others can read about your situation, and provide critiques and motivation. Look here to find somebody who has experienced a situation similar to yours!

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Mr. Mordecai
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Joined: Sat Apr 30, 2011 3:40 pm
Location: USA
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Re: Helping my kids get rich slowly

Postby Mr. Mordecai » Fri Jul 01, 2011 8:08 pm

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.

Tightwad
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Joined: Mon Nov 01, 2010 5:15 pm
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Re: Helping my kids get rich slowly

Postby Tightwad » Fri Jul 01, 2011 8:12 pm

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

Mr. Mordecai
Posts: 60
Joined: Sat Apr 30, 2011 3:40 pm
Location: USA
Contact:

Re: Helping my kids get rich slowly

Postby Mr. Mordecai » Wed Jul 06, 2011 8:35 pm

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?

Mr. Mordecai
Posts: 60
Joined: Sat Apr 30, 2011 3:40 pm
Location: USA
Contact:

Re: Helping my kids get rich slowly

Postby Mr. Mordecai » Sun Jul 17, 2011 3:20 pm

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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