Best thing is Roth IRA if your kid has some earned money.

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Jan 22, 2019
3:13:48pm

cougfanz Walk-on

I encourage them to save 20% of what they make in that then I match up to their earned income or limit

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cougfanz

Previous username: ndfan
Bio page: cougfanz
Joined: May 15, 2011
Last login: May 18, 2024
Total posts: 18,081 (1 FO)

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Messages

Author

Time

What are you doing to teach your kids about money?

WhirleyPop

1/22/19 3:08pm

That it carries bacteria.

ditch

1/22/19 3:11pm

That they should earn it and get out of my house when they can.

Carnac

1/22/19 3:11pm

It won't matter because they will not listen to me between the ages of 12 & 45

Bovine University

1/22/19 3:12pm

Dad? Is that you?

Geldir

1/22/19 3:13pm

How old are your oldest kids?

OPINIONS

1/22/19 3:13pm

Oldest is almost 10

WhirleyPop

1/22/19 3:13pm

Seems like a good time to teach about money.

OPINIONS

1/22/19 3:30pm

I told them not to count on me to help when the do stupid stuff.

boogers

1/22/19 3:13pm

Best thing is Roth IRA if your kid has some earned money.

cougfanz

1/22/19 3:13pm

This one little trick will teach them all they need to know:

The Board Imbecile

1/22/19 3:13pm

My kids 8, 6 and 4 all have a checking account (w/ debit card) and a savings

supertux

1/22/19 3:15pm

What bank did you use to set that up?

WhirleyPop

1/22/19 3:22pm

any.

molodyets

1/22/19 3:36pm

Youth checking at USAA. Savings at Ally. The savings accounts are in my name.

supertux

1/22/19 3:45pm

Teach them to earn money. Not easy work, hard work. Then to save money.

lightmann

1/22/19 3:20pm

Handing it out and if a real need and not in normal handout process

BYU71

1/22/19 3:24pm

That mutual fund for kids idea is great. Is there anything like that today?

D.T. Survivor

1/22/19 3:25pm

Here's an old article about some similar stuff.

supertux

1/22/19 4:02pm

Expense ratio of of 1.16%. They should be ashamed of themselves for hosing kids.

jvquarterback

1/23/19 11:19am

We give our kids a very large weekly allowance, but from it charge them for a lot of basic necessities. They end up

BlueFrog

1/22/19 3:27pm

I really like that idea. Haven’t heard of it being done to that extent.

RdF3

1/23/19 8:35am

my wife grew up with it. she came from quite a bit of money and her dad felt it necessary to

BlueFrog

1/23/19 9:58am

RE: What are you doing to teach your kids about money?

COCoug

1/22/19 3:32pm

Do you give them the same amount, or does it vary by age?

inertiaman

1/22/19 3:34pm

Varies by age. They have been lobbying for a raise this year but we think they

COCoug

1/22/19 3:37pm

For our teenage girls, we have a set amount that they get per month that is

ICBlue

1/22/19 3:39pm

That they can marry more in a minute than they can make in a lifetime

4th and Niner

1/22/19 3:42pm

Side note - I was once practicing putting in the basement and I asked my Dad for

WhirleyPop

1/22/19 3:51pm

Every paycheck/allowance: 10% tithing, 10% college, 10% retirement. We match

runnincoug

1/22/19 3:54pm

Pay them for certain chores, make them save their money to buy toys,

KingDave

1/22/19 3:54pm

RE: What are you doing to teach your kids about money?

sgriff

1/22/19 3:54pm

Apparently I’ve taught them that I’m an never ending supply...

CoachSpeak

1/22/19 3:55pm

It’s as easy to fall in love with a rich man’s son/daughter as it is a poor mans

NWCoug

1/22/19 3:56pm

Teach them the concept of arbitrage, and then

Iman23

1/22/19 4:06pm

The Eyres "Family Economy"

conflictedcoug

1/22/19 4:13pm

1.End the Fed 2.Restore the gold standard 3.Government money is not real money.

Skipshot

1/22/19 4:47pm

I tell them to spend the money as fast as possible. A penny saved is a penny taxed.

BYUALWAYSNUM1

1/22/19 5:08pm

Kid's books about money here's a short list.

jvquarterback

1/22/19 5:19pm

Daddy Bank is another one.

Ash

1/22/19 5:39pm

I keep my kids' investment in a Daddy Bank that grows a dollar each month and

Ash

1/22/19 5:43pm

Reduced monthly allowance from $2500 to only $1000, and I'm getting her a

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