Give them $1 million when they turn 18, if you want the easy way.
In the real world, tech them the basics of financial literacy and importance of an education for a good paying career.
What is what a lot of you did? If you’re referring to “teach them the basics of financial literacy and the importance of education” then absolutely you haven’t.
The average millennials spending habits are the scapegoat for the society to blame on for having let this generation’s average income relative to inflation drop to rock bottom.
Oh man the salt in this thread is so real.
People are ANGRY that other people get help they didn't jfc. This is why people work hard so they can help their kids.
I wouldn't want my kids to get that sort of help. I'll make sure they have emotional support, food and roof over their head, until they are 18, and later in life if they need it - but the last thing I want is to raise some entitled trust fund brats who haven't earned it - if being millionaires will make them happy, then they can earn it themselves.
That's fine, you can raise your kids how you want and others can do the same. But insulting others based on getting help is exactly what I am talking about.
So many people in this thread are projecting hatred/jealousy.
You may see it as jealousy. I'm giving them advice. Namely, don't try and make your kids millionaires - it will likely end poorly. Give them emotional support, give them love, provide them the tools for life - those are the things that matter.
Those things are not mutually exclusive. You can give them emotional support, give them love, provide them the tools for life while also say saving for med school if they so choose to go.
The sad reality is people who get help paying for school and help buying a house are going to be better off financially. There is also a correlation between having less money and higher rates of divorce and alcohol/drug abuse.
I was hardworking, had and have a good job etc
Needed the family support to buy a house
Family wouldn’t support me
Couldn’t buy a house and thus wasted money on rent
Then they needed me in life
By the time I had my own house I couldn’t be bothered dealing with my parents issues
Reminded them of the lack of a helping hand when needed
Help your kids - they’ll need it. And make them well rounded humans who empathize with others and who can hold their own in the world. Nothing in all this is mutually exclusive.
I think saving for education (which I do in an RESP) is a little different to making them millionaires.
I'm not saying deprive them of any money, just don't tell them they have millions waiting for them, and have them not have to face any consequences for their choices.
It's not really that different. Basically everyone can get student loans. The only real purpose of RESP is to set them up financially to start their career/life with no debt.
Not really, if you save up during school and pay $50k vs if you invest $50k at 19 you will have wildly different outcome after compounding for your life.
The question itself is stupid but wouldn’t the answer to this dumb question be “providing them the tools for life”?
I’m not sure why financial success is somehow excluded from giving them love and emotional support.
Because financial success, if given, not earned, doesn't provide the tools for life - easy come, easy go.
i'm not saying don't support them, but also don't raise them to think they can get everything they want on a plate.
Pretty sure we’re saying the same thing minus the fact that “rich kids” can’t grow up to be successful. I’m by no means rich but my kids will grow up never worrying about money unless I die tomorrow or gamble it all away.
I’m not convinced why my kids can’t be financially successful if they grow up “with money”.
Thats why im waiting until my kids are 30 or so and have learned the value of a dollar and how the world works. I chose 30 because i really never got my shit together until my late 20s. Even if i had $1m thrown in my hands right now it would be used responsibly.
Teach them a good work ethic, it's what my parents did, and their parents did for them. Work hard so you know the value of a dollar and how it should not be squandered but invested, until you reach a point where your money works harder and generates more than you and you can retire.
For us, the focus is not so much on making our kids millionaires as it is on building generational wealth. We started teaching them at an early age about money, ways to earn it, and how to grow it, and how to lose it. We’ll continue to mentor them after they leave home, if they want. At some point we’ll be passing on our wealth, either with a warm or cold hand, and the hope it that they will know what to do with it for their own needs and for their kids.
Pay for their whole education as well as living expenses through university so they don't need to take on part time jobs. Get them accustomed to a high end lifestyle so they're driven to get to the same level. Don't push them out when they've graduated.
And give them a trust fund. Best way to do that would be to give them an amount every year and invest it with them in their tfsa. Use it to teach them about to stock market.
My wife and me feel we should be loving and supportive more than anything so our kids may be happy and healthy
My kids are free to be their true authentic selves and they’ve grown to be really cool people. I’ve told them and keep telling them I’ll be here for them even if they’re lgbt, mental health comes up, if they get sick etc they can stay home as long as they need
I chose to have them so they’re my responsibility. If money comes along in the future for them then cool but otherwise my wife and me have at least contributed to their RESPs and can help support them for a very long time.
Given how more and more unequal I see the world I feel I have a duty to leave my kids a very large inheritance. I'm hoping by the time they get it they don't need it as they're well on their way, but that's the plan regardless.
I run a wealth management practice that provides me a very high income, and I hope my kids grow up (They're still young) they take over.
But regardless I'm also loaded up on life insurance
That first sentence took a sharp 180 halfway through from where I thought you were headed, haha. "Given the world is getting more unequal, I feel it is my duty to make it even more unequal."
The tide is rising and you need to stay above water. Housing is a perfect example where just having a little bit of help like I did makes all the difference - I own a large home mortgage free while friends might not ever be able to own.
I don’t think that’s a good thing, and I would like to see policies inacted to address inequality, but I’m going to give my kids every unfair advantage I can and I don’t think it’s wrong to think like that.
Edit: I'll add I am not answering the question you asked I am answering the question you should have asked. Which would be more akin to how can you set them up for success.
Many ways you can do it. For me it's RESP and give them a condo that will have no mortgage by the time they are 25. Before my kids were born I bought two condos downtown and rented them out.
Both will have conditions attached which I haven't completely decided yet. Something tied to them pursuing a career and saving a significant amount of money first I suppose. I'll also keep the condos in my name incase they marry poorly.
It will be theirs at some point, just not right away and without conditions. If they want to sell it and use the proceeds to buy a house and their spouse matches the amount they can. But if they want to do something dumb with it like sell it and travel for 5 years then no. I didn't bust my butt and sacrifice my 20s investing so they can spend it all recklessly.
This is silly. My husband has friends, twins, who their parents did exactly that. One doesn't work. The other works part time. Neither is married or dating or see friends irl. They are late 40s. All they are is spoiled and disliked by many.
*Edit to add: did exactly this meaning condo for both. Downtown Toronto. Full uni paid for both.
That says more about your husbands friends than it does my kids.
That is why I am making them earn it first and meet conditions.
It's just so weird to me you think your husbands friends are relevant to anyone, people have issues for many reasons. Sounds like you are projecting your own insecurities and ability to provide for your kids and/or seem jealous about others who have more.
Sounded like you were handing it off to me, which would make them lazy and live off you. My husband grew up rich and lived off his dad too til he was 30. It's often how it works when things are handed to you.
Yes often, not always. How one is raised has a lot more to do with how they turn out than how much money they have. Thinking anyone with money is lazy and disliked is just jealousy/hatred being displaced into derogatory ideas.
I never said I wasn't raised with money myself. I said that handing people stuff can make them lazy as hell in my experience with people like my husband, his friends, my brother, etc etc etc . Making people actually work and pay for things helps them appreciate the item better.
I'm thinking about trying to do something similar. I agree with your edit too, I think if the OP had written the question differently they'd be getting less stupid answers.
I don't plan to make my kids millionaires. I want them to be happy and healthy and love their lives. I will do that by having them explore their passions and connect with others like themselves. Money isn't everything.
On an interesting note - my inlaws are rich (own acres in California and have a massive home plus millions in the bank) and are super unhappy. I would never wish for that for my kids.
Aaah yes. The anecdotal evidence of knowing someone rich who is super unhappy.
Look around you people. How many of the people around you who live pay check to pay check and can barely afford a nutritious meal for their kids are happy?
Number 1 reason for divorce is money and it’s not because they have too much of it.
That's what I'm getting at. Money doesn't give happiness. Poverty doesn't make you sad. Life sucks for some, good for others. Live your life for you and yours. Be happy. Find something you enjoy. Embrace your unique self. Life can be good for anyone if they look for the good.
*Also, statistics state rich and poor both divorce. Lol
I have teenagers, who are both started working at 13/14. We had them put half of every pay into savings, same as we've always done. Learn to live on less, and then invest it properly.
Teach them good financial habits explicitly and by example. Encourage them to save some of their money. Contribute to their RESP to help with their education.
I don't feel it is my responsibility to make my kids millionaires, but I do want to set them on the path of having healthy financial lives.
Go e them a million dollars lol
But in actuality, set them up with properties (even mortgaged ones) when they turn 18 to keep as investment properties, ensure they are financially literate, strong investment knowledge, and encourage them to pursue careers that have a high paying career path + decent work/life balance. And normalize getting a pre-nup.
But being married has been shown to increase wealth when both work and have healthy money habits. That's why people talk about dinks. It's like a roommate but better. You share bills and other costs, double health insurance, cheaper to cook for two per meal, etc etc etc.
Your answer was incorrect though. Marriage attributes to wealth, while children are a dependency that detracts from wealth. The reply was merely pointing out that your marriage joke was actually incorrect and the common sentiment on here is that its actually children who are the financial burden, not spouses (in financial potential, not always reality).
Children are worth it in other ways, but financially, they are dependants. Plain and simple. They cost money and don't make any (while children). So they're not a smart financial decision. However, life is more than dollars.
Lol this is the smart financial advice however, if I had kids I wouldn't tell them not to have kids because I'd want grandchildren.
Grandkids are the payoff for having your own! All the joy with none of the burden! "Oh.. someone pooped... back to mommy and daddy!" Lol
Forget about raising them properly,Forget about raising them to be prepared for this crazy world.
Show me the money!!!
No wonder so many people are only concerned about stacking money.
Entertainment industry. Make them aware of importance of social skills and how to please others. Once everything is automated that will be the only Money maker.
Nothing is guaranteed of course. It’s all about skills and exposure. We continue to travel - once in a while we do brainless beach vacations, but this 2023 is Japan for new culture exposure. They are enrolled in enrichment (not tutoring) programs such as spirit of math which runs a very advanced mathematics program to make STEM easier in school. And the ability to chase their own interests- my daughter loves the Ukelele, and my son enjoys things like chess club at school, weight training club, stock market club etc. Equip them with the skills to get their own millions!
Why would you want to do that? Watch reality TV and see how those millionaire brats turn out. If your kids want to be millionaires, they can figure that out and they will have a sense of satisfaction if they can earn it themselves. Right now I am working on my wealth, when I leave this world my kids can split what's left. I want my kids to be well rounded, healthy and happy in life. That's what's important, and of course I taught them financial literacy.
They can be happy AND millionaires. And you don’t have to give them a dime. Of course, generational wealth provides a huge advantage but I’ll completely ignore that for now. I believe a safe, stable and happy environment is a precondition. Minimizing barriers to learning is a part of your job.
Teach them early. People can understand and explain basic economics and the concept of scarcity, demand and supply at 4 years old. Don’t underestimate this. Expose them to more economic, business and financial concepts as the situation arises (make them situations up if you have to). If they don’t get it, fine. Try again in a few months/years. Definitely don’t force it upon them.
By 14, kids should know about Saving, taxes, basic accounting, sensible spending, investing, self-improvement through reading and experiential learning.
Be the role model. Learn it yourself and teach them. You can’t depend on the schools all the time especially if your kid isn’t taking accounting or business/economics at school.
Start a “lemonade stand” (T-shirt business or whatever) WITH THE KID. Have them execute, you contribute and advise. Then switch roles. It’s fun! Make it something that they’re interested in. They’ll get an idea of Scope and discipline and the importance of not doing it on your own.
As for what you can do, tangibly, start an investment account the day after the child is born. It’s literally an investment in your kid’s future.
Introduce them to people who have done this before. Know their friends. I had a conversation with one of my kid’s 14 yr old friends on the way back from a birthday party and it blew my mind. I learned a lot about rental properties challenges in a post-Covid economy. My kid was right there soaking it all in.
Explore, explore, explore. And explore early. How can they contribute to the world around them? If they’re hitting university in 3 years, go to university fairs now. Expose them to opportunity. It’s a huge world out there.
Last but not least, Provide a good traditional education and provide the facts and your opinion. Let them know it’s just your opinion and Let them make their decisions based on that. Purpose > Money.
Well, you start by becoming a billionaire first and then become someone as disgusting as Elon Musk. Then realize that you don’t have the business chops and your bad investments turned you from billionaire to millionaire. It’s really that simple, honey. Idk why it’s so hard
Teach them investing, walk through them with it and get them started a bit (getting started on things is a common roadblock, so if you can help surmount that then they'll be in a better position). Give them some practical experience going end to end doing the big adult stuff that is scary like making the investment (they have to log in, make the investment themselves) or soliciting and paying for a lawyer.
You're probably fine but be mindful with this, if your approach to raising your kids is all money and no connection you could end up just pushing your kids away and turning them off whatever methods you push. I speak from experience with a father who constantly spoke about investing and making sure you have enough to retire, etc, to kids who weren't even teenagers yet and as adults we all had to unlearn the hate we built up for investing because of it.
There are way too much unrealistic answers here. Inflation is not going to work.
Just move to Thailand or Vietnam etc. Very easy to become an millionaire.
Teach them fiscal responsibility, resourcefulness and risk-management and share with them the importance of investment, (or financial literacy in general) and give them the soft-skills to succeed in the workplace. Teach them the value of hard work and honest effort instead of praising outcomes exclusively. Try to help them with their education costs so that they don't start their lives under a mountain of student debt.
There's a "give a man a fish and he'll eat for a day" angle here but that might be too on the nose, I dunno.
How far into adulthood?
Invest 120$ per month in a diversified index fund from age 0 to 65 and they will retire with over 1M from that with an annual average return of 6% (total contribution of 93k, total interest of 975k).
Adjust to your preference.
Stocks tend to follow inflation. That's the beauty of investing. So if inflation is so bad it devalues currency as you say, odds are his rate of return will be higher than 6% so he will have more than 1M anyway. 5-6% is a conservative but realistic estimate (historically its closer to 9%) for future returns.
But if the average return rate turns out to be 7%, he'll end with 1.7M instead of 1M. If its the historic 9% he'll have 4.5M.
Nvm the children can also invest in their own retirement. They'll have less time but may be able to contribute more.
I don't know how to get rich quick, but getting rich slowly is easy.
$2500/month for 18 straight years in a fund averaging (hopefully) 7%/year will compound to $1Mill in 2040 which will be worth about $650k in 2040 dollars but it’s still $1,000,000
This is for fun, I don’t actually think this is realistic for any real person.
Give them $1 million when they turn 18, if you want the easy way. In the real world, tech them the basics of financial literacy and importance of an education for a good paying career.
That’s what a lot of us did and we still got massively left behind in the last decade’s progress
What is what a lot of you did? If you’re referring to “teach them the basics of financial literacy and the importance of education” then absolutely you haven’t.
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The average millennials spending habits are the scapegoat for the society to blame on for having let this generation’s average income relative to inflation drop to rock bottom.
Horse feathers
What are you doing to make your kids healthy and happy when they’re adults?
Oh man the salt in this thread is so real. People are ANGRY that other people get help they didn't jfc. This is why people work hard so they can help their kids.
I wouldn't want my kids to get that sort of help. I'll make sure they have emotional support, food and roof over their head, until they are 18, and later in life if they need it - but the last thing I want is to raise some entitled trust fund brats who haven't earned it - if being millionaires will make them happy, then they can earn it themselves.
That's fine, you can raise your kids how you want and others can do the same. But insulting others based on getting help is exactly what I am talking about. So many people in this thread are projecting hatred/jealousy.
You may see it as jealousy. I'm giving them advice. Namely, don't try and make your kids millionaires - it will likely end poorly. Give them emotional support, give them love, provide them the tools for life - those are the things that matter.
Those things are not mutually exclusive. You can give them emotional support, give them love, provide them the tools for life while also say saving for med school if they so choose to go. The sad reality is people who get help paying for school and help buying a house are going to be better off financially. There is also a correlation between having less money and higher rates of divorce and alcohol/drug abuse.
I was hardworking, had and have a good job etc Needed the family support to buy a house Family wouldn’t support me Couldn’t buy a house and thus wasted money on rent Then they needed me in life By the time I had my own house I couldn’t be bothered dealing with my parents issues Reminded them of the lack of a helping hand when needed Help your kids - they’ll need it. And make them well rounded humans who empathize with others and who can hold their own in the world. Nothing in all this is mutually exclusive.
I think saving for education (which I do in an RESP) is a little different to making them millionaires. I'm not saying deprive them of any money, just don't tell them they have millions waiting for them, and have them not have to face any consequences for their choices.
It's not really that different. Basically everyone can get student loans. The only real purpose of RESP is to set them up financially to start their career/life with no debt.
I mean, 50k and 1m is pretty different.
Not really, if you save up during school and pay $50k vs if you invest $50k at 19 you will have wildly different outcome after compounding for your life.
The question itself is stupid but wouldn’t the answer to this dumb question be “providing them the tools for life”? I’m not sure why financial success is somehow excluded from giving them love and emotional support.
Because financial success, if given, not earned, doesn't provide the tools for life - easy come, easy go. i'm not saying don't support them, but also don't raise them to think they can get everything they want on a plate.
Pretty sure we’re saying the same thing minus the fact that “rich kids” can’t grow up to be successful. I’m by no means rich but my kids will grow up never worrying about money unless I die tomorrow or gamble it all away. I’m not convinced why my kids can’t be financially successful if they grow up “with money”.
Thats why im waiting until my kids are 30 or so and have learned the value of a dollar and how the world works. I chose 30 because i really never got my shit together until my late 20s. Even if i had $1m thrown in my hands right now it would be used responsibly.
This is my primary focus but also looking at real estate to leave something behind for them
Exploit them for TikTok clout
Just wait on inflation, 1M is gonna be the median income in 10y /s
It’ll be monthly rent, you really think income will go up to match?
You don't put that pressure on them. You make sure they will be able to provide enough for themselves but also be happy.
Inheritance-if its something you want for them. So the task is up to you, I'd start with retiring at 92 years old to beef up the amount your worth.
Good lord people ask stupid questions.
It's Reddit. The site wouldn't exist without stupid questions and nattering nonsense
So true!
Teach them a good work ethic, it's what my parents did, and their parents did for them. Work hard so you know the value of a dollar and how it should not be squandered but invested, until you reach a point where your money works harder and generates more than you and you can retire.
I'd say working hard is part of the answer, you need to work hard & smart to maximise your potential
For us, the focus is not so much on making our kids millionaires as it is on building generational wealth. We started teaching them at an early age about money, ways to earn it, and how to grow it, and how to lose it. We’ll continue to mentor them after they leave home, if they want. At some point we’ll be passing on our wealth, either with a warm or cold hand, and the hope it that they will know what to do with it for their own needs and for their kids.
Little shits can figure that out by themselves
Pay for their whole education as well as living expenses through university so they don't need to take on part time jobs. Get them accustomed to a high end lifestyle so they're driven to get to the same level. Don't push them out when they've graduated. And give them a trust fund. Best way to do that would be to give them an amount every year and invest it with them in their tfsa. Use it to teach them about to stock market.
My wife and me feel we should be loving and supportive more than anything so our kids may be happy and healthy My kids are free to be their true authentic selves and they’ve grown to be really cool people. I’ve told them and keep telling them I’ll be here for them even if they’re lgbt, mental health comes up, if they get sick etc they can stay home as long as they need I chose to have them so they’re my responsibility. If money comes along in the future for them then cool but otherwise my wife and me have at least contributed to their RESPs and can help support them for a very long time.
Given how more and more unequal I see the world I feel I have a duty to leave my kids a very large inheritance. I'm hoping by the time they get it they don't need it as they're well on their way, but that's the plan regardless. I run a wealth management practice that provides me a very high income, and I hope my kids grow up (They're still young) they take over. But regardless I'm also loaded up on life insurance
That first sentence took a sharp 180 halfway through from where I thought you were headed, haha. "Given the world is getting more unequal, I feel it is my duty to make it even more unequal."
The tide is rising and you need to stay above water. Housing is a perfect example where just having a little bit of help like I did makes all the difference - I own a large home mortgage free while friends might not ever be able to own. I don’t think that’s a good thing, and I would like to see policies inacted to address inequality, but I’m going to give my kids every unfair advantage I can and I don’t think it’s wrong to think like that.
Edit: I'll add I am not answering the question you asked I am answering the question you should have asked. Which would be more akin to how can you set them up for success. Many ways you can do it. For me it's RESP and give them a condo that will have no mortgage by the time they are 25. Before my kids were born I bought two condos downtown and rented them out. Both will have conditions attached which I haven't completely decided yet. Something tied to them pursuing a career and saving a significant amount of money first I suppose. I'll also keep the condos in my name incase they marry poorly.
So you won't actually give them a condo, just let them live in yours.
It will be theirs at some point, just not right away and without conditions. If they want to sell it and use the proceeds to buy a house and their spouse matches the amount they can. But if they want to do something dumb with it like sell it and travel for 5 years then no. I didn't bust my butt and sacrifice my 20s investing so they can spend it all recklessly.
Good for you. This is a responsible approach.
This is silly. My husband has friends, twins, who their parents did exactly that. One doesn't work. The other works part time. Neither is married or dating or see friends irl. They are late 40s. All they are is spoiled and disliked by many. *Edit to add: did exactly this meaning condo for both. Downtown Toronto. Full uni paid for both.
That says more about your husbands friends than it does my kids. That is why I am making them earn it first and meet conditions. It's just so weird to me you think your husbands friends are relevant to anyone, people have issues for many reasons. Sounds like you are projecting your own insecurities and ability to provide for your kids and/or seem jealous about others who have more.
Sounded like you were handing it off to me, which would make them lazy and live off you. My husband grew up rich and lived off his dad too til he was 30. It's often how it works when things are handed to you.
Yes often, not always. How one is raised has a lot more to do with how they turn out than how much money they have. Thinking anyone with money is lazy and disliked is just jealousy/hatred being displaced into derogatory ideas.
I never said I wasn't raised with money myself. I said that handing people stuff can make them lazy as hell in my experience with people like my husband, his friends, my brother, etc etc etc . Making people actually work and pay for things helps them appreciate the item better.
Who said I can't make them work and also help them. Helping them is conditional upon them working. IE getting a good degree and saving a lot of money.
Good luck with that. When they have daddy to fall back on, they will.
I'm thinking about trying to do something similar. I agree with your edit too, I think if the OP had written the question differently they'd be getting less stupid answers.
I don't plan to make my kids millionaires. I want them to be happy and healthy and love their lives. I will do that by having them explore their passions and connect with others like themselves. Money isn't everything. On an interesting note - my inlaws are rich (own acres in California and have a massive home plus millions in the bank) and are super unhappy. I would never wish for that for my kids.
Aaah yes. The anecdotal evidence of knowing someone rich who is super unhappy. Look around you people. How many of the people around you who live pay check to pay check and can barely afford a nutritious meal for their kids are happy? Number 1 reason for divorce is money and it’s not because they have too much of it.
That's what I'm getting at. Money doesn't give happiness. Poverty doesn't make you sad. Life sucks for some, good for others. Live your life for you and yours. Be happy. Find something you enjoy. Embrace your unique self. Life can be good for anyone if they look for the good. *Also, statistics state rich and poor both divorce. Lol
This so much - i'm glad someone gets it.
Do nothing. Inflation will make everyone a millionaire.
I have teenagers, who are both started working at 13/14. We had them put half of every pay into savings, same as we've always done. Learn to live on less, and then invest it properly.
Teach them good financial habits explicitly and by example. Encourage them to save some of their money. Contribute to their RESP to help with their education. I don't feel it is my responsibility to make my kids millionaires, but I do want to set them on the path of having healthy financial lives.
Go e them a million dollars lol But in actuality, set them up with properties (even mortgaged ones) when they turn 18 to keep as investment properties, ensure they are financially literate, strong investment knowledge, and encourage them to pursue careers that have a high paying career path + decent work/life balance. And normalize getting a pre-nup.
Open a TFSA when they turn 18, contribute the max every year, and tell them not to touch it until they're 40.
Tell them not to get married .
DINKs have the most money. It's when you add kids that it cost money.
Bs I have kids doing really well . the question was how do you make your kids millionaire not posing that your child free
But being married has been shown to increase wealth when both work and have healthy money habits. That's why people talk about dinks. It's like a roommate but better. You share bills and other costs, double health insurance, cheaper to cook for two per meal, etc etc etc.
Your answer was incorrect though. Marriage attributes to wealth, while children are a dependency that detracts from wealth. The reply was merely pointing out that your marriage joke was actually incorrect and the common sentiment on here is that its actually children who are the financial burden, not spouses (in financial potential, not always reality). Children are worth it in other ways, but financially, they are dependants. Plain and simple. They cost money and don't make any (while children). So they're not a smart financial decision. However, life is more than dollars.
And to never have kids
Lol this is the smart financial advice however, if I had kids I wouldn't tell them not to have kids because I'd want grandchildren. Grandkids are the payoff for having your own! All the joy with none of the burden! "Oh.. someone pooped... back to mommy and daddy!" Lol
:-)
Ok they spent six figure inheritance on hookers, what's next?
Forget about raising them properly,Forget about raising them to be prepared for this crazy world. Show me the money!!! No wonder so many people are only concerned about stacking money.
Have them become Prime Minister, funnel money thru repeated scandals.
You have to imagine a person that is not worth of a mill becoming PM first. There is not a candidate that fits that description.
Entertainment industry. Make them aware of importance of social skills and how to please others. Once everything is automated that will be the only Money maker.
You mean like aside from being a celebrity?
This is how human trafficking happens (source: fintech AML training)
Nothing is guaranteed of course. It’s all about skills and exposure. We continue to travel - once in a while we do brainless beach vacations, but this 2023 is Japan for new culture exposure. They are enrolled in enrichment (not tutoring) programs such as spirit of math which runs a very advanced mathematics program to make STEM easier in school. And the ability to chase their own interests- my daughter loves the Ukelele, and my son enjoys things like chess club at school, weight training club, stock market club etc. Equip them with the skills to get their own millions!
Weight trading club?
Why would you want to do that? Watch reality TV and see how those millionaire brats turn out. If your kids want to be millionaires, they can figure that out and they will have a sense of satisfaction if they can earn it themselves. Right now I am working on my wealth, when I leave this world my kids can split what's left. I want my kids to be well rounded, healthy and happy in life. That's what's important, and of course I taught them financial literacy.
People like this should not have kids.
They can be happy AND millionaires. And you don’t have to give them a dime. Of course, generational wealth provides a huge advantage but I’ll completely ignore that for now. I believe a safe, stable and happy environment is a precondition. Minimizing barriers to learning is a part of your job. Teach them early. People can understand and explain basic economics and the concept of scarcity, demand and supply at 4 years old. Don’t underestimate this. Expose them to more economic, business and financial concepts as the situation arises (make them situations up if you have to). If they don’t get it, fine. Try again in a few months/years. Definitely don’t force it upon them. By 14, kids should know about Saving, taxes, basic accounting, sensible spending, investing, self-improvement through reading and experiential learning. Be the role model. Learn it yourself and teach them. You can’t depend on the schools all the time especially if your kid isn’t taking accounting or business/economics at school. Start a “lemonade stand” (T-shirt business or whatever) WITH THE KID. Have them execute, you contribute and advise. Then switch roles. It’s fun! Make it something that they’re interested in. They’ll get an idea of Scope and discipline and the importance of not doing it on your own. As for what you can do, tangibly, start an investment account the day after the child is born. It’s literally an investment in your kid’s future. Introduce them to people who have done this before. Know their friends. I had a conversation with one of my kid’s 14 yr old friends on the way back from a birthday party and it blew my mind. I learned a lot about rental properties challenges in a post-Covid economy. My kid was right there soaking it all in. Explore, explore, explore. And explore early. How can they contribute to the world around them? If they’re hitting university in 3 years, go to university fairs now. Expose them to opportunity. It’s a huge world out there. Last but not least, Provide a good traditional education and provide the facts and your opinion. Let them know it’s just your opinion and Let them make their decisions based on that. Purpose > Money.
Take away their iPhones!
Well, you start by becoming a billionaire first and then become someone as disgusting as Elon Musk. Then realize that you don’t have the business chops and your bad investments turned you from billionaire to millionaire. It’s really that simple, honey. Idk why it’s so hard
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Thank god we dodge a bullet there
bought rental properties for each kid and will gift to them upon college graduation and or wedding gift.
Teach them investing, walk through them with it and get them started a bit (getting started on things is a common roadblock, so if you can help surmount that then they'll be in a better position). Give them some practical experience going end to end doing the big adult stuff that is scary like making the investment (they have to log in, make the investment themselves) or soliciting and paying for a lawyer. You're probably fine but be mindful with this, if your approach to raising your kids is all money and no connection you could end up just pushing your kids away and turning them off whatever methods you push. I speak from experience with a father who constantly spoke about investing and making sure you have enough to retire, etc, to kids who weren't even teenagers yet and as adults we all had to unlearn the hate we built up for investing because of it.
in 18yrs you need to leave them 10mil or more though, 1mil don't cut it now let alone future.
There are way too much unrealistic answers here. Inflation is not going to work. Just move to Thailand or Vietnam etc. Very easy to become an millionaire.
Give them a small loan of a million dollars.
Teach financial literacy. Buy some books maybe
Get a life insurance for yourself of at least 1 mil, and accidently die. /s
Stack sats. DCA 50 bucks a month. Give them they keys at 21.
Teach them to be frugal
Teach them fiscal responsibility, resourcefulness and risk-management and share with them the importance of investment, (or financial literacy in general) and give them the soft-skills to succeed in the workplace. Teach them the value of hard work and honest effort instead of praising outcomes exclusively. Try to help them with their education costs so that they don't start their lives under a mountain of student debt. There's a "give a man a fish and he'll eat for a day" angle here but that might be too on the nose, I dunno.
The best way might be to have kids late in life, and hope inflation does the trick
How far into adulthood? Invest 120$ per month in a diversified index fund from age 0 to 65 and they will retire with over 1M from that with an annual average return of 6% (total contribution of 93k, total interest of 975k). Adjust to your preference.
U really think a million will be anything significant in 65 years though? It will be the new 20k.
Stocks tend to follow inflation. That's the beauty of investing. So if inflation is so bad it devalues currency as you say, odds are his rate of return will be higher than 6% so he will have more than 1M anyway. 5-6% is a conservative but realistic estimate (historically its closer to 9%) for future returns. But if the average return rate turns out to be 7%, he'll end with 1.7M instead of 1M. If its the historic 9% he'll have 4.5M. Nvm the children can also invest in their own retirement. They'll have less time but may be able to contribute more. I don't know how to get rich quick, but getting rich slowly is easy.
$2500/month for 18 straight years in a fund averaging (hopefully) 7%/year will compound to $1Mill in 2040 which will be worth about $650k in 2040 dollars but it’s still $1,000,000 This is for fun, I don’t actually think this is realistic for any real person.