How old were they? I feel that's a bit beyond an almost two-year-old.We actually did a little ceremony for each of the kids. They took all their pacifiers, held them tight for a moment, and then put them in the trash. We talked about it for two weeks prior to it happening. Once that happened, there was a pretty smooth transition to no more pacifiers.
Sounds stupid, but in my experience ceremony helps with things like this. Think of it as a graduation.
How old were they? I feel that's a bit beyond an almost two-year-old.
I'd never before read or watched any type Harry Potter until I bought my 6 year old son the illustrated edition of Philosopher's Stone for xmas and we've been reading it every night before bed. I'm really enjoying it and he's very much into it. Would recommend to anyone wanting to read with their kiddos.
Anyone have other good reading recommendations that parents can also enjoy?
I'd try to avoid even mentionning the trust until they reach 23 or so. I'm no where near wealthy enough to setup a huge trust fund, but still my daughter will probably have between 50k and 100k when she's 20 (at this rate), it's nowhere near enough to set you up for life, but it's enough to wreck your life in your early 20's. So I guess i'll be like "Oh by the way, you've got that account" when she's done with her initial education / found her first job.Kind of a random question. I have no kids but I'm curious as to the opinions of those with kids and the wisdom that comes with that experience.
TJT posted a story in politics about a lawyer friend who had to deal with trust fund kids. More or less kids being entitled and out of touch with reality even with trust funds setup with stipulations.
I don't know everyone's net worth but let's just pretend as a parent you've amassed enough wealth (enough that you can still do whatever YOU want too) to where you could setup a trust fund for your kids or grand kids.
Do you think this is a bad idea? Would you cap the amount? What (if any) stipulations would you put on it?
I'm curious because on one hand I know and have seen first hand the train wreck of trusts funds on kids, especially ones with 0 stipulations. On the other hand I know there are a few trust fund kids where that money was used wisely. For those kids a trust fund to help for college or something else could be beneficial but there's just so many factors that you can't predict about how children will turn out to be able to make that decision in advance.
At this point I don't think I would do a trust fund. I'd probably play it by ear as I watch my kids grow up. For example if my kid busted his/her ass in HS and wanted to/got into a great college I'd help pay for it to an extent (I'd observe how they spend their time in college and adjust accordingly), I'd definitely want to see them working in college only to the extent that it doesn't limit their other academic pursuits.
So thoughts on trust funds, kids and money etc?
I'm gonna look back on this thread as a primer years down the road if I have kids. Thanks to all the parents in here, I know it's not easy and parents aren't perfect but thank you for doing your best.
Great book by the way. Yep I agree with with you.It's been a while since I read it, but "The Millionaire Next Door" has a chapter about how leaving money for your kids has a negative impact of like -30% of total earnings compared to their peers, while only leaving money to pay for 100% of their education gives them +30% earnings compared to peers.
Those numbers are kinda pulled out of my ass, but the big takeaway was don't give your kids money, just as much of their education as you can possibly afford if you want to set them up for success.
That's probably true, but I'd argue that maximizing the life income isn't necessarily the best overall, you probably want to land somewhere in between Mist and Hollywood's actress daughter outcome. I'm pretty sure we want to teach our kids that money important, even very important, but that's not all there is to life. That +10% income they'll get by you starving them for money instead of being reasonable about it, is likely to make them miserable in the end.It's been a while since I read it, but "The Millionaire Next Door" has a chapter about how leaving money for your kids has a negative impact of like -30% of total earnings compared to their peers, while only leaving money to pay for 100% of their education gives them +30% earnings compared to peers.
Those numbers are kinda pulled out of my ass, but the big takeaway was don't give your kids money, just as much of their education as you can possibly afford if you want to set them up for success.
That's probably true, but I'd argue that maximizing the life income isn't necessarily the best overall, you probably want to land somewhere in between Mist and Hollywood's actress daughter outcome. I'm pretty sure we want to teach our kids that money important, even very important, but that's not all there is to life. That +10% income they'll get by you starving them for money instead of being reasonable about it, is likely to make them miserable in the end.
It's been a while since I read it, but "The Millionaire Next Door" has a chapter about how leaving money for your kids has a negative impact of like -30% of total earnings compared to their peers, while only leaving money to pay for 100% of their education gives them +30% earnings compared to peers.
Those numbers are kinda pulled out of my ass, but the big takeaway was don't give your kids money, just as much of their education as you can possibly afford if you want to set them up for success.
coming out of undergrad and possibly grad school debt free, but without a trust to coddle them through adulthood