How to raise a "rich" kid | A conversation with our son

[@rosecoloredglasses67329]

Bo is brilliant and the handsomest !!! We enjoyed the fact that he knows about money and investing.

[@chanreka]

Love this conversation! So often we get questioned because our boys at 8 & 10 clean their own room and bathroom and have just general household responsibilities. We are rising adults and in that we feel they need to understand what it takes to maintain a household. People tend to think this is team too much. But these are the same people that complain they can't get their teenagers to do anything. We have to train them because expecting them to flip a switch at some magical age is just unfair to them. We currently match ever cash gift in there 529. I like the idea of them investing separately to get uses to the idea. Thanks for the idea👍🏽

[@richandregular]

Thank you for the comment. We completely agree. And just like anything else they won’t get it the first time but after a while, it’ll feel natural to them.

[@jenniferfrim9697]

Love your balanced approach! We gave our son a small amount a week for an allowance. He paid for all of his little extras and when he got to high school and wanted more clothes or to go out with his friends more, he had to get a job to be able to afford it. His personality worked well for that - he likes to hang onto his money lol!

[@TJFarr]

I grew up with loving parents with no life skills. In turn, I have struggled my entire life to learn how to be successful and productive. Honestly, it’s still a struggle for me. I just recently had my first child at 42 and I need him to learn the lessons you’re teaching us in this video. The problem is, I only somewhat comprehend your teachings. So how do I teach my little boy how to carry himself when I don’t fully understand it or necessarily implement it in my life?

[@toronhoward7971]

Great conversation! I enjoyed the episode. We're working and trying to figure out how we raise "rich" kids, with our family dynamics. As a family of seven, our situation presents some challenges. How do we learn and implement financial literacy and strategies for ourselves, while at the same time, preparing for and doing the same for our children?

[@rosecoloredglasses67329]

Re closing words: agreed, it’s fundamental and NOT elitist.

[@lizo.3]

How did you open a custodial account for your son? I was under the impression that the income had to be “earned”. Do you have a work around for that that you would be willing to share? Thank you!

[@richandregular]

You don’t need a workaround. This is what inspired my final thoughts at the end of the episode. Investing for kids is so widely spoken about in tandem with paying children tax free that people believe one is a prerequisite. You can just open a custodial account and fund it. It won’t be a write off but it’s still invested in a child’s behalf. If you want a write off, you start a business, put your child on payroll and pay them up to the maximum allowed amount.

[@Hazel-z5r3y]

This was very interesting wen I have kids I want them to be thinking about money and investing and making it a normal thing

[@Rashaadthegr8]

Bo got more sense most adults. Also got to tell him avoid debt like the plague which Buffet and Cuban referred it to. Got to make it a series as he gets older.

[@richandregular]

That's an interesting idea. Last summer, we started a tradition where we'd interview him at the end of every summer break but it's for our personal memories. May be interesting to document and share his wealth journey if we can find a way to protect his privacy.

[@Rashaadthegr8]

@@richandregular True. I just never seen someone do it especially black to have that type of series.