Helping Setting Kids up for long term Financial Stability

[Anonymous]

Like set up so my kids have something help them out if anything happens to me

[Anonymous]

Max out savings/retirement$ in an index fund every year, even when you are young. If you have to have 7 roommates or two jobs it’s still worth it. This will make you a multi millionaire at the age of retirement.

[Anonymous]

We're trying to help him to get into the right clubs and go to the right places so that he is always surrounded by wealthier, more upper class people. I'm hoping he finds the connections, relationships and marriage partners that help one succeed in life.

So far, that means private high school, fencing and stage crew. (OK, that last one was so he could hang out with chicks.) Aiming for Princeton.

And some of that money stuff, too, as our budget allows.

[Anonymous]

Anonymous wrote:1. Graduate from college debt free

2. Contribute as much into their IRAs each year from 22 onward (max it if you can)

3. Help them get into their first property. Avoid condos. Get them into a townhouse if possible.

I wouldn't help them *too much* as they need to develop their own wealth too, but getting them into a starter house and maxing the IRAs are simple steps that will pay off greatly in the long run.

Yes to all. We are paying 100% for an in-state college. DC currently has about 25K in an investment account - puts all gift money/graduation money/etc. into that. Has worked a part-time job since they were 16, so they take care of all spending money.

Also, partner and I bought an investment condo 20 years ago that is almost paid off. This will be available to child to live in for below-market rent upon college graduation, which we will put into an investment account and gift to them when they are ready to purchase something.

Have also taught them about buying used cars for cash so they never have a car payment. Hopefully they will follow this advice.

[Anonymous]

Anonymous wrote:We're trying to help him to get into the right clubs and go to the right places so that he is always surrounded by wealthier, more upper class people. I'm hoping he finds the connections, relationships and marriage partners that help one succeed in life.

So far, that means private high school, fencing and stage crew. (OK, that last one was so he could hang out with chicks.) Aiming for Princeton.

And some of that money stuff, too, as our budget allows.

Report back in 20 years and let us know if this strategy worked.

[Anonymous]

My Dad also started a Roth for me and put my babysitting money in there. He stressed getting a job with a pension. I will be able to retire early. I will do the same for my daughter. I will probably wait to see what/if college brings about any aid and will start maybe around that time. I plan to pay for college. I will also start gifting her money to put into a house fund. I want to start creating generational wealth.

[Anonymous]

My parents paid for all of our education and bought us a good car at high school graduation that lasted us 10+ years, but after that, we were on our own. All siblings doing well financially. I'm not inclined to do things much different for my own kids.