Recently, I have been concerned about not introducing Chinese expressions to the son. However, if I zoom out and adopt a holistic perspective, actually the most important thing I should do for him is to impart sound money habits.
That is what I did this morning. My wallet has been bleeding dry because I need to give him $2 every day. To make my efforts more impactful, I got him to count the number of $2 dollar notes he had accumulated. This is an authentic way of getting him to learn the 2-times table.
After that, I got him to give me $10 so that I could top up his savings account. Getting him to put aside money for a rainy day should be a paramount cornerstone of his financial philosophy.
In the end, before we left the house, he asked me to explain the concept of investing. I commended his inquisitive nature and explained how sound investing makes our money multiply. To sum up, I hope that he will spend prudently, save consistently, and invest savvily.
I’m not having kids so I can’t show them how much they cost me
may I ask what makes you so sure?
A reasonable choice. No kids, no cost. But as far as analysis you're leaving out benefit. Put your way that'd be, "I'm not having kids so I can't show them how much they benefitted me."
Spend less than you earn, save the difference, invest wisely.
timeless tips. thanks
before bitty was an option, my mom set me up with good habits by encouraging me to immediately transfer 20% of every paycheck to savings account.
adapting that habit to bitcoin was a cinch
yup for sure. internalise habits to form a robust system
teach him budgeting
thanks for the pro tip. I think I will start with teaching him the word today!
I'd recommend teaching giving too.
My parents didn't teach me about that, only about spending wisely and saving. But once I started learning about giving and made it a habit, it did a lot for me.
Not in a woo-woo, "good things happen to those who give" sense. Rather along the lines of appreciating that there are always others having a tougher time. And even a little can go a long way for them.
An important step was learning to choose a cause I want to support, not taking shortcuts such as gifting to those with better marketing budgets or higher visibility.
well said!
I will have to work on giving more and on a consistent basis myself. I still fall prey to a miser mentality and feel that I don’t have enough
Teaching them to count the money + save is genius. Real-life math beats worksheets any day.
sensei is GOAT