ez14.":myyc5tvt said:
Farm Fence Solutions":myyc5tvt said:
We've invested on her behalf since she was very young. Not a fortune, just enough to plant the seeds. Once she was old enough to start understanding how things work, she was in on the decision making. It's important to understand the difference in gross and net. 80% of that cash was overhead that hadn't been paid yet. 20% was her net profit, 95% of which landed in her savings account. The other 5% went to the American Girl Doll store, as she likes to keep a diversified portfolio. My wife and I both come from common families....There are no great inheritances on the schedule. I would like for my daughter to understand what hard work is all about, know the value of a dollar, and not have to suck hind tit through the best years of her life.
how did she make this money! this sounds like a great thing for the kid though i don't know many parents who can front their kids that kind of money. (if my parents had that much for all of us we'd be pretty well off :lol: ) i wish i had the opportunity to do something like that when i was her age (instead i'm just working on losing the money i've made
)
We gave her a cow every year for her birthday for the first 5 years of her life. I sold the calves on her behalf, and put the money in her savings account. I didn't deduct any for inputs the first few years, because I wanted her savings to build as quickly as possible. Once she was old enough to help and start making some of her own management decisions, she started keeping heifers. Her cow herd is now in the teens, and she usually buys all the neighborhood bottle calves....twins and dead cow kind of calves. When she sells yearlings, it's a good check, but she still owes for feed/hay/pasture/meds. We are trying to prepare her for the real world, but also set her up for success if we can. She has also purchased a good slug of dividend paying stocks, and I think the last time I looked the little chit had over a hundred ounces of silver in her box. (My Dad ramrods the silver collection) We also pay her to help with both fence businesses. She is an expert insulator putter outer, and can sweep a warehouse floor like nobody's business. She pays income tax on every dime she makes, and has even started contributing to a Roth IRA. My Dad taught me how to work my azz off every day, all day. There never was any education on planning for the future.....not because he didn't think it was important, but just because sometimes life happens. I don't want my kid living check to check. I want her prepared for life.
My wife and I are not wealthy by any means. We are just like most of the folks on here, and have our fair share of sleepless nights worrying about our decisions, investments, and future. We live in a run down turd of a house, and that's cool with us, because we believe that there are more important things right now. We have just decided that investing in our daughter is the best thing we can do, so that her nights will hopefully be more restful than ours.