Comment by latexr

In what way are you doing that? Not that I disagree just curious how

Or they could work for money when they are old enough to

If he's not able to also provide them with a sizeable initial capital, this lesson is also completely irrelevant. No one becomes really wealthy by investing savings off their modest salary.

It's better to invest in assets though than just the stock market. The wealthy build wealth by borrowing and buying assets like real estate. This ways makes it easier to avoid income taxes and capital gains taxes and you also get massive tax deductions for asset deprecation that you can use to offset most or all of what income it does provide.

>Done right this could set them up for life and make them millionaires with virtually no effort by the age of 30

This seems hyperbolic. Given that money doubles in roughly 10 years at a 10% rate of return, if kiddos are 10 years old they get two doublings by 30. To be a millionaire by 30 requires a present value investment of $250k per child.

> How is teaching your kids to invest some portion of their money

That’s not what the article says. I explicitly quoted the relevant part. It’s not “a portion of their money”, this is not money they had lying around in an envelope that grandma gave them. This father is incentivising the kids to not get what they want for their birthday and instead ask for money with which they’ll do nothing but unrealistically watch grow for a period of time. That’s not a good core memory, no one looks fondly on “that birthday I had as a kid where I got nothing but a number on an app stated growing at a snail pace”.

> doesn't suddenly make investing bad.

That’s not the argument. Nowhere in my comment does it say investing is bad.

> This is such a wild take.

Any take is wild when you blatantly misrepresent it. Don’t straw man.

Investing isn't bad? Sure we all do it but how isn't it bad?

> This is a super reactive take speaking from no experience whatsoever.

You have no idea what my experience is, please don’t assume.

> My own parents did something like this for us when we were in elementary/middle school and it taught me restraint in spending, not the opposite.

I’m glad it worked out for you. Truly. But don’t assume your experience is universal, because I unfortunately know for a fact it’s not. Also, the argument isn’t that it causes unrestrained spending, that’s not what financial dude bros are about. Excessive restraint in spending can also lead to unhappiness and an unhealthy attachment to money.