Are you gifting your kids the max allowed each year? If not, how much are you giving and has the amount you gift changed as your kids grow?
Where are the gifts going (529 for education, custodial investment account, 530A Trump account, etc.) and how did you decide which to prioritize?
I would love another investing vehicle for my child (we max 529 contributions & have a small UTMA). They are not eligible for the free $1k but potential the free $250. At the end of the day, It seems like this is a great opportunity to roll a large amount of money into a ROTH with minimal taxes.
So, are you guys actually opening the accounts? Is this something that other HENRY or wealthy people in your circle are doing?
What are you guys doing to create wealth for your new born child?
I want to take more risk with my wealth and I also want to enjoy and spend it.
My child is 4 weeks old, I've maxed out his tax free investments for the financial year and bought him 0.1 bitcoin. I plan on doing this every year if not more. By the time he is 18 I think this will make him a millionaire.
Obviously, I will pass my assets to him when I pass on, but should my risk not work out or I spend too much I want to ensure that he is wealthy. Appreciate your advice.
How are you teaching your kids to be responsible with money? Looking for tips and tricks of what has worked well and what hasn’t worked well.
I’m the founder of r/RichParents. I’m creating a community for rich parents. The r/rich & r/wealth subreddits have been so helpful but I’ve often needed help or advice about saving and investing specifically for kids, household help (nannies, chefs, etc.), all while trying to keep them humble and hard working along the way. I’d love to welcome you if this is a topic of interest to share and support each other.
I’m a business professional working in accounting and a mom of two under two. My husband and I both work full time, and we’re trying to juggle “all the things”.
I’d love to welcome you if this is a topic of interest to share and support each other.
My kids are currently 19 and 21 and both are still in college. I'm paying for their tuition (and housing during the school year) and I've bought them each an inexpensive car (2010's Subarus for each). They are at a public university so I could afford it. I'm not rich just frugal, but I wanted them to be able to start their adult lives debt free.
I got the same thing from my parents - college and a car - but my dad was a doctor and will still leave an inheritance for us/our kids in all likelihood. I would like to go a step further though and jump start their retirement savings.
I've already got $25k per year set aside for their tuition and housing in an HYSA. Because one lived at home his freshman year and the other has been working and paying his own rent for the most part it looks like I'll have money left over after they graduate.
I've been thinking about how I can get their retirement funding started because I know the younger you start the better. I didn't start saving until I was 30, and I want them to get an earlier start. I was thinking that if I have the money when they graduate I could give them a final gift of $25000 to put in a brokerage account in something like VOO to just hold on to until they retire. It looks like if I give half and my wife gives half we don't even need to file a form for taxes. I can trust the kids to put it in an account and let it sit. They're smart kids and they value my advice.
I want to hear from you guys though. Is that one time gift a good idea? Is there something else I should consider? In your opinion what is the best way as a parent to set your kids up for retirement without being a millionaire?
Thanks.
Welcome! I’m the founder of r/RichParents. I’m a business professional working in accounting and a mom of two under two. My husband and I both work full time, and we’re trying to juggle “all the things”.
I’m creating a community for rich parents. I’ve often needed help or advice about saving and investing for kids, household help (nannies, chefs, etc.), all while trying to keep them humble and hard working along the way. I’d love to welcome you if this is a topic of interest to help share and support rich parents.
If you join please introduce yourself and share this new community with others.
As a newer parent, this is something I ask myself regularly. For us, the most valuable expense so far has been sending our older child to Montessori school while also having a nanny at home for our younger child who isn’t old enough to attend yet.
What has been a complete waste so far (we have two under two) has been buying toys. Our kids don’t really care a ton about playing with toys and they take up so much room in our house. I now try to buy fewer toys of higher quality. We’ll see how long this phase lasts 😅
Welcome! I’m the founder of r/RichParents. I’m a business professional working in accounting and a mom of two under two. My husband and I both work full time, and we’re trying to juggle “all the things”.
I want to create a community for rich people parenting. I’ve often needed help or advice about nannies, household help (chefs, etc.), saving and investing for kids, all while trying to keep them humble and hard working along the way. I don’t have a large network of friends in a similar situation and thought this might be a great place create a community about rich parenting.
Take a few minutes to introduce yourself and share our new community with others. I can’t wait to meet and learn from you all!
Hey everyone! I'm u/Superb_Energy_9064, a founding moderator of r/RichParents.
This is our new home for all things related to being rich parents. We're excited to have you join us!
What to Post
Post anything that you think the community would find interesting, helpful, or inspiring. Feel free to share your thoughts, or questions about parenting decisions like childcare, financial decisions, and any other topics relevant to rich parents.
Community Vibe
We're all about being friendly, constructive, helpful, and non-judgmental as some discussion topics may not be familiar to most people. Let's build a space to help each other where everyone feels comfortable sharing and connecting.
How to Get Started
Thanks for being part of the very first wave. Together, let's make r/RichParents amazing.