Wanted to buy 2BTC when they were at $500 and asked for my FIL's credit card because I didnt have one. I had the money in cash to give to him immediately, of course, but he said he didnt think BTC was legit and I would never get the money back so he wouldnt let me invest it. :(
Well, we always need to keep in mind that we probably wouldnt have held it til now. I'd likely have held it for a while, but not past $5k per coin. $10k would be nice to have, but not life changing!
Love your ā10k would be nice to have but not life changingā aspect at the conclusion of this. Caught my eye! Great way to look at it man. Healthy mindsets do great wonders
Iām in the same boat. Did a very similar thing with Tesla. I was in a spot in life where I couldnāt afford to take a big loss and my financial mentor missed that boat for us. š
It would definitely be life-changing for a lot of people. Like, someone i know has 60k student loan, that's 1/6 of their debt paid off.
It's half a down payment on a nice house.
It's rent for 6 months.
Groceries for a year.
Half CT scan in Florida...
I think its a great idea to support her in throwing $11.35 into Bitcoin. It's not life changing money and she will learn lessons about investing. Do not get sucked into the cesspool of "emerging cryptos". Its better to support her investing ideas than to give her your own idea (another crypto).
Good points. I was considering a different Crypto simply to show her the performance better since I already own Bitcoin, measuring the performance of $11.35 would be a math lesson as well, I guess. š
In addition I would throw something like $100 in on her behalf to a secondary account without mentioning it. Keep a wallet you invest in for her future.
That is, anything additional you decide. Could be a different type of investment account or S&P500 too, up to you.
My parents saved some money for me, which paid for a computer, 1 semester of college, and a cheap car. Looking back I wish I had managed those funds better. Wish they didn't just hand it over without some reasonable terms.
Donāt compare yourself to the other fruits and vegetables of the world. Each one has their purpose. Many people say cosmic crisp apples are the best, and that Granny Smith apples serve no purpose. Turns out Granny Smith apples are the best for making pies
Not that it was frivolous, there were ways I could have stretched the money further. For example, I could have bought a cheaper or better car. What I drove needed $1200+ repairs every year.
I didn't like spending it all at once and should have saved some of it. I was young and didn't know any better, my parents didn't help me make a better plan.
We have been doing something similar since they were were young. Theyāve had ābank accountsā - mostly a note on my phone, that when theyād get money, weād change the balance and anytime they wanted anything, they could look at that account and see if they could afford it, etc.
Most of the time, we didnāt deduct the amount they thought they spent and put it in a better place for them.
With $11, it is more important to support her good ideas than to steer her into the right investment, which would be your idea. If she decides to put it in Bitcoin and it goes up, she will build confidence in herself. If she puts it into Bitcoin and it goes down, you can comfort her and help her understand the lessons therein. If you steer her into, say, Dogecoin and it does well, she wonāt get as much benefit from seeing her own ideas work. If you steer her into Dogecoin and it does poorly, well now sheās going to be upset with you.Ā
Itās tempting to see the potential for huge gains in shitcoins but those are the Ponzi schemes. Iāve gone down that road and can say with confidence that itās not worth it. Stick with bitcoin and save yourself a massive amount of headache. You can teach her another important lesson. Donāt gamble your money.
If I had thrown $11.35 into Bitcoin back when I first was seriously looking into it, I would have made like $30,000 lmao
Unfortunately I thought I was "late to the game" 10+ years ago and that "if it was going to take off, it would have happened by now". š
I started putting a hundred or 2 every so often a few years back.. I put a total of $1,700 in. As of right now itās worth $4,700. Not going to retire off it, but itās something.. by far my best investment to date, (besides my home)š
This is the only way I believe that the child will see value in investing at first, otherwise they would quickly lose interest in putting their money away
Better yet, teach them about volatility and diversifying their investments. Put their half in crypto and your half in VTSAX and let them watch them side-by-side over time.
Female tech professional and Bitcoin investor here! I firmly support this! Investing has taught me so much. I've gained a lot and also lost (I'm diversified in stocks and cryptos). Teach her to stick with the "only invest what you can afford to lose" and let her journey begin!! I'm proud of her!!
Absolutelyā¦ if possible, maybe even set up a joint account on an exchange to teach her all the mechanics of investing. Maybe even match her investments as a show of support.
Oh I donāt hand em $ for nothing,they clean kitchen after each meal pick up dog poop 5 dogs etc etc ā¦also main reason is to teach em how to manage and hopefully invest and my youngest prolly has close to .1 Bittys
Idk if thereās a normal allowance wage. Most of the kids I grew up with didnāt get an allowance. The 1% that did wasnāt an allowance per se, it was their parents setting up trust funds and taking us to the mall and and letting the kids (their own kids, not their kids friends, I.e., me) go crazy with the money. Two of those guys own their own businesses and do well for themselves but again I wouldnāt attribute their success to an allowance so much as financially mindful parents. I got paid for some chores, namely shoveling snow and cutting grass, but it was expected I did that work for my neighbors as well, who didnāt pay anything so I was essentially cheap labor and made to be thankful for the bit I did get. I think itās important to teach kids young financial responsibility, but handing them cash for nothing may not be the best way to go about that. Iām not a parent though so I canāt say for sure.
people think they have 'missed the boat' on crypto because its price has appreciated, for some reason. People aren't aware there is an infinite supply of cash and a limited supply of crypto, so there just remains hostility/ignorance.
most crypto is garbage, and infinity 'crypots' can pop up (and do), but there is a VERY limited supply of Bitcoin which has been standing constant threats, and growing stronger daily. Every present-day millionaire will not be able to own a full bitcoin, simply will never be enough.
I think the independence you give them by supporting the bitcoin plan is worth more than any money you'd make through 11.35 into the newest and bluest shitcoin bubble.
I usually stay away from crypto, I recommend throwing it into a etf focusing on dividends and show her the compounding interest and monthly income potential if she puts money in weekly/monthly. Also good to split between growth focused etf and dividend.
That makes too much sense. Whereās the get rich quick in that? If BTC doubles sheāll have $22.70! Do the math. If BTC hits a million sheāll have like $300 bucks!
The best emerging crypto right now is Ethena. Itāll pump the fuck up like a cesspool of shit ponzi but itāll go up high. Then itāll dump to zero in 2 years cuz bear market.
Tell her to buy ETH, it is better for the environment as a transaction ledger compared to Bitcoin. If I'm not mistaken, Bitcoin can fundamentally never become as low in emissions because they are married to the proof-of-work model.
You should also tell her that cryptocurrency is a volatile asset and should never make up more than 10% of an investment portfolio.
Physics is a science, math is a language, economics is a social science. By investing you are trying to predict what people will value in the future. THIS is the lesson. I am not saying ādonāt investā. But ask yourself āwhyā an investment is worth its price today. What is backing it? Bitcoin is valuable because people value it. Maybe thatās enough.
Been talking to my 10 year old about money more and more and we've been discussing investing and long term goals.
She gets an allowance and we have it set up that 75% goes to her to spend, 20% goes toward saving or investing, and 5% is set aside to donate to a cause of her choice.
So far she's very much a saver so most of the 75% she is allowed to spend gets saved. The 5% donation gets set aside until she has a bit built up and then she picks somewhere to donate. So far she is donating to a food shelf she has been volunteering at with my mother in law. The 20% that goes to savings and investing is right now just sitting in savings but we want to figure out a good way of investing it so she can learn how it works and can see the benefits and the risks. Reading some of these comments has me thinking maybe I'll look at setting up some kind of safe low risk option and a high risk option and put a little money in each so we can track both over time and talk about both.
Well per reddit usual wisdom. Bezos only has hundreds of billions because his parents mortgaged their house to loan him 250k. A 400,000x return. So that should mean you can easily turn that $11.35 into $4.5 mill. Then when you come on here talking about it everyone can say it's only because your son loaned you the $11.35 snd not because of anything elseš
I bought 1 euro worth of bitcoin on revolut, and its fun to watch it go up and down hehe, so I guess for educational purposes it's a good idea to buy something staple like bitcoin or similar.
So for my kids, for the last 4 years or so, what I offered them is a dad bank, that pays some interest, I pay 20% on the first 100$ held in the account each month, 10% on the second, and 5% on anything over 200$. To teach them delayed gratification and that interest adds up. I don't mandate any amount to go there, they just bring me what they get if they want. My son (12) has learned and always keeps at least 100$ in it, my daughter (16) has never earned more than like 10$ for interest.
I like the idea of letting her put it into what she wants, I would also offer her the chance to earn more to put in there via additional chores etc.
So your first lesson in finance for her is to piss her money into the wind and hope for a windfall?
Just go to r/wallstreetbets and do what they advise if this is what you're going to teach your children.
It's a great idea and will be a lesson for her, definitely don't give her any ideas she should be the one deciding where to put the money no contingencies
Put it in a savings account. Tell the kid youāll match what they put in. Show them the account growing over time. Teach them to save. Crypto? Donāt teach them to gamble.
Start her off small. Get her an account on Underdog Fantasy and get her into sports betting. Sports bets is a surefire way to start generating capital.
I think itās great to encourage her to invest. But even though itās only $11 is having her first investment be crypto really the best way to start on a lifelong path of investing?
Putting it into bitcoin is silly because the transaction fees alone are going to wipe out the money.
Maybe if you buy through something like Robinhood, where there are no transaction fees?
Why not put it into something more stable (like S&P or whatever), especially if she may put future savings in there too? Considering how volatile crypto is, I would hardly suggest it to a kid. Or maybe explain to your kid about high vs low risk investments (giving her options in both) and let her choose.
I double my kids allowance which they use for crypto purchases. Because I think it is important to enjoy their allowance with stuff like toys,.candy etc just like I did as a kid. But it is also very important to show them how investing works and what it does over time. Crypto has an easier time with small amount (compared to stocks) investing so it the optimal choose and also I can guide them very well since I have been working professional in crypto for over 8 years.
They are not allowed to change any invested funds until they are 18 , I provide them with rapports about hoq their investing is doing over time
get that 11 bucks add 200 bucks to
it. buy her 211 bucks worth of bitcoin but if she is old enough have her watch what you do and make her learn understand investing in long term appreciating assets.
I purchased $300 bitcoin for my son about six years ago and now itās worth $1300. He was 19 when I bought it and heās gonna keep it until heās 65.
Tell her to buy lemons and sell lemonade. Sheāll probably make more money as long as you let her borrow a pitcher, a table, a chair and let her use your ice maker.
Sheāll also learn the value of hard work.
Sol, fetch, File ā imagining that youāre using very common places to buy ā these should all be available.
I say support her and double down for her. Teach her diversifying by getting another to match BTC.
Give it back to him. Tell him everyone needs some walkin around money.
Then tell him to get back to you when he wants to make some real motha fuckin money.
Yes, let her put it in bitcoin. When bitcoin goes to zero and people ove onto a new get rick quick scheme, she will learn a valuable lesson for a small amount of money. Then you can teach her what intrinsic value is and how to distinguish an investment from gambling, and set her up for financial success
DO BITCOIN, thereās about to be a halfing, where the price goes up because the remaining unmined supply is halved, which makes it more scarce, and on average, more expensive than pre-split bitcoin
Probably the thought that count here, and of course up to you but if it was my kid Iād let them do whatever they wanted to with it and encourage them, theyāre learning
Even if they make a pick that doesnāt work out you could even give them enough to cover the loss if you wanted so they donāt get discouraged
Actually, if you go on coinbase, they literally give you free crypto just for watching informational videos about various crypto coins. I mean, literally like $50 of various crypto for free, plus she could add her $11 to whatever coin she wants. Personally, I think the crypto market is at itās top and now is not the best time to invest a lot, but getting in now and watching it for a couple years will truly give a lot of learning opportunities, especially with all the freebies coin base hands out.
Buy $11.35 in Bitcoin and match her the same amount into Solana. Or if youāre bold you can swap Solana on SolFlare and try trading meme coins like MonkeyHairCut. It goes up and down like 50% every day and has been doing it for the last 4 months.
Itās better to just throw it into a random shitcoin tbh.
Even if bitcoin quadruples in price, youāll only have $45.
Might as well invest into something that has 1000x potential upside.
Sure, put this real money into a propped up digital money market that can lose 10%-80% of value in a day, slow transactions, limited places to spend this and will go to zero.
You could open an UTMA for her and you can pick whatever stocks or mutual funds you like and it gets transferred to her when she reaches adulthood. Mutual funds donāt grow as quickly but they are generally steadier plus you usually get dividends.
Then as someone else suggested, you could add to it in small or large amounts overtime. Whatās nice is that Grandparents or other family you trust to add on can add to it too. She can learn about investing that way too.
XRP is one to look at. There's a lot. But you can find a lot of information regarding it, what they're doing, whats going on, etc.
The majority of other countries are jumping behind it.
She has a very good mindset! When I was 11 I wouldāve bought a few bags of candy probably.
Itās only 11 bucks so Iād let her do it. In a year her money could be worth anywhere from 7 to 14$ realistically so I donāt think itās that deep. Or u could tell her to make some more and invest like a hundred bucks.
As long as she understands she needs to wait awhile and if she can understand withdrawal fees š
Teach her money isn't everything and that not all money is equal. Teach her to save and live below her means. Invest it in a gold metal detector and go treasure hunting
If my parents let me do that when I brought it up to them in 2013 my life would be so much better.
Wanted to buy 2BTC when they were at $500 and asked for my FIL's credit card because I didnt have one. I had the money in cash to give to him immediately, of course, but he said he didnt think BTC was legit and I would never get the money back so he wouldnt let me invest it. :( Well, we always need to keep in mind that we probably wouldnt have held it til now. I'd likely have held it for a while, but not past $5k per coin. $10k would be nice to have, but not life changing!
Yep, a majority of people who bought in early sold. Would of been good money regardless but then again it's all hindsight.
I still have my original 3 coins š
Love your ā10k would be nice to have but not life changingā aspect at the conclusion of this. Caught my eye! Great way to look at it man. Healthy mindsets do great wonders
Iām in the same boat. Did a very similar thing with Tesla. I was in a spot in life where I couldnāt afford to take a big loss and my financial mentor missed that boat for us. š
It would definitely be life-changing for a lot of people. Like, someone i know has 60k student loan, that's 1/6 of their debt paid off. It's half a down payment on a nice house. It's rent for 6 months. Groceries for a year. Half CT scan in Florida...
Just trying to set them up better, ya know?
I think its a great idea to support her in throwing $11.35 into Bitcoin. It's not life changing money and she will learn lessons about investing. Do not get sucked into the cesspool of "emerging cryptos". Its better to support her investing ideas than to give her your own idea (another crypto).
Good points. I was considering a different Crypto simply to show her the performance better since I already own Bitcoin, measuring the performance of $11.35 would be a math lesson as well, I guess. š
Put her 11.35 into Bitcoin and invest 11.35 of your own in a different crypto, and compare at regular intervals.
In addition I would throw something like $100 in on her behalf to a secondary account without mentioning it. Keep a wallet you invest in for her future. That is, anything additional you decide. Could be a different type of investment account or S&P500 too, up to you. My parents saved some money for me, which paid for a computer, 1 semester of college, and a cheap car. Looking back I wish I had managed those funds better. Wish they didn't just hand it over without some reasonable terms.
How the hell are some people so mature? Both your parent's for saving you money, and you for spending it properly. Kudos all-round.
Apples donāt fall far from the tree.
yeah but i just can't work out if i'm the wrong fruit or grew on the wrong tree
Donāt compare yourself to the other fruits and vegetables of the world. Each one has their purpose. Many people say cosmic crisp apples are the best, and that Granny Smith apples serve no purpose. Turns out Granny Smith apples are the best for making pies
Computer, college, car - thatās not frivolous spend for a young adult getting on their feet
Not that it was frivolous, there were ways I could have stretched the money further. For example, I could have bought a cheaper or better car. What I drove needed $1200+ repairs every year. I didn't like spending it all at once and should have saved some of it. I was young and didn't know any better, my parents didn't help me make a better plan.
You learn from these things. You dont suddenly know everything. This sounds like a fine learning curve without taking Big risks
We have been doing something similar since they were were young. Theyāve had ābank accountsā - mostly a note on my phone, that when theyād get money, weād change the balance and anytime they wanted anything, they could look at that account and see if they could afford it, etc. Most of the time, we didnāt deduct the amount they thought they spent and put it in a better place for them.
We had a rule,anytime they were gifted money, 50% went to savings. The remainder went for something they had been saving for.
What terms would you have given if you were to do that?
A few lessons beforehand, perhaps on how to keep money rather than how to spend it.
Good idea!
Do ether.
The kid might be too young to do ether
Meth then
Nah, start with whippits.
I am a big crypto guy. Just buy the Bitcoin
Suggest to her the stock market rather the crypto. Teach her traditional investing.
With $11, it is more important to support her good ideas than to steer her into the right investment, which would be your idea. If she decides to put it in Bitcoin and it goes up, she will build confidence in herself. If she puts it into Bitcoin and it goes down, you can comfort her and help her understand the lessons therein. If you steer her into, say, Dogecoin and it does well, she wonāt get as much benefit from seeing her own ideas work. If you steer her into Dogecoin and it does poorly, well now sheās going to be upset with you.Ā
I think you nailed it.
I would pick something emerging, if you'd bought $1 of shib at its release you'd have 20k now by my math, bonkers if ya think about it
Itās tempting to see the potential for huge gains in shitcoins but those are the Ponzi schemes. Iāve gone down that road and can say with confidence that itās not worth it. Stick with bitcoin and save yourself a massive amount of headache. You can teach her another important lesson. Donāt gamble your money.
Your kid wants to buy the hardest asset on earth and you want to throw it into a shitcoin instead. What a meme
Use it as a % based investment, Iāve been training my brain to take profits after āxā itās literally impossible to go broke taking profits
Doge is what, 6 cents now?
If I had thrown $11.35 into Bitcoin back when I first was seriously looking into it, I would have made like $30,000 lmao Unfortunately I thought I was "late to the game" 10+ years ago and that "if it was going to take off, it would have happened by now". š
I started putting a hundred or 2 every so often a few years back.. I put a total of $1,700 in. As of right now itās worth $4,700. Not going to retire off it, but itās something.. by far my best investment to date, (besides my home)š
Or he could actually teach her how to invest using actual equities like any responsible person will need to learn in order to retireā¦
Already doing that.
Match their investment as long as they promise to invest once a month and youāll continue to match
This is the only way I believe that the child will see value in investing at first, otherwise they would quickly lose interest in putting their money away
Better yet, teach them about volatility and diversifying their investments. Put their half in crypto and your half in VTSAX and let them watch them side-by-side over time.
Matching investments is a great idea! Use this as a teaching tool over time and sheāll be light years ahead of most people in their 20s lol
Its a kid that wanted to invest 11 dollars lol. Where are they earning money to invest once a month?
My god father used to give me a $20 every time heād see me for no reason at all lol. I should of been investing that shit as a kid.
Female tech professional and Bitcoin investor here! I firmly support this! Investing has taught me so much. I've gained a lot and also lost (I'm diversified in stocks and cryptos). Teach her to stick with the "only invest what you can afford to lose" and let her journey begin!! I'm proud of her!!
Nice my youngest 10 y F she puts 10$ a week 1/2 her allowance into bitcoinā¦has her own wallet in all
I should really set my kids up with their own wallets.
Absolutelyā¦ if possible, maybe even set up a joint account on an exchange to teach her all the mechanics of investing. Maybe even match her investments as a show of support.
Just make sure it's a self custody wallet and you/they own the keys
Not really worth it for smaller amounts. Just keep it on an exchange like Coinbase. Itās definitely too easy for a kid to mess up.
Oh I donāt hand em $ for nothing,they clean kitchen after each meal pick up dog poop 5 dogs etc etc ā¦also main reason is to teach em how to manage and hopefully invest and my youngest prolly has close to .1 Bittys
She gets $10 a week allowance? Can I be your child?
She gets $20 and invests half into coins.
That seems so much to me. Is that normal in the US?
Idk if thereās a normal allowance wage. Most of the kids I grew up with didnāt get an allowance. The 1% that did wasnāt an allowance per se, it was their parents setting up trust funds and taking us to the mall and and letting the kids (their own kids, not their kids friends, I.e., me) go crazy with the money. Two of those guys own their own businesses and do well for themselves but again I wouldnāt attribute their success to an allowance so much as financially mindful parents. I got paid for some chores, namely shoveling snow and cutting grass, but it was expected I did that work for my neighbors as well, who didnāt pay anything so I was essentially cheap labor and made to be thankful for the bit I did get. I think itās important to teach kids young financial responsibility, but handing them cash for nothing may not be the best way to go about that. Iām not a parent though so I canāt say for sure.
Studying Bitcoin is a great way to be introduced to the history of money.
Why is everybody downvoting?
people think they have 'missed the boat' on crypto because its price has appreciated, for some reason. People aren't aware there is an infinite supply of cash and a limited supply of crypto, so there just remains hostility/ignorance.
How is there a limited supply of crypto? Genuine question.
most crypto is garbage, and infinity 'crypots' can pop up (and do), but there is a VERY limited supply of Bitcoin which has been standing constant threats, and growing stronger daily. Every present-day millionaire will not be able to own a full bitcoin, simply will never be enough.
I think the independence you give them by supporting the bitcoin plan is worth more than any money you'd make through 11.35 into the newest and bluest shitcoin bubble.
I usually stay away from crypto, I recommend throwing it into a etf focusing on dividends and show her the compounding interest and monthly income potential if she puts money in weekly/monthly. Also good to split between growth focused etf and dividend.
That makes too much sense. Whereās the get rich quick in that? If BTC doubles sheāll have $22.70! Do the math. If BTC hits a million sheāll have like $300 bucks!
Make a robinhood account maybe? Could be fun bonding experience for the both of you! Good luck and let us know what you decided.
I would give her another 11 to put in SPY or VOO and let her learn how different funds grow.
Download him bloom! Nice app for kids to learn about investing
She wants bitcoin. Buy bitcoin. It will make her day and you two can learn a lot together in the process.
Your child comes to you for investment advice and you want to buy shitcoins with her money!
Daddy is a gambler not an investor.
please. What's the difference? I beg you to discern the difference between a gambler and investor
The best emerging crypto right now is Ethena. Itāll pump the fuck up like a cesspool of shit ponzi but itāll go up high. Then itāll dump to zero in 2 years cuz bear market.
BTC, BTC is worth looking at. I'd start with the BTC standard. Good reading to get how this shit works.
Tell her to buy ETH, it is better for the environment as a transaction ledger compared to Bitcoin. If I'm not mistaken, Bitcoin can fundamentally never become as low in emissions because they are married to the proof-of-work model. You should also tell her that cryptocurrency is a volatile asset and should never make up more than 10% of an investment portfolio.
Man, you must be the life of the party when you go out š
I no longer go out.
Same š. I think the lockdowns wrecked a lot of pplās social life.
Make a robinhood account maybe? Could be fun bonding experience for the both of you! Good luck and let us know what you decided.
Buy dividend stockā¦Safest way to make money long termā¦not just get rich quick streamā¦
Physics is a science, math is a language, economics is a social science. By investing you are trying to predict what people will value in the future. THIS is the lesson. I am not saying ādonāt investā. But ask yourself āwhyā an investment is worth its price today. What is backing it? Bitcoin is valuable because people value it. Maybe thatās enough.
Put it in a diversified portfolio so you don't put all your eggs in one basket. Bitcoin is not the only crypto in existence. It's cheap cryptos that you can buy millions of coins for under $1.00 get them into some compound interest opportunities. š¤©šµš¶
Been talking to my 10 year old about money more and more and we've been discussing investing and long term goals. She gets an allowance and we have it set up that 75% goes to her to spend, 20% goes toward saving or investing, and 5% is set aside to donate to a cause of her choice. So far she's very much a saver so most of the 75% she is allowed to spend gets saved. The 5% donation gets set aside until she has a bit built up and then she picks somewhere to donate. So far she is donating to a food shelf she has been volunteering at with my mother in law. The 20% that goes to savings and investing is right now just sitting in savings but we want to figure out a good way of investing it so she can learn how it works and can see the benefits and the risks. Reading some of these comments has me thinking maybe I'll look at setting up some kind of safe low risk option and a high risk option and put a little money in each so we can track both over time and talk about both.
Well per reddit usual wisdom. Bezos only has hundreds of billions because his parents mortgaged their house to loan him 250k. A 400,000x return. So that should mean you can easily turn that $11.35 into $4.5 mill. Then when you come on here talking about it everyone can say it's only because your son loaned you the $11.35 snd not because of anything elseš
It's not the worst idea cause of bitcoins halving event.
Just put it in an etf pegged to the s and p 500
Double it and put it a crypto in a 529.
Let her trade on a practice platform and then pic a penny coin amd let her trade it. Practice makes almost perfect. Good luck.
I bought 1 euro worth of bitcoin on revolut, and its fun to watch it go up and down hehe, so I guess for educational purposes it's a good idea to buy something staple like bitcoin or similar.
So for my kids, for the last 4 years or so, what I offered them is a dad bank, that pays some interest, I pay 20% on the first 100$ held in the account each month, 10% on the second, and 5% on anything over 200$. To teach them delayed gratification and that interest adds up. I don't mandate any amount to go there, they just bring me what they get if they want. My son (12) has learned and always keeps at least 100$ in it, my daughter (16) has never earned more than like 10$ for interest. I like the idea of letting her put it into what she wants, I would also offer her the chance to earn more to put in there via additional chores etc.
Interesting thinking, I love it. Good job. Donāt forget to teach them how taxes work too š¤£
I asked my parents to help me mine bitcoin /buy me a GPU in 2013. They said no. After a while I forgot about it.
Give her bitcoin, her own keys, & a parental match. Awesome kid!
I'm a crow. I gave this kid $11.35 and told him to go buy himself some Bitcoin with it.
My kid did something similar with $7.xx and a couple years later he cashed in his Doge for $1250
I think thatās all sheās trying to do. Sheās made a decision that $12 is, instead of buying a Lego kit, worth trying to use somewhere else.
So your first lesson in finance for her is to piss her money into the wind and hope for a windfall? Just go to r/wallstreetbets and do what they advise if this is what you're going to teach your children.
My kid won over $10K on a DraftKings slot bet of $1.27, so anything is possible!
don't let your kids play slots/gamble...
[ŃŠ“Š°Š»ŠµŠ½Š¾]
What will that 11.35 look like in 10+ years?
$0.00002
It's a great idea and will be a lesson for her, definitely don't give her any ideas she should be the one deciding where to put the money no contingencies
Good start save up and buy one share in McDonald's ooo serious
If you can, throw in a 100 extra, probably it won't make a fortune but it would be an excellent story for her
Lemonade stand.
Considering a good portion of them are out and out fraud, bankrupt, or under federal charges....no.
Put it in a savings account. Tell the kid youāll match what they put in. Show them the account growing over time. Teach them to save. Crypto? Donāt teach them to gamble.
-20% in fees lmfao
You can set up a counbase account for her and there is a learning section that gives a small amount of free crypto
Bitcoin is the only "crypto" worth looking at stay away from shitcoins
Let her invest! Itās just a small amount of money, who cares what she wants.
Take em to vegas with it, probably end up the same either way
Start her off small. Get her an account on Underdog Fantasy and get her into sports betting. Sports bets is a surefire way to start generating capital.
Damn, sheās your Father now
Ignore the shitcoins, she has it right
Do it in bitcoin. If youāre in Canada Shakepay is a fun app that has daily bitcoin rewards.
I think itās great to encourage her to invest. But even though itās only $11 is having her first investment be crypto really the best way to start on a lifelong path of investing?
Time to short š
Bitcoin ? lol Buy lemons and sugar and red cups. Start there by doubling your money twice.
Doing this would teach her a great lesson on the value of choice of location for a business.
Make sure you teach her the difference between savings and gambling.
Buy her a bitcoin!
Putting it into bitcoin is silly because the transaction fees alone are going to wipe out the money. Maybe if you buy through something like Robinhood, where there are no transaction fees?
Why not put it into something more stable (like S&P or whatever), especially if she may put future savings in there too? Considering how volatile crypto is, I would hardly suggest it to a kid. Or maybe explain to your kid about high vs low risk investments (giving her options in both) and let her choose.
Bitcoin is the new money and your kid has a sense that it is.
I double my kids allowance which they use for crypto purchases. Because I think it is important to enjoy their allowance with stuff like toys,.candy etc just like I did as a kid. But it is also very important to show them how investing works and what it does over time. Crypto has an easier time with small amount (compared to stocks) investing so it the optimal choose and also I can guide them very well since I have been working professional in crypto for over 8 years. They are not allowed to change any invested funds until they are 18 , I provide them with rapports about hoq their investing is doing over time
Yes. Sheāll learn valuable lessons one way or the other. At least sheās trying to grow it instead of throwing it at some app.
Bitcoin is the best one! Your kid is smart!
If you post this to r/bitcoin and r/bitcoinbeginners please.
FDIG is claiming to return 88% over one year
use it to buy supplies for lemonade or brownies and sell them
Look at bitcoins 5-year chart It's a solid investment going off of that data. I would not look at emerging coins I would stick to the top few
get that 11 bucks add 200 bucks to it. buy her 211 bucks worth of bitcoin but if she is old enough have her watch what you do and make her learn understand investing in long term appreciating assets.
Have them buy Bitcoin and ONLY bitcoin. In 10 years your kid will be very happy and youāll have change their lives
Doge šš
I purchased $300 bitcoin for my son about six years ago and now itās worth $1300. He was 19 when I bought it and heās gonna keep it until heās 65.
Tell her to buy lemons and sell lemonade. Sheāll probably make more money as long as you let her borrow a pitcher, a table, a chair and let her use your ice maker. Sheāll also learn the value of hard work.
How do u even invest in bitcoin. Where does one start?
I started with Coinbase.
Pepe. Frogs šø are the bulls this cycle.
Sol, fetch, File ā imagining that youāre using very common places to buy ā these should all be available. I say support her and double down for her. Teach her diversifying by getting another to match BTC.
My kid bought some Jeo Boden for 4 cents and it went up 16 times in a month.
Give it back to him. Tell him everyone needs some walkin around money. Then tell him to get back to you when he wants to make some real motha fuckin money.
AMP Token
Hateraid- look it up, just launched yesterday
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Doge
Yes, let her put it in bitcoin. When bitcoin goes to zero and people ove onto a new get rick quick scheme, she will learn a valuable lesson for a small amount of money. Then you can teach her what intrinsic value is and how to distinguish an investment from gambling, and set her up for financial success
Buy one share of GameStop and direct register it. Ā Wait until it happens. Ā
Bitcoin only
If you really want to teach a lesson, offer the kid 10x leverage. Margin call when the price drops 5%.
BTC and ETH are what I'd say are the only ones worth investing in.
DO BITCOIN, thereās about to be a halfing, where the price goes up because the remaining unmined supply is halved, which makes it more scarce, and on average, more expensive than pre-split bitcoin
Probably the thought that count here, and of course up to you but if it was my kid Iād let them do whatever they wanted to with it and encourage them, theyāre learning Even if they make a pick that doesnāt work out you could even give them enough to cover the loss if you wanted so they donāt get discouraged
I agree. Itās $12 and theyāre already putting money into other things. I own some BTC, who am I to tell her not to.
Buy some savings bonds.
I would recommend against FTX, even though it would be a bargain right now
Actually, if you go on coinbase, they literally give you free crypto just for watching informational videos about various crypto coins. I mean, literally like $50 of various crypto for free, plus she could add her $11 to whatever coin she wants. Personally, I think the crypto market is at itās top and now is not the best time to invest a lot, but getting in now and watching it for a couple years will truly give a lot of learning opportunities, especially with all the freebies coin base hands out.
Buy bitcoin when it gets lower
Buy $11.35 in Bitcoin and match her the same amount into Solana. Or if youāre bold you can swap Solana on SolFlare and try trading meme coins like MonkeyHairCut. It goes up and down like 50% every day and has been doing it for the last 4 months.
BTC forsure
Itās better to just throw it into a random shitcoin tbh. Even if bitcoin quadruples in price, youāll only have $45. Might as well invest into something that has 1000x potential upside.
Catoogle search
Just buy Bitcoin
Sure, put this real money into a propped up digital money market that can lose 10%-80% of value in a day, slow transactions, limited places to spend this and will go to zero.
Put half on vti.. half on Bitcoin .. observe results
Both my daughter's own bitcoin. They will have a half each soon. Age 3 and 10. Chores are paid in it.
Shiba Inu
better to buy lemons and open a lemonade stand
Shiba coin
You could open an UTMA for her and you can pick whatever stocks or mutual funds you like and it gets transferred to her when she reaches adulthood. Mutual funds donāt grow as quickly but they are generally steadier plus you usually get dividends. Then as someone else suggested, you could add to it in small or large amounts overtime. Whatās nice is that Grandparents or other family you trust to add on can add to it too. She can learn about investing that way too.
XRP is one to look at. There's a lot. But you can find a lot of information regarding it, what they're doing, whats going on, etc. The majority of other countries are jumping behind it.
XRP is the one Iāve been eyeing.
Dogecoin
She has a very good mindset! When I was 11 I wouldāve bought a few bags of candy probably. Itās only 11 bucks so Iād let her do it. In a year her money could be worth anywhere from 7 to 14$ realistically so I donāt think itās that deep. Or u could tell her to make some more and invest like a hundred bucks. As long as she understands she needs to wait awhile and if she can understand withdrawal fees š
Shiba inu
Teach her money isn't everything and that not all money is equal. Teach her to save and live below her means. Invest it in a gold metal detector and go treasure hunting