@moementumfinance We opened accounts at a local bank when they were little, around four or five. They were old enough to take their allowance in and start understanding that it was their money. We gave them money, and if they wanted candy, toys, books, or something else, they had to spend their own money. If they didnβt have enough, they would have to save. You would hear the brothers talking to each other and saying things like, βItβs not worth it,β or, βDonβt waste your money on that.β So that was kind of cool. Then other times they would turn around and buy some item for a video game. π€·ββοΈ We also had them force-save 10% of their allowance to build the habit of saving. They could spend the rest on what ever they wanted. Another thing we did was give them money and then make them pay for things. So maybe this month you get $200, but swim lessons cost $150. Now you only have $50 left. It teaches them that money has to be budgeted and that just because you receive $200 doesnβt mean you have $200 available to spend however you want. My kids are teenagers now, so we are working on investing. We opened a separate non registered account in January and took a portion of the forced savings and started buying shares and talking about the process. That way the only thing in the account is their shares not mixed with mine. Originally at Moo Moo but just transferred to WS so no more commission fees.
Clantosa @clantosa Β· 2d
I commend WS for trying to aggressively innovate and pressure competition
solomon @ambessa Β· 2d
Wealthsimple's playbook is ecosystem capture: by offering kids' and teen accounts sweetened with incentives and rewards, it works to bring everyone in a household onto a single platform β making the household increasingly dependent on one provider for all money management
Joe Money@thejoemoneyshow Β· 2dEdited
GivingοΏΌ my kids a million dollars
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