Has anyone ever thought of trying to get their kids to make money at an exceptionally young age? Especially in this era of YouTube, online businesses, and programming, I was thinking it’d be possible to get my future kids to start earning money at the age of say 10-12. Not saying I would force them to make money and pay their own way. But it’d be good to encourage them to earn early and thus save and invest early *if they wanted to*. My question is, does anyone have experience doing this or know a friend who’s done this?
In case it’s relevant, I’m 30 years old and my wife is 24. We plan on having kids when she’s 28-30 and we want three kids. My tc is $105K with less than a year of experience and hers is $140K with a year of experience in product. Living in the Bay Area and would like to move out down the line but that’s whole nother story.
There are many ways to have your kid make money, but they aren't surefire. Residual income (YouTube, Twitch, blogs, stock photos/vids, and game/product/course creation) from digital content is a good source, but is hard to do without a passion and talent. You can't force them to have either of those qualities. Also, you could employ them and put away their money in a Roth IRA. (If you do this, your kids will love you when they get older). Then, there's just making them work at some firm and forcing them to save a percentage and handhold them while they file their taxes themselves. Finally, they could create a company, but getting ramen profitable as a kid is a nightmare and frustrating - but that first sell is like crack.
If you want some inspiration, I learned a bunch from r/financialindependence and r/investing.
That all said, my plan is to buy my kids a few books, instill discipline and appreciation for learning, and teach them some empathy, along with paying for their education. This should be more than enough to set a kid up for financial success.
Here's the list of books: How to Win Friends and Influence People; Way of Kings; The Millionaire Next Door; Superintelligence: Paths, Dangers, Strategies; Golden Triad – Emotional Intelligence, Social Intelligence, Focus; The Alchemist; Think and Grow Rich; The Four Hour Work Week; The Little Book of Common Sense Investing; Your Money or Your Life; and The Opposite of Spoiled (for you and pass it to them eventually).