Having kids make money

Dec 29, 2018 29 Comments

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.

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TOP 29 Comments
  • Reddit / Eng pzqf14
    Teaching kids financial literacy is great parenting. Kids given responsibility at an early age also sets them up for financial success.

    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).
    Dec 29, 2018 6
    • Cisco / Eng 0.1
      Haha. Good one.

      23. Much respect! Kudos to your parents. If you are self-made double that!
      Dec 29, 2018
    • Microsoft naaam
      @pzq... Wow you exactly echoed my views on alchemist
      Dec 29, 2018
  • Symantec O (1)
    Google Ryan unboxing videos
    Dec 29, 2018 1
    • Amazon / Product
      DTtw27

      Amazon Product

      PRE
      Amazon
      DTtw27more
      That kid made $22MM last year.
      Dec 29, 2018
  • Google / Eng Bluths
    Not having kids saves thousands a year. It’s guaranteed.
    Dec 29, 2018 7
    • Snapchat shroomed
      3k a month is higher than any daycare cost I’ve seen in Seattle. The ones I know charge 1600 to 2700. 2000 is a reasonable estimate. The diff in rent between 1 to 3 bedroom is around 300 to 400$ for a regular apartment. Also, you get to use the space as well. It’s not just for kid. And other kid expenses amortized over 5 years would probably be $500 a month, unless you travel a lot. So at 3k a month total extra expense you are looking at about 180k for 5 years. Minus tax credits + childcare (total value about deduction 5k a year) will get you to about 150k.
      Dec 30, 2018
    • Amazon / Eng legend
      Kinder Care quoted 2700 and bright horizon 2980. Both said this will increase next year by the time my kid is ready. Both don't include taxes.There are some cheaper daycares and the cheapest I could find was $2200. But for me it will be a choice between drive 1 mi vs 2 blocks. If you could give pointers on an infant daycares in downtown Seattle that charges 2000, I would really appreciate it.
      In my apartment, I pay $1850 for 1 br and I see 2br at around 2900-3k. But yeah, moving slightly far may reduce it to 2200 to 2500 perhaps. Again it will be few miles commute vs 2 blocks. Maybe you are right about the other expenses as I will find out shortly once the baby arrives.

      Are you sure about the tax benefit of 30k? I researched but couldn't find much. Seems like there is a tax credit of 2k which doesn't apply to us as our income exceeds 450k. We already claim the standard deduction of 24k and as far as I could see, it wouldn't increase due to baby. How did you get to 30k?
      Dec 30, 2018
  • New
    JohnMcPop1

    New

    PRE
    Intel
    JohnMcPop1more
    While planning 3 kids earning etc

    Make sure, impotency test is green.
    Dec 29, 2018 0
  • Amazon / Eng Chad🕶
    Maybe just let them have social active lives at that age. Get them involved in sports so they can learn about team work, perseverance, social interaction skills, improved motor functions, become well rounded in life, learn that there is more to life than just work, etc. They'd probably hate you less in life later on
    Dec 29, 2018 0
  • Microsoft AXYDLBAAXR
    I'd suggest examining their actual interests and seeing if any of them lend themselves to paid work. Something online without an official employer is your best bet. I remember when I was 14 wanting to shelve books at the library. I was obsessed with different ways of organizing my baseball cards; I would have been a great book sorter. They wouldn't hire anyone under 16 though. 😐
    Dec 29, 2018 0
  • Microsoft Fpqq57
    Curious about your 1 YOE at 30. Career switcher?

    As for having kids make money, I think that's a great idea as long as they like what they're doing and it doesn't take away from their education and relationships.
    Dec 29, 2018 0
  • Oath / Eng
    Blind404

    Oath Eng

    PRE
    Amazon
    Blind404more
    You are thinking way ahead buddy! Focus on your wife and the process of bringing your kids to the world for now.
    Things will change in 15 years, YouTube may not even be a cool thing then.
    To answer your question, there are so many teen entrepreneurs around. Get inspired but not overthink a lot about your parenting skills.
    Dec 30, 2018 0
  • Apple vErx86
    Not sure what your question is. Are you asking if it’s right? Healthy? Legal?
    Dec 29, 2018 0
  • Oath
    newusery

    Oath

    PRE
    Google, Amazon, Uber, Airbnb, Facebook
    newuserymore
    Freshman year of college my side project net me 15-25k month. Felt weird to make more than my teachers from something that required little maintenance.
    Dec 30, 2018 1
    • New ISYL37
      Can u give a clue? What sort of side project?
      Sep 13, 2019

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