Andrew joins this week’s podcast and we talk about what we’re each doing to set up our kids for financial success. The first step is teaching and educating your kids about money, and part of that is leading by example. We also discuss holding kids accountable to earn and spend money themselves, and teaching them about choices and tradeoffs. We wrap up by explaining 529 college savings accounts and custodial investment accounts and how we encourage family members to consider gifting to these accounts instead of physical gifts.
Show References:
- Fidelity Custodial Accounts
- Friends on FIRE podcast #011 – Kids are the Best! Part 1
- Friends on FIRE podcast #012 – Kids are the Best! Part 2 (Interview)
- Friends on FIRE podcast #025 – College – Choosing your Approach