A friend linked to an article from the Wall Street Journal a few years ago about how to teach your kids about money. Dave titled his entry ‘Smarter Parents Than Mine,’ but I think the more apt title might be Richer Parents Than Mine.
The author lists the cash he’s giving to each of his two kids:
- $25,000 to start a retirement fund.
- $5,000 upon graduation.
- Free under-grad (they’re on their own for grad school)
- $20,000 for a house down payment
- $5,000 for a wedding (or cash if they choose to elope)
That’s about $100,000 each, depending on where you go to college. Wow. Lexi better not be counting on $100,000 from us. And I was proud of myself for starting a $250 mutual fund for her birthday (with some help from her grandparents).