Topic: Diversified accounts for children (Read 373 times)

Planning ahead is great and I believe you are taking the right steps to ensure your children's future. Investing in cryptocurrencies can be a good choice for a long-term investment, but don't forget that it also comes with its own risks and potential losses.
It is important to remember that cryptocurrencies can be very volatile and their prices can change very quickly. This means that you must carefully study the market to understand what investments can be the most profitable for you and your children.
It is also worth considering that cryptocurrencies can be difficult to understand, especially for teenagers. You may need to spend time explaining to them how cryptocurrency works and how it can be used for investment.
Your children's independence is very important, but it's also important to remember that you are still a parent and can help them with advice and guidance in their investment decisions. In addition, you can help them build financial literacy that will help them make informed decisions in the future.

It's great to see that you're thinking ahead for your children's future and taking steps to set them up for financial independence. Investing in Bitcoin is certainly one way to potentially grow your wealth, but it's important to remember that it can also be a high-risk investment. Make sure you understand the risks involved before investing, and consider diversifying your investments to reduce risk
Overall, it's great to see that you're taking a proactive approach to your children's financial future. By setting them up with Bitcoin wallets and encouraging them to learn about financial independence, you're helping to prepare them for success in the years to come.

In the olden days, old people will keep advising their children to teach their grandchildren a solid education, this is not the same today, as too many people still struggle to become better somebody in life, instead of this advice, I prefer telling people to teach their children how to make money so that they can have a peaceful life.

Teach them, just because they are young doesn't mean they will go astray, you are the parent so you should your kids better, crypto can't distract them, there are basic things you can teach them at their present age.

Have your wallet first and earn more sats before you consider earning for your children. Actually it’s a good plan to prepare them in the future and make them independent with their finances when they reach at a mature age. But not exposing them into bitcoin at an early age could not be helpful and does not justify your goals for them. Let them develop their interest with bitcoin by teaching them about its utility cases, so that they will know how valuable bitcoin is and that they should learn to start earning sats when they are matured enough.

The above two lines look contradictory except you are differentiating with age because if you don't want to expose your children to social vices but you want them to be independent through e-commerce, cryptocurrency market or forex trading then they are as well exposed to social vices because all the options you mentioned are online. However, you will be suppressed that those children you are trying to protect against social vices already know alot because they go to school and that is where social vices are more rampant.

It's great to see that you are thinking ahead and taking steps to ensure your children's financial independence. Your decision to open bitcoin wallets for your children and regularly invest in them is a smart move. By doing so, you are creating a solid financial foundation for them to build upon in the future. It's also commendable that you want your children to learn about financial literacy and become independent after completing their education. While it's important to give children the tools to be successful, it's equally important to let them learn on their own and make mistakes, so they can develop the skills necessary to navigate life's challenges. Overall, your planning and foresight will undoubtedly benefit your children and set them on a path towards financial stability and independence.

the success of parents is when they see their children are able to be financially independent when they grow up and do not fight over inheritance with their siblings.  i also have a plan like you, i don't want my child ^{(i only have 1 child aged 3 years)} to depend on me until he grows up.  hope you manage to slowly fill up all four of your children's bitcoin wallets ^{(using the DCA method)} until they grow up, being consistent is hard enough.

You have a point, I mean if you put your funds in the bank they will depreciate over time due to inflation and probably be worth less. But we don't recommend putting everything on bitcoin because obviously, it's a risky investment, even though we all believed and say that the bitcoin market price will increase over time there is still no guarantee that it is going to happen, there are lot of factors that affect the price of bitcoin so everyone can argue that in the future it might worth millions of dollars or the opposite.

It was just my opinion, for me you should start with something similar to an emergency fund before starting to invest in a risky investment like bitcoin, you might easily make a mistake without a fiat fund since you might just sell your bitcoin at an unfair price just because you need money for necessary things.

What wise choices you've made! I wish my parents had been like that for me, lol. Preparing their finances and sparing them from our earnings is a great idea, but it's better not to tell them until they're ready to avoid them thinking they don't need to work on it because my parents have already prepared for me. Teaching children about finances when they are young is always a good idea. It will help them grasp the idea of how important it is to learn to manage your finances from the beginning. Learning about e-commerce, networking, the crypto currency market, and forex is also important nowadays as the world becomes more complicated, digital, and fast-paced. It will also give them an idea of how difficult it is to earn money. They will appreciate your plan more as a result of this. Even though the concept of blockchain and cryptocurrency is still new, you can always teach them the simplest, most basic things so that they at least have an idea of what it is.  It is very easy to obtain information from the internet, so even if you want to avoid them learning this during their adolescence in order to keep them away from social vices, they can still learn it if they want to. So, to avoid misunderstandings, it's better, in my opinion, if you're the one who gives them the fundamental understanding as you want them to see it.

you think about the future of your children. That's good. save assets for their future, you can give them when they are ready. but you can actually provide knowledge regarding crypto and others first. we never know the worst possibility that we can experience in the future. even when we leave behind assets our children may never pick up.
I wish you success with your planning. this is your long-term project, I hope you are consistent.

You have a fantastic idea here. And, as a good parent, you've done everything possible to help your children benefit from and remain independent as they grow older.

However, failing to educate them at a young age may jeopardize their savings in those wallets when you eventually give it to them when they reach the age of 18. As they grow older, they should be taught about the risks and security associated with cryptocurrency and become more knowledgeable about it. Cryptocurrency requires a lot of learning and understanding, so give it to them at a young age and watch them grow with it.

What's wrong with teaching your children about Cryptocurrency at an early age, in fact, the earlier they understand the more they will benefit because they are not going to catch up anymore on the technology because the technology is evolving.
You have to trust your children and just educate them on these what you called social vices so they will not fall into this.
You've done the right thing in allocating Crypto for their future, but it's not only the Crypto that's worth giving them education on how Cryptocurrency works and its potential, you never know if your children plan to have careers in the Cryptocurrency industry if they are properly educated.

I feel this is a wrong advise with the devaluation of fiat currency, if you start saving in a bank,when they are old enough to be given their investment, the funds must have depreciated and the value will not be cumbersome for them.

If OP, saves the  bitcoin like he said or intend to do,I believe this will help his children in future because nobody knows how much bitcoin price will be then,maybe $1m. This will help them start a better life compare to keeping fiat in a bank.

OP, it is better you teach them about bitcoin so that they will know exactly what plans that you have for them in future, even though,you didn't tell them that you are keeping their coins for them. You should also be careful so that you don't make costly mistakes with their savings.

Your plans are good mate since we all believe that the price of bitcoin will get on going up and we will make more profit. Your strategy is like you are saving for your children's future.
But you have to know that we live in a world filled with uncertainties. We cannot certianly predict that the price of bitcoin will go up or down. That is why you should also invest in other areas so that if one fails the other might succeed.

Education and good home grooming is the best investment a parent can give to his children. They should also be exposed to financial education. If they don't have a sound education, upbringing and financial training, they can squander any amount or investment you kept for them.

We live in a time in which information is within reach of a click and if you don't have that click (metaphor) your neighbor, friend or anyone has it, you can access it somehow, then the information, good or bad, that you think is not you handed over to your children comes to them, it happens somehow.

Today, there are young people who are totally independent at 13 or 14 years of age, because they monetized content, for example, but there are others in sports, art, etc.  Hence, we live in a new era, not only in access to information but also in how income can make your life a different way of receiving money.

Connsequently, Bitcoin is only a very small part of that process.

Then do not try to hide the things that today flow like water.  But I congratulate you for your good intentions and improving every day to be a better man, husband and finally a good father.

What you are doing is what a great parent would do, and they will definitely remember this for their entire lifetime, I say that because just like you, I got nothing much as inheritance from my late father, he either didn't think of it or couldn't do anything to do much for our future, but we are doing okay anyway. You should continue working on your plan, it is one of the best.

Something that I may suggest like a lot of other members in here, it is that you should at least expose them to the reality of Bitcoin and let them know the real facts and stuff about it so that they don't hear rumors and start hating it for no reason because we live in a society where there is also hatred towards the technology. Also, what's your plan for how you would give them access to the wallets once they turn 18? And do you have a plan if something happens to you before they turn 18? How would they get access to the wallets in that case?

This a good decision OP, as your children will thank you in the future for what you have reserved for them. However, if your children are already high schoolers, I guess you should start teaching them about bitcoin so that they’ll be aware about its purpose and how it will be beneficial later on. Otherwise, they’ll never develop interest with bitcoin if you never exposed them to the real world of bitcoin and cryptocurrency market.

I think it's a smart move to plan ahead for your children's future. By creating bitcoin wallets for each of your children, you are giving them a great opportunity to have financial independence once they reach a certain age. I believe it's important to teach children the value of money and how to manage it from a young age.

But, what do you mean by "you will not expose them to crypto as teenagers to avoid social vices"? Although it's true that cryptocurrencies carry certain risks, much like any other investment, wouldn't you agree that it's important to educate children about all potential risks so that they can develop critical thinking skills and make well-informed decisions as they grow up? Moreover, exposing teenagers to cryptocurrencies can help them become more digitally literate and develop skills in coding, computer science, and other related fields. I think by providing them with the right guidance and support, you can help them develop the skills and knowledge they need to make informed decisions about their finances and their futures.

How do you mean by you opened for bitcoin wallets with your children's name? Does creating a bitcoin wallet require submitting names, age, sex and possibly the intention of creating the wallets?
How sure I'm I that you didn't create four different accounts in CEX for children?
Well, I doubt because if you did it would be difficult to complete 4 different kyc for the accounts. But if by chance you created an exchange account for them, please revert immediately.

About the topic. I will suggest that as you are investing for them, find out time to teach them about bitcoin and how to claim those investments, death is inevitable and most times unpredictable.

The savings you prepare will be very useful when your children are grown, their future is a little more secure by utilizing the savings they receive from you. Being a responsible parent requires action for the happiness of their children, there are many ways that can be done for their future. Giving inheritance in the form of BTC is something that is rarely done by other people, I hope they already understand Cryptocurrency when they receive a private key from you.