Topic: Diversified accounts for children (Read 372 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.

pretty good idea, when other parents are busy to prepare future savings in the bank you choose a different path by providing future investment savings with Bitcoin and gradually you make a deposit in each of your child's Bitcoin wallet. If you do that consistently it will be a great future investment for your children. and as a provision for the future, you also need to introduce your children from an early age what Bitcoin is and how it works later. it will give them an idea that the potential of bitcoin is huge and they will be a part of it. The future of your children is in your hands, that's a great step and very much appreciated.

if you asked me, I think it'll be far better if you expose them to crypto in their teenage years(especially if you are going to go through on what you are planning) since you yourself are the one teaching or guiding them.

just curious, what wallet are you planning to use? because if you are going to hold coins on a bitcoin wallet, security is extremely important. if you have questions regarding it I suggest asking them now.

Op plan is very good, he has been preparing to invest in his children from an early age. This question is very important to the Op, as long as no one else has the keys there is no guarantee his children will be able to access the wallet for up to xx years if something happens to the Op.

It takes trusted heirs to keep the assets in the wallet so that they can always be accessed. Nothing can go against the laws of nature, get sick, lose memory or forget and the worst possibility is death. Op needs to consider this question so that his assets are not frozen in the wallet, Op must trust the heirs so that the baton continues.

I don’t see any reason now to divide investments into different wallets, store everything in one wallet, and if you want transfer the inheritance, then just divide the balance into equal parts and send them to new wallets.

But I am inclined to believe that it is more important to teach a child to earn money himself than to give him an inheritance.

If I were you, I won't even let them know that I plan to give them Bitcoin each, why not spend your time teaching them how Bitcoin is beneficial for their generation? Let the know learn and engage in Bitcoin trading, transactions, peer 2 peer, and others, and patiently watch them for a long time to see if they will develop any interest, if you immediately send them Bitcoin and they instantly sell the Bitcoin it makes no difference.

In my opinion maybe just creating a bank or adding a separate vault on your bank would already work as long as you do save separately for your child it would work. I mean it doesn't actually need to be bitcoin or any cryptocurrency because they are still children so they don't really understand it yet and don't have enough knowledge about bitcoin, I know bitcoin is an investment but at the same time, we all know that bitcoin and cryptocurrency are also so risky because of its volatile market price.

4 wallets or maybe banks looks like a lot of work, It doesn't really need to be 4 specific wallets since you could just split them in the end, Anyway, it still depend on you, but I guess as long as you teach them your bitcoin knowledge it's already enough for them to start their investment journey because its everything will be useless if they don't have enough knowledge and would just end up just selling the bitcoin you accumulated for them.

It's a good plan, but focus on the kids very well, especially if you have boys, at the age of 18 they are not always in a serious stage, they want to play video games, buy stuffs, waste money, and carelessly do things, I don't think that age is the best time to hand over Bitcoin wallet to them.

Before they age, keep lecturing them about crypto and bitcoin wallet, make them do some practice with crypto transactions, and give them assignments, like telling them to open an exchange account, track transactions, etc, I would do this for my kids too, but now I don't have any.

I have this in mind as an inheritance plan, but how will they avoid all the mistakes if I don't teach them? Even adults lose funds to scammers or hackers too.

Good luck with your plan, and all the best.

OP, you are a newbie; are you sure that you can carry out your plans? It's good to have a dream, but it's more important that your plans are properly planned so that you don't get any regrets from your mistakes.
A similar topic has already been brought up; I can suggest you read it, as the people in that thread gave a lot of good advice to a person with similar ideas; the difference is that he has five children.

Can you 'Will' your bitcoin to your children?

Preparing bitcoin savings for the future of your children is a brilliant idea. Your obligation to your children ends when they graduate from college; consequently, they are fortunate to have a parent who goes above and beyond. But when you do not want to teach your children about crypto when they are teenagers, I do not get it. High school level is the greatest year to support your kids about their true capacities which they could take for their college courses You are not required to inform them of your secret savings, but it is preferable to inform them of crypto when they are young. If they are interested or not, you will know, but at least you told them about it.

Well, if your childs uses a smartphone, how can you be sure that they will not have information access to the crypto space before they are 18 years old?
Introducing crypto from an early age does not mean letting them become evil, but teaching them how crypto crimes work which are generally difficult to solve. So it really depends on the moral education of parents as well.

It's up to you if you want to create 4 Bitcoin wallet or just keep in one wallet and then split up after you think your children already mature enough, know money management and how they use their money.

I'd consider to give your Bitcoin to your children as an inheritance because you don't need to think and control them how to use their coins, you might ask them to hold their coins until the next bull run, but if they don't listed to you, it will cause a drama where you're not willing to let your coins spent by unnecessary thing e.g. buy a luxury product.

Open four bitcoin wallets, what does this mean?

What is the wallet software you use to do that?

You should use a self custodial wallet and I hope you did. With self custodial wallet, you don't have to open any wallet like open accounts on centralized exchanges. You can install wallet and create receiving address then assign address labels with names of your children.

However, if you plan to give it to four kids, you must create four different wallets, each is for one kid. You should not create one wallet and give four addresses (in a same wallet) for four kids. Because they will co-own that wallet later that can cause conflict of interests. If one of children is bad, he will steal all coin in that wallet.

You are an exemplary parent for preparing your children's future with Bitcoin savings. I wonder how old they are right now.

I hope you are extra careful in keeping your savings for your children. At the very least, keep them in a cold wallet.

Anyway, I'm curious about what made you associate cryptocurrency with social vices. I'm surprised that you are choosing Bitcoin for your children's future and yet you don't want them to learn about it as teenagers.

That's where the problem lies now.....it's not even about how good the whole idea is; but since we ain't even got a clue on how best he could go past the maltreatment he got from his parents, and how he could make 'em kiddie's lives meaningful -- mostly for the fact that the world is moving to its renaissance, where even the smallest amongst the toddlers would operate a stock market -- his decisions are impeccable.
How secure is it? How safe are the wallets?? How about if one of these kids don't take the whole idea of the digitalized world seriously, since you haven't even started it from birth with them, and for the fact that some peeps don't even like everything they see or hear?? What's happens in that case?

Sandra 🧑‍🦰

Not a bad idea. Instead of having a fixed deposit account in local banks for your kids, its better you open a wallet and ensure to fund and keep enriching the portfolio over time and they would appreciate what you've done for them when they truly understand. Either in regrets or in enjoyment the fruit from having a thoughtful parent.

I have highlighted those words for a reason. For your kids not to lay waste everything, they've got to know something about finance. They've got to understand that, it ain't a do as you want just because you've got the funds for it and funds not properly managed finishes.

Again, this doesn't come with age and so, 18years for a bench mark might not be idea but, its good enough for a start.

That's actually a good plan but don't forget to have yours as well because you're the one that's funding them. It means that you shouldn't forget about yourself while stacking up those sats on all of their accounts.

Create for yourself and that's why you're working and stacking for them, to have a good life and you're not exempted with that. You need to reward yourself and with that long period, you're not in a time deposit so don't forget too that you can sell anytime as you wish when the perfect time of making profits has come.

This is one of the best things any parent can do for their children. This could really mean a lot for them and be a great start when you finally hand this over to them when they are well grown to manage the funds. Starting to save small for them, you won't even realize when you might have saved a lot of money through Bitcoin.
 
Among your children 1 might also be interested in the tech industry which will really expose him the more adding to the earlier knowledge which they might have gain from you when they are off age. The best things and experience, and achievement most of the time start from what our parent's have prepared for us from the on set. If most of us who are now grown up have had this kind of opportunities from our parent's we could have been more expose then where we are now though lots will miss use the opportunity. 

There are some line you are missing, if I must tell you, you have to teach them about bitcoin give them the basic principles and right knowledge they needs to know before anything else. I don't know of their ages but I believe they can be able to understand the whole configuration instead learning it outside or being that you don't give them right orientation towards bitcoin would make them probably gets involved with ponzi scheme and any other money making easy way, but with the right knowledge they could be able to manage themselves and overcome any other illegal means of investment.

Besides if you don't reveal to them you made
an investment to each of them they won't know you have such plans for them and it's good to learn from you being that you have no such privilege from your parents, and you were independent this shows they should also learn from you than being blinded of not showing them up the right way of digitalization and the innovation enveloping the world.

this is certainly a good plan, make an effort to really leave some significant sum in those accounts.
Why does this sound to me like you opened bank accounts for them? why do they need to be "in their name" and where did you open those wallets?
Are you sure that the way you opened the wallets guarantees that in xx years it will be possible to access them?

You don't have to expose them to the Bitcoin wallets, but that doesn't limit you from exposing then to Bitcoin knowledge and financial knowledge in general. This would enable them to properly managc any amount you give to them.

Also, what vices do you speak of that are precipitated by crypto in a teenager?

Am planning ahead for my children, early this year I open four bitcoin wallets with my children's names overtime I will be dividing my investment either profit or capital and send to their wallets, no one will have access to it until you assume certain age of 18. I did not enjoy any treatment from my parents I was not independent and I was not dependent. I don't want same thing to repeat I wish my children to be independent after higher college, they should be able to learn life on their own but I will not expose them to crypto as teenagers to avoid social vices.

With this strategy and planning in a front run, I myself will independent of their demands. They canter for themselves and learn e-commerce, networking, crypto currency market, forex and anything that will sustain their independency. Being a parents is being a responsibilities