RS_Non-Res
WKR
- Joined
- May 1, 2021
- Messages
- 480
I've been told that my primary responsibility as a parent is to preserve my child's innocence.
If I could speak to my younger self here:
Work on patience as your wife and kids will need that from you.
Don’t miss out on the kids events. Years down the road your employer will not remember the sacrifices you made for them, but your kids will remember you not being there.
Teach them good morals and how to be a good person and friend. Too many put academics first.
I read somewhere the best thing you can do is build a child’s self confidence and self worth. Lots of truth there.
If your state has it buy them a lifetime hunting licenses as soon as your able.
Spend as much time with them as you can while you are still cool to them.
Take them to see grandparents often. They will be gone too soon.
Take a good family vacation every year.
Get them a camera. Life through the lens of a kids eye view makes for great photos and memories.
Take them hunting every chance you get and take advantage of the reduced costs youth tags.
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Thank God for informed advice.Financial advisor here. If you want to do the Roth IRA, have an accountant sign off on an LLC (limited liability corporation) for you and/or the wife for some side business. Have the kid "model" for the website or something and pay them (again with a CPA's blessing). You can put all that income into a Roth IRA up to the IRS limits in the Roth. I've see it done personally. The ROTH has many more benefits than the 529. And there's nothing saying you can't do both if you have the assets, better yet...let the grandparents, aunts and uncles fund the 529.
Oh and the cost that's often quoted in financial circles to get a kid to 18 (no college) is around $250k.
^^ This. As simple as it is written. I consider this one is a profound advice.Agreed. Patience, patience, and more patience. Love, love, and more love. Time, time, and more time. It is simple but far from easy! With that they’ll be well suited to take care of their own finances when the time comes.
here is a calculator based on income tiers.Save your money.
Recently there was a news article that said you need $1 million per child until they are 18.
I like how you are not folding on that million a kid. Lol. Way to stick to your guns, Do you wanna be my kids God parents?, sounds like they will be well taken care of.A lot of it depends on what your pay for child care.
Some places are extremely expensive - like $60/day/child.
Both parents work with 1 kids = $15,000yr (with 2 weeks of vacation factored)
Multiply that by 4 years per child = $60,000 - JUST FOR CHILD CARE.
Now all the stay at home / work from home Dads & Moms can greatly reduce the costs, and the WaPo link above isn’t even close to the costs.
Hell, it says $17,000 / yr - TOTAL
So many variables.
You’ll get back what you put in when raising kids.
I’ve never regretted what I spent on my kids. It may have well been $1 million.
I like how you are not folding on that million a kid. Lol. Way to stick to your guns, Do you wanna be my kids God parents?, sounds like they will be well taken care of.