drich77 wrote: ↑ @JetLi
I liked your point about teaching your kids to invest lol. I’ve done the same with roblox and HERO (gaming ETF)
Printed off the “certificate” from wealthsimple and it’s up in the kids rooms and is always a conversation piece when we talk money and investing.
Need to move the RESP to self directed - who do you use? Those two are in my tfsa as part of my “teachable moment” lol
I’m loaded up on CHR, LAC, MVIS, CIDM, ETHX.B, Galaxy, JK and SCR
I’m scratching my head at wtf I was thinking with my bag holds - CWRK, NDA, UGE, DGMI, FORT
Hope everyone has a great weekend and that June isn’t as brutal as so many of us think it will be!!
I don't know you, but you've earned my respect! This post needs to be pinned or starred for future reference. I definitely will use some tips from here for my daughter who's going to be 4 this July. thx for sharing!JetLi wrote: ↑ The long winded message is I have had my son counting money, saving, working since he was 2.5. At 2.5, he was responsible for taking the recycling out. I gave him $1.50 a week in different denominations that he had to count out $0.50 (this took over 2 years to get with regularity). Then he had to split the money into 3 jars: Savings, Education/Sports, and money he could spend.
Until he turned 8 this year, he got his money weekly and in tiny sums. This was to teach him to save for anything he wanted, and to never "borrow". Now I give him a lump sum $8 a month (x 3) for each of his jars. Now his learning is about budgeting.
The spend is whatever he wants, I don't care, he can deal with the consequences when he has no money.
The Sports/education are for extras. I pay for his martial arts classes, uniform, tournaments, he wants a private lesson to get ahead, he pays 20% of the class. He wants a tournament T-shirt because he won, he buys it out of that jar. He wanted to play soccer, I paid for the course and cleats, he paid for the shin guards and Soccer Socks. Kids need to be invested in what they want, else they won't care if they lose it.
The savings is a truly savings jar. Every 3 months or so I take him to the bank, and he empties his savings jar into the bank. Because he doesn't collect interest any more, I give him 50% bonus as a second deposit for whatever he puts in each time (up to $100). This is to show him compounding interest and savings.
I actually save his RESP money for him, he doesn't touch it, it's mostly ETFs and mutual funds, but his first stock was ROBLOX because he wanted it and we talked about an IPO, etc...I can tell he wasn't really paying attention and didn't care much, but I sure got a giggle when I heard him tell his friends he owns a piece of the company Roblox and one day he might own more of it. Investment teaches him risk and it's fun to show him the graphs of the stocks going up and down and his RESP value. Showing him regularly, let's him see the risk of investing as much as it teaches them they can make money, but they can also lose.
I want to encourage financial literacy with my son, I encourage saving, spending, and everything around it. Last year he asked if he could move money he wasn't using from his "Education/Sports and spending" jars into the savings since there have been no sports and he hasn't been to the store with the pandemic. I said of course! He wanted to know if I would still give him that "bonus", I said yes, as long as you remember you can't withdraw the money until you're 18.
There are a million things we can teach our kids, I'm just scraping the surface with what I think is important. I always say, my son is going to act like a 35y/o when he's 12 because he's learning so much. But I'll never complain if he keeps asking questions and wanting to learn, about anything.
JetLi wrote: ↑ The long winded message is I have had my son counting money, saving, working since he was 2.5. At 2.5, he was responsible for taking the recycling out. I gave him $1.50 a week in different denominations that he had to count out $0.50 (this took over 2 years to get with regularity). Then he had to split the money into 3 jars: Savings, Education/Sports, and money he could spend.
Until he turned 8 this year, he got his money weekly and in tiny sums. This was to teach him to save for anything he wanted, and to never "borrow". Now I give him a lump sum $8 a month (x 3) for each of his jars. Now his learning is about budgeting.
The spend is whatever he wants, I don't care, he can deal with the consequences when he has no money.
The Sports/education are for extras. I pay for his martial arts classes, uniform, tournaments, he wants a private lesson to get ahead, he pays 20% of the class. He wants a tournament T-shirt because he won, he buys it out of that jar. He wanted to play soccer, I paid for the course and cleats, he paid for the shin guards and Soccer Socks. Kids need to be invested in what they want, else they won't care if they lose it.
The savings is a truly savings jar. Every 3 months or so I take him to the bank, and he empties his savings jar into the bank. Because he doesn't collect interest any more, I give him 50% bonus as a second deposit for whatever he puts in each time (up to $100). This is to show him compounding interest and savings.
I actually save his RESP money for him, he doesn't touch it, it's mostly ETFs and mutual funds, but his first stock was ROBLOX because he wanted it and we talked about an IPO, etc...I can tell he wasn't really paying attention and didn't care much, but I sure got a giggle when I heard him tell his friends he owns a piece of the company Roblox and one day he might own more of it. Investment teaches him risk and it's fun to show him the graphs of the stocks going up and down and his RESP value. Showing him regularly, let's him see the risk of investing as much as it teaches them they can make money, but they can also lose.
I want to encourage financial literacy with my son, I encourage saving, spending, and everything around it. Last year he asked if he could move money he wasn't using from his "Education/Sports and spending" jars into the savings since there have been no sports and he hasn't been to the store with the pandemic. I said of course! He wanted to know if I would still give him that "bonus", I said yes, as long as you remember you can't withdraw the money until you're 18.
There are a million things we can teach our kids, I'm just scraping the surface with what I think is important. I always say, my son is going to act like a 35y/o when he's 12 because he's learning so much. But I'll never complain if he keeps asking questions and wanting to learn, about anything.
I like your point on being investing in things yourself and you will succeed more. When I got into university I had my tuition paid for in the first year. I didn't do so well. Figured out what I wanted to do and paid for it all myself and ended up getting A's and A+'s. But honestly, your child is going to become very off by the way you're teaching him, not just financially but overall life.
yeah here it is...
Kind of similar to what happened with TTD the other day.Musiq Soulchild wrote: ↑ yeah here it is...
I'm almost as bad, I have 5k shares @$2.30.
I've said this before. If youre' down like that.. Don't just sit there and wait.. You gotta scalp it. break even price is $2.30. Buy in increments. I would do 10% of your original share holding. So right now I would buy 500 at the price right now and automatically sell at 10% until met. It will bring your average down slowly. I did that with FORT.. sucked but you have to because even $.01 is like 2%.. 3 cent move alone is 6% lol. I had to scalp so much around the $.38-.39 range.notenoughsleep wrote: ↑ I'm almost as bad, I have 5k shares @$2.30.
I should really stay away from small caps, my boring, normal portfolio has done really well with no maintenance/heart-wrenching drops. But small caps are like crack, even though more than 50% of them have ended up losers, I get the occasional big winner that makes up for the losers (e.g. CTS.TO I bought at avg of $1.17)
Uggghh, what a disaster. Never mess with penny stocks but bought this hoping for a 20 bagger lol. They had to restate financials, backlog down, CEO mentioned getting rid of under-performers in the conference call. Just a complete mess. i'm out. I should have listened to my gut....they are focused on some states in the US and then bizarrely in Philippines which they don't ever clearly explain. Zero synergies there....maybe he has a mistress there.
faken wrote: ↑ I like your point on being investing in things yourself and you will succeed more. When I got into university I had my tuition paid for in the first year. I didn't do so well. Figured out what I wanted to do and paid for it all myself and ended up getting A's and A+'s. But honestly, your child is going to become very off by the way you're teaching him, not just financially but overall life.
drich77 wrote: ↑ Well said @JetLi
It’s important to have the big picture in mind - I work in education and financial literacy skills have certainly been lacking for decades now at least. Gotta teach kids these important life skills and someone has to do it!
That’s the beauty of this thread - don’t feel bad hijacking it lol. It says A LOT that your earlier post has the most likes in quite some time. Your message resonates with many of us, much respect.
We go from discussing literally penny stocks to long term holds to life challenges and even some of our “favorite” posters general ineptitude, so it’s all good in this thread lol
Have a great weekend everyone! US markets closed Monday so enjoy a semi day off!
