Re: Going to sleep, wake me when it's $100k

I have some difficulties conceiving saving large amounts of value (whether bitcoin or otherwise) for kids who may or may not deserve some kind of a windfall at the age of 18.., especially if parents have a lot of difficulties getting to a status of abundance, self-sufficiency and/or fuck you status for themselves, so why should they be spoiling their kid in such a large way that the kid does not have to build some kind of earning skills for themselves, but sure parents can do what they like in terms of whether the money would have any strings attached or maybe such saved money would be dedicated for a college fund or some other kinds of specific learning and/or skill building designations, which makes more sense, since it is a way for the kid to be able to build for themselves, such as going to college.

If the parents are saving $100 per week for their kid, then how much would they be saving for themselves? The amounts that the parents save for themselves should be more than the amount saved for the kid, no? There is the saying to put the mask on for yourself before putting the mask on for others, which puts you in a better place to help others if you are in a good position for yourself.

My own personal idea would be the the amount saved for the kid would be quite a bit smaller amount than the amount for the parent, and perhaps even at most 20% for the kid's funds and 80% or more for the parent's funds... if the kid's funds has 18 years to grow and to compound upon itself, then it has a long time to build up and it does not need to be a lot of value in order to have compounding effects so maybe it could even be 5% to 10% the size of the parent's funds.

The other idea with something like a long term kid funds is that the value would be locked away (and not tapped into) for 18 years or so, so that can be a pretty BIG commitment from the parents to lock aside potentially a lot of funds that may gain in value a lot over the years if the parents end up having more discipline with the child funds as compared with their own funds (in terms of not tapping into the child's funds, but then they might be tapping into their own funds and causing their own funds to under perform the child funds).

Surely balancing how to build your own funds and your child funds simultaneously could be a bit of a challenge for parents.

My father never really saved for himself, and I saw what that could mean, they did give me a good life, didn't really "save" money but they spent their money on a great education for me, which was of course nice and allowed me to earn a decent amount, not so much nowadays but usually I did earn more than most of my friends except this year, which I can thank my education for it.

However, I believe that we are not looking at something that would be a lot better and a lot longer on this term, I can't really consider this to be changing because when I saw my parents not saving for themselves and having a difficult life, that did leave a bad mark on my psyche that I should be careful and life could be bad any moment. I always have anxiety over my finances because ı kept seeing them have that. So, it is better to save for your kid of course, but maybe saving a bit for yourself and having a decent life so they can see you are doing fine is important as well.

I have similar case to yours in that most of the achievements of my parents were basically giving us good education. They never kept any physical money or treasures but ensured that we were well educated and that to me is the best decision they made because we are now taking care of our mother as our dad died seven years ago. The jobs we do and even participating in this forum was made possible by the education I received from my parents and I owe them whatever I achieve in life because they laid the foundation.

Learning from the steps of my parents, I will do same to my children but I will augment that with making financial savings for them as well to help them get started in life with less stress. One way I have chosen to do this is to invest in bitcoin in which some of them will be for them. Thanks to this forum, I have gain great knowledge on how to go about investing in bitcoin and saving them properly for my children and I know that bitcoin should be the best gift anyone can hand over to heirs.

For sure, you guys are correct that parents will frequently feel lost in regards to how to invest their finances, and so frequently they will try to figure out ways to invest in their children, since if they invest in their children (including values and finances), then the parents are more likely to have some kinds of life security by having had contributed to their off springs who hopefully end up giving back to the financial and/or life security of their parents in their older years.

There are so many varying kinds of circumstances, so we should not be blaketedly proclaiming the balances that parents should be attempting to strike in regards to how much to set their children up financially in light of their also making sure to protect their own financial security to some meaningful extent.

Bitcoin likely helps with these kinds of balancing considerations, especially since bitcoin is quite available to anyone to be able to invest into it in incremental ways and mostly without having to get permission, even though ongoingly governmental and financial institutions are putting obstacles in the way, which should also inspire so many of us to figure out ways to maintain certain meaningful portions of our bitcoin stash (such as 90% or so) within self-custody mechanisms rather than holding very much of our BTC with custodians, even though governments and/or financial institutions are ongoingly putting obstacles in the way of our abilities to self-custody our coins, which we should recognize and appreciate to be amongst the better ways of protecting our own self-interests and also protecting the strength of bitcoin's self-sovereign enhancing value proposition.