Nick Krautter | Change Your Own Diaper https://changeyourowndiaper.com My WordPress Blog Mon, 19 Aug 2019 21:19:01 +0000 en-US hourly 1 https://wordpress.org/?v=6.9.4 Teaching your teen to invest and bet https://changeyourowndiaper.com/teaching-your-teen-to-invest-and-bet/ Sat, 22 Sep 2018 23:21:59 +0000 https://diaper.wpengine.com/?p=60

Teaching your teen to invest and bet

Teaching your teen to invest and bet

You want your kids to get ahead in life and there are two ways to do that. The quick way is called betting (or day trading) and the slow way is called investing. Betting is where you win or lose a lot in a short amount of time. Betting is way more fun but there’s a reason that there are few independently wealthy bettors… also sometimes derided as gamblers. Investing is where you have a high degree of certainty of making a little bit of money but not much risk of losing said money. It’s painfully boring but you usually get rich in the end and we all know that money equals happiness.  You want your kids to be happy right?
Step 1: Wall Street is for suckers, so are credit cards

Step 2: Teach your kid to buy a home and pay it off

Helpful Hints!

The secret is to convince your kids not to buy things they can’t afford

Step 1: Teach your kids early to make more than they need and invest the balance

Step 2: Cut your kids in on a value add apartment deal early and make them paint all the units to get their cut of the deal

Helpful Hints!

Nothing says happy birthday more than a ticket to a Robert Kiyosaki seminar!

Step 1: Invent a dinner time game called “Let’s Create a Derivative”

Step 2: Play it every night

Step 3: Get your teen a summer internship at the Goldman trading desk

Helpful Hints!

If your teen gets their Series 7 license before they hit 16 they get to pick out their own BMW (or Tesla if they insist on keeping an office in Brooklyn)

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