Should You Give Your Kids An Allowance? #AskTheMoneyGuy

Should You Give Your Kids An Allowance? #AskTheMoneyGuy

[robocop]

Here's a controversial topic for your next video. I am a believer of Early Inheritance. My brother got a down payment for a condo from my Father 21 years ago. That condo has gone up in value by 4X. My Father passed away six years ago and the inheritance was split between 6 siblings and 8 grandchildren. The inheritance I received even if it was double or triple the amount really didn't matter because I am already financially successful. What would've been better is I could have invested that same amount by brother got 21 years ago into the stock market or properties and would easily be worth 10X more than what I received from my inheritance. Would that early gift affected my drive to succeed? Heck no, it probably would've got me started thinking about investing a lot earlier as I only started buying investment properties seven years ago.


I have adopted Early Inheritance with my kids. I've already put in a 20% down payment on my first born's condo after graduation and that condo has already appreciated by 40% and is currently renting at 5% net rental yield. My first born is working and is in the initial stage of her career. I tell my kids by the time I pass away, I expect them to quadruple the number of properties from that initial investment. My kids understand that 20% is all they will get from me which leaves me to spend as much as I want during retirement. I am aware I can invest that money and leave it to them later but I prefer my kids to get started on investing right after graduation.


What do you guys think? They're gonna get something from me anyway so why not give while I'm alive and get the satisfaction of watching them compound their investment over time. And I'll be alive to give investment advice along the way if needed.

[LeadershipwithMike]

Great vid

At what age do you start the allowance type work? I’ve got a 5 and 3 year old

[PrestonJG]

Here is my question: Will Bo ever grow eyebrows?