Comments on: Give Your Kids a $ 25,000 Graduation Present http://frugaltorich.com/2010/04/25/give-your-kids-a-25000-graduation-present/ Live Frugally, Get Rich, Be Free Sat, 31 Jul 2010 20:09:53 -0400 http://wordpress.org/?v=2.8.4 hourly 1 By: M.S. http://frugaltorich.com/2010/04/25/give-your-kids-a-25000-graduation-present/comment-page-1/#comment-153 M.S. Sat, 31 Jul 2010 20:09:53 +0000 http://frugaltorich.com/?p=1195#comment-153 Well--that is one approach. Frankly, that's not what I would do though. I would tell her if she wants a phone, she can earn the money to pay for it. There are lots of things she can do--our kids did them! Feed the neighbors cats, take in their mail, shovel snow, cut grass, etc etc. No freebies! She will value the 150 minutes of cell phone usage alot more if SHE earned it! Best of luck! Well–that is one approach. Frankly, that’s not what I would do though. I would tell her if she wants a phone, she can earn the money to pay for it. There are lots of things she can do–our kids did them! Feed the neighbors cats, take in their mail, shovel snow, cut grass, etc etc. No freebies! She will value the 150 minutes of cell phone usage alot more if SHE earned it! Best of luck!

]]> By: How to Help Your Kids Build $25,000 Stock Portfolios | CashBlogged Blog http://frugaltorich.com/2010/04/25/give-your-kids-a-25000-graduation-present/comment-page-1/#comment-152 How to Help Your Kids Build $25,000 Stock Portfolios | CashBlogged Blog Sat, 31 Jul 2010 19:59:09 +0000 http://frugaltorich.com/?p=1195#comment-152 [...] how Mary describes her method in a post at her site, Frugal to Rich: When our children were born and people wanted to get a gift [...] [...] how Mary describes her method in a post at her site, Frugal to Rich: When our children were born and people wanted to get a gift [...]

]]> By: How to Help Your Kids Build $25,000 Stock Portfolios | Financial News and Information http://frugaltorich.com/2010/04/25/give-your-kids-a-25000-graduation-present/comment-page-1/#comment-151 How to Help Your Kids Build $25,000 Stock Portfolios | Financial News and Information Sat, 31 Jul 2010 17:10:24 +0000 http://frugaltorich.com/?p=1195#comment-151 [...] how Mary describes her method in a post at her site, Frugal to Rich: When our children were born and people wanted to get a gift [...] [...] how Mary describes her method in a post at her site, Frugal to Rich: When our children were born and people wanted to get a gift [...]

]]> By: How to Help Your Kids Build $25,000 Stock Portfolios | Lock in a good rate.com http://frugaltorich.com/2010/04/25/give-your-kids-a-25000-graduation-present/comment-page-1/#comment-150 How to Help Your Kids Build $25,000 Stock Portfolios | Lock in a good rate.com Sat, 31 Jul 2010 16:04:42 +0000 http://frugaltorich.com/?p=1195#comment-150 [...] how Mary describes her method in a post at her site, Frugal to Rich: When our children were born and people wanted to get a gift [...] [...] how Mary describes her method in a post at her site, Frugal to Rich: When our children were born and people wanted to get a gift [...]

]]> By: Momonabudget http://frugaltorich.com/2010/04/25/give-your-kids-a-25000-graduation-present/comment-page-1/#comment-147 Momonabudget Sun, 23 May 2010 02:59:50 +0000 http://frugaltorich.com/?p=1195#comment-147 Great advise M.S., but I just don't have the money! My 12 year old daughter is graduating from elementary school this year and all she wants is a cell phone to gossip with her friends. She actually the only one without a cell at this point. So, I just got her the NET10 prepaid plan because I pretty much refuse to pay for all the bells and whistles that often come with the contract cells. My hope is that I'm not just giving her a cell phone, but I'm also teaching her the very basic concept of budgeting and time management. Since she will only get 150 minutes a month ($15 is all I can afford a month for this) she will have to watch and monitor how she uses the cell very closely. The NET10 plan is pretty affordable at 10 cents a minute and 3 cents a call so I think, at least at first, the 150 minutes should be plenty. The phone is really nice - it's a Samsung T401 slider phone so I think she'll be happy. And I'll be even happier just thinking that, if I can't give her $25,000 later, at least I can teach her the basic principles so that eventually she can save her own. Great advise M.S., but I just don’t have the money! My 12 year old daughter is graduating from elementary school this year and all she wants is a cell phone to gossip with her friends. She actually the only one without a cell at this point. So, I just got her the NET10 prepaid plan because I pretty much refuse to pay for all the bells and whistles that often come with the contract cells. My hope is that I’m not just giving her a cell phone, but I’m also teaching her the very basic concept of budgeting and time management. Since she will only get 150 minutes a month ($15 is all I can afford a month for this) she will have to watch and monitor how she uses the cell very closely. The NET10 plan is pretty affordable at 10 cents a minute and 3 cents a call so I think, at least at first, the 150 minutes should be plenty. The phone is really nice – it’s a Samsung T401 slider phone so I think she’ll be happy. And I’ll be even happier just thinking that, if I can’t give her $25,000 later, at least I can teach her the basic principles so that eventually she can save her own.

]]> By: How to Give Your Kids $25,000 at Graduation | FavStocks http://frugaltorich.com/2010/04/25/give-your-kids-a-25000-graduation-present/comment-page-1/#comment-140 How to Give Your Kids $25,000 at Graduation | FavStocks Tue, 11 May 2010 16:05:18 +0000 http://frugaltorich.com/?p=1195#comment-140 [...] a piece on how one couple gave their kids $25,000 ($25k to each kid) when the kids graduated from college (which they did debt free, BTW). The steps of how they did [...] [...] a piece on how one couple gave their kids $25,000 ($25k to each kid) when the kids graduated from college (which they did debt free, BTW). The steps of how they did [...]

]]> By: M.S. http://frugaltorich.com/2010/04/25/give-your-kids-a-25000-graduation-present/comment-page-1/#comment-139 M.S. Tue, 04 May 2010 16:36:57 +0000 http://frugaltorich.com/?p=1195#comment-139 Thanks so much Sarah! You are just the type of person I would love to reach with this blog and video! It is the greatest feeling in the world to help your beloved kids get a wonderful start on their future with this type of nest egg! It also was a fabulous tool to teach them the powerful value of starting young to save and invest! They are continuing to build their financial futures now! The best part is--it is easily accomplished--with discipline and time! Thanks so much Sarah! You are just the type of person I would love to reach with this blog and video! It is the greatest feeling in the world to help your beloved kids get a wonderful start on their future with this type of nest egg! It also was a fabulous tool to teach them the powerful value of starting young to save and invest! They are continuing to build their financial futures now! The best part is–it is easily accomplished–with discipline and time!

]]> By: M.S. http://frugaltorich.com/2010/04/25/give-your-kids-a-25000-graduation-present/comment-page-1/#comment-138 M.S. Tue, 04 May 2010 16:31:23 +0000 http://frugaltorich.com/?p=1195#comment-138 Hi Jason: If you are as frugal as we were, you shouldn't need to get any financial aid by the time your children are college age. If you start saving 50% of your income starting in your mid 20s and increase your income steadily, you can pay the college bills out of savings. The answer is yes--this saved money for your kids will be counted towards any financial aid package- but let's hope you never need to go that route! Hi Jason: If you are as frugal as we were, you shouldn’t need to get any financial aid by the time your children are college age. If you start saving 50% of your income starting in your mid 20s and increase your income steadily, you can pay the college bills out of savings. The answer is yes–this saved money for your kids will be counted towards any financial aid package- but let’s hope you never need to go that route!

]]> By: Sarah http://frugaltorich.com/2010/04/25/give-your-kids-a-25000-graduation-present/comment-page-1/#comment-137 Sarah Tue, 04 May 2010 15:15:49 +0000 http://frugaltorich.com/?p=1195#comment-137 I think I'm going to start reading your blog faithfully!! I posted on your Youtube page, that I'd seen your video entry. In case you dn't see it, I want to tell you how happy I am! I'm really excited about it. I have a 2 1/2 year old and have been doing the buy the nice yard sale and goodwill toys instead of brand new ones (though we do get some fantastic 75% off Target toys!) for most of his holidays and general needed items, so that I can try and save a little each month for his future. He's got everything he wants, toy wise, and it gives me the chance to spoil him, without overspending. Right now, his savings are in a CD that matures in December, then I plan to get some index funds. Sometimes I get a little destressed thinking that I can't put in as much as I want towards his future since it's usually just a few dollars a month, but hearing your success has made me realize that you did it, doing so many of the things I've been doing, I can do it too!! I think I’m going to start reading your blog faithfully!! I posted on your Youtube page, that I’d seen your video entry. In case you dn’t see it, I want to tell you how happy I am!

I’m really excited about it. I have a 2 1/2 year old and have been doing the buy the nice yard sale and goodwill toys instead of brand new ones (though we do get some fantastic 75% off Target toys!) for most of his holidays and general needed items, so that I can try and save a little each month for his future. He’s got everything he wants, toy wise, and it gives me the chance to spoil him, without overspending.

Right now, his savings are in a CD that matures in December, then I plan to get some index funds. Sometimes I get a little destressed thinking that I can’t put in as much as I want towards his future since it’s usually just a few dollars a month, but hearing your success has made me realize that you did it, doing so many of the things I’ve been doing, I can do it too!!

]]> By: Jason http://frugaltorich.com/2010/04/25/give-your-kids-a-25000-graduation-present/comment-page-1/#comment-136 Jason Mon, 03 May 2010 02:42:01 +0000 http://frugaltorich.com/?p=1195#comment-136 Did you set up a UGMA acct for this? Also, how did this impact financial aid fir college? My understanding is the UGMA acct kills financial aid for due to how it is calculated. Did you set up a UGMA acct for this? Also, how did this impact financial aid fir college? My understanding is the UGMA acct kills financial aid for due to how it is calculated.

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