I'm in my mid-50's and I see no grand kids in the next several years. We had our kids late so they're still under 21 right now.
Yea, I expect we'll be seeing a lot of the grand kids once they come since the wife and I will both be retired before they're even born so I'm sure our kids will exploit our availability.
My parents have 3 children and 10 grandchildren (currently), 7 of whom came from me. Just last weekend my Dad asked me how much money I was putting away for future Christmas gifts, birthday gifts, etc. I said I wasn't other than general savings. He said if his 3 kids produced 10 grand-kids, then my 7 kids could easily produce 21+ grand-kids. He then told me I better start saving because holidays were going to cost me a fortune!
With children having so much stuff these days, I think it would be better to start savings accounts for them, to save money for college, instead of giving more and more stuff, if one has the money to do so. Even $20 here and there can add up in 18 years.
I had a student who had such an account when she was very young. I always thought she should be a litigator because of how she loved to argue and debate. I don't think she ever went to college. I wonder what happened to her college fund?
My boys last spring. 1 finished college and 1 finished high schoolView attachment 4152
Both in blue jeans and boots. Great kids! I like that.My boys last spring. 1 finished college and 1 finished high schoolView attachment 4152
There is nothing else in their wardrobe! HahaBoth in blue jeans and boots. Great kids! I like that.
With children having so much stuff these days, I think it would be better to start savings accounts for them, to save money for college, instead of giving more and more stuff, if one has the money to do so. Even $20 here and there can add up in 18 years.
We do something similar.Since we started having kids we have asked EVERYONE to set their budget for Christmas, Easter, Birthdays, etc. and then put 50% in their education IRA and spend the other 50% on gifts. Pretty much every grandparent, aunt, uncle, cousin, etc. will now send or hand over a card that will say something like "$50 to IRA" in it somewhere. And yes, we do the same thing too. .
Since we started having kids we have asked EVERYONE to set their budget for Christmas, Easter, Birthdays, etc. and then put 50% in their education IRA and spend the other 50% on gifts. Pretty much every grandparent, aunt, uncle, cousin, etc. will now send or hand over a card that will say something like "$50 to IRA" in it somewhere. And yes, we do the same thing too. We also put in money when we get things like income tax returns, salary bonuses, inheritances, etc. Our oldest went to a technical college for 2 years and it was 100% paid for by her educational fund. And that included living expenses, books, fees, tuition, etc. She even had a few thousand left over that she added to her long term savings for an eventual down payment on a house. Our next oldest has enough to attend either a tech school or community college all expenses paid or he can go to a 4 year college and it will cover books, tuition and fees. None of our children will have educational debt unless they decided to get a PhD or something.
Sentry your family is one in over a million. Your truly blessed to have such a family. :thumbs up: Most of us with kids,grand,greats, nieces, nephews uncles , aunts,grands can't afford $10,000 a year for gifts and banking accounts .
I can't afford $10,000 a year and we live far below our means. Their accounts get perhaps $1,000-$2,000 a year deposited and invested and that is a group effort by more than a dozen people who would otherwise be spending that money on toys or treats or trips. My kids get less presents because of it and they will never see Disneyland or Europe, vacations for them are spending a week with their grandparents or day trips to the lake. They all wear hand-me-downs, my youngest son's bike is pink (okay was pink) and my daughter's Easter dresses are all made by their mother. But trinkets, clothes, and kid-vacations are fleeting and forgotten, but a good (marketable) education can provide them so much more for so much longer.
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