A Father - Daughter Talk About Money and Crypto: And the Results!
My daughter started a bank account when she was 7, putting her birthday money and allowance in her account, taking it out when she wanted to buy something. By the time she was almost, she looked in her account and it had only grown to the amount that she put in it. Yes, I wanted my daughter to experience the status quo of no-growth bank accounts. Then, I taught her about diversification.
Cheyenne was cash heavy and had very little diversification in her small savings that she has been chipping in at over the past few years. While I explained to her that cash is important, access to cash and spreading her asset allocation around to allow her money to grow was equally important. We discussed safe assets and growth assets and what percentages she wanted back this past November and she came to the conclusion she wanted the following breakdown:
40% in cash
20% in silver coin
40% in bitcoin
So as easy as 1,2,3 she got some silver, pulled her money out of the bank and purchased bitcoin through a segregated account I had created for her under my Coinbase account. Her initial and only deposit was for $60 worth of bitcoin.
Over the past few months, her bitcoin value grew from 60 to 100, while the cash and silver (although I do like silver in the coming years) stayed the same. She liked having more money (especially since she actually spent 10 dollars of it, she'd have btc transferred to my account, I'd give her cash for store stuff) than when she began with and we discussed a trading account for her. That following Saturday in April of this year, she decided to take $25 dollars out of her Coinbase account and purchase a small diversification of 4 different altcoins. Her choices were for cute reasons, but also reasonable ones. Her choices were:
- DASH- She just thought DASH was a cool name, and her friend's dog is named dash. So, a no brainer.
- Ethereum- She said she always heard dad talking about ethereum and thought you could build cool stuff on it, like legos or minecraft (sort of, right?), so she wanted Ethereum as #2.
- Golem- Yes, for very much the same reason as Ethereum, Golem is one of her favorite Minecraft characters, so that was a slam dunk as well.
- Synereo AMP- Having familiarized herself with Steemit and also knowing Facebook, she thought that with me blabbing about AMP launching their beta this June, she would want to post her short stories and youtube vids she's making to leverage some coin.
Keep in mind, she threw 25 bucks in last month. This is her portfolio as of tonight:
55 bucks!
Her coinbase account appreciated up to $125 as of tonight even after withdrawing the $25 for trading.
So she went from throwing a net of $50 bucks into bitcoin last fall to tripling it to a grand total of $150!
With new emerging markets in Japan, India and Australia coming this summer, I hope not too many people miss out on what a 9 year old can do. Like I tell all of my friends, if I don't like you, I don't talk to you about crypto. If I love you, I try to sell you into the crypto scene. :)
Now you need to get her a steemit account! She's doing better than her uncle already!
Haha, agreed. But she's not old enough to have a Facebook account and I don't know any other way to get her signed up. She's working on her first storytelling video on the Bandicam software I got her for her birthday. Four months later and finally getting around to using it. lol.
And as a matter of fact you have inspired me , i have a 10 year old daughter and i am going to begin teaching her about this TODAY! IF YOU HAVE ANY OTEHR INFO OR IDEAS PLEASE HELP ME ALL YOU CAN THIS NEEDS TO SPREAD THROUGHT THE CHILDREN OF THE STEEMIT COMMUNITY SO ME CAN TRULY SET OURSELVES APART FROM THE REST, DO YOU MIND IF I REPOST THIS ON THE PARENTING BLOG ON STEEMIT?
Hey, BDL,
Yeah, my daughter doesn't get the whole concept, but at this age, just familiarizing her with terms, crypto and exchanges is all I'm really doing right now. (Don't wanna be an education Nazi). All things he is doing are suggested to her and approved by her. Her $25 is now $85 on polo. She said she wants to throw another $25 at a bittrex account, which we're doing this weekend. Feel free to post this anywhere you wish, just cite your source, of course :)
This the coolest story that I've heard all week, and one of the reasons that I cannot wait to have kids of my own. Love the diversified portfolio as well!
I'm not sure when her birthday is (or if she can afford it with gains from this week) but you should check out the Ledger Nano S cold storage for her. As I mentioned in my review of the Nano S, it's very simple to use, capable of holding several currencies and very safe way for her to store her funds offline.... plus, it looks cool.
Yeah, I bought one for myself and three 20 dollar bitcoin token wallets at www.cryptohwwallet.com. They're only 69.99 on preorder and if you use JuanGalt in the referral code you get 5% off. (Besides @Juangalt is a good guy and deserves the referral on his end). They're also giving me a Monero T-Shirt. When I called to check on the pre-order, Joseph, the guy who runs the outfit, was extremely awesome and friendly, which is customer service I am not really accustomed to.
I figure when I get my Nano Ledger S, I'm gonna upgrade to the Nano Blue and give the Ledger S to her, so we'll do it like that.
I ordered a TREZOR & Keep Key for my next reviews, but let me know what you think of the Nano Blue. I liked the S due to it's small size and portability.
Will do. I should get it next week.
Post of the day! This is pure awesomeness.
Thanks, Hilarski!
good job, maybe you should talk to your local school and show them these results and ask if you might teach a class to her fellow students, because not only will the school never breach this subject there is probably nobody there qualified to teach it.
Only problem is I'm probably not qualified to teach it either. Schools have so much bureaucratic red tape in the states that I probably wouldn't want to use the State as a vehicle, or they'd somehow hold me liable if cryptos hit a downtrend.
Yay for being a positive influence and being involved with the kiddo. I am strongly encouraging Chuck's girls to get active on Steemit!! People want to hear from younger, highly aware and conscious folks. I think this summer, it'll happen at least for one of the girls!