
'@alexcrognale asks:
"My daughter was born 2 weeks ago. I’m NOT opening a 529 savings acct for her.
Here’s what I’m doing instead:
In addition to stacking bitcoin, we are opening a brokerage account that will serve as her primary savings vehicle. What would you buy to hold for the next 18 years?
We wanted an account that is flexible and would allow for various investments, no contribution limits and gave us control of the funds.
It’s in an account the parents and grandparents can easily contribute to, and our daughter will be able to access it later in life for a house, school, or whatever else the future has in store. What do you think is the best way to set your kid up for success?"
https://x.com/alexcrognale/status/1825896185959240092
Here are (some of) my suggestions.
First, a few caveats:
Some suggestions apply to some ages, but not others. Some are intended before her birth/infancy, some for her childhood, some for her adulthood.
This list is not intended to be a comprehensive list—I expect to be adding to it in the future.
Nor do I claim that my suggestions are universally desirable, suitable for every parent--I only claim that they are what I would like my daughters to learn.
Comments, questions, suggestions, welcome!
What do you plan to do to ensure your children's success?
Money and Investing
At a minimum, I plan to provide a nest egg to provide for my daughters should I die before they're adults. Having achieved that, I'd also like to provide them with a save haven for them to return to, should they ever fall upon hard times.
So, in addition to a portfolio of traditional investment (ETF's, stocks, mutual funds), I plan to buy a small (~5 acre) farm in New Hampshire. New Hampshire has no income tax, no sales tax, and routinely scores high on quality of life surveys. (9) The Free State Project (@freestatenh) will help ensure that the state remains free.
I also plan to teach her how to:
Buy Monero (@monero) and other useful cryptocurrencies. As of this writing, the US government debt is growing by $1 trillion every 100 days, and I see no outcome other than eventual financial collapse.
When that happens, I want my daughters to be able to protect themselves by knowing how to use highly portable, censorship resistant, and seizure resistant assets. Unfortunately, Bitcoin has become a crippled spycoin, and matters are not likely to improve. (7) Monero is what Bitcoin was intended to be. (8)Buy overseas stocks. Although I expect that the US will be an economic powerhouse long into the future, it's currently in a state of stagnation. Therefore, I would like my daughters to take a global investment view. For example, Africa is one of the few places in the world where the birth rate is above replacement. Most of the African population is still very poor. As Africa develops, the population will become increasingly hungry for electricity and clean water. As a result, returns from African utilities are likely to be much higher than comparable investments in the US.
Achieve Financial Independence Retire Early (FIRE) via websites (4) like Mr. Money Mustache (@mrmoneymustache). (5)
Open a brokerage account at Schwab and teach her how to buy stocks, ETF's, and other financial products.
Invest in precious metals and help her track their value over time
Home Schooling and World Schooling
Government schools are, at best, a stultifying waste of time.(28) At worst, they're government indoctrination camps. (6) Therefore, I will strongly encourage her to seek out alternatives, such as:
Community centers such as Moonrise (@learnmoonrise), hackerspaces like Artisan's Asylum (@artisansasylum), and camps like Not Back To School Camp. (23)
Alternatives to high school, as illustrated in the Teenage Liberation Handbook by Grace Llewellyn. (22)
Foreign exchange programs (24) apprenticeships (25), sailing programs (26) or organic farms. (27)
When she's 12 or so, I plant to travel with a her to a wide variety of countries and stay for a month at time. A month will give her a taste of many different cultures and their practices.
Entrepreneurship
Although I intend to help her launch her life financially speaking, it's also important that she be able to create her own wealth. So I plan to help her:
Start businesses (lemonade stand, Girl Scout cookies, eggs), and point her to the many other weird and wonderful ways that people make a living. (16)
Watch Mike Rowe's Dirty Jobs. (17) How It's Made. (39) and Mythbusters with her (40)
Encourage her to apply for the Thiel Fellowship. (3)
Teach her about accounting, sales, and hiring. (41)
When she's ready to go bigger, encourage her to seek mentorship with the 1517 Fund @1517fund
Predator avoidance
Although most people are good-natured, 1-2% of the population are psychopaths, aka people who have no/few moral compunctions. (2) So I plan to teach her how to:
People skills
Learning how to attract and retain friends and lovers is one of the most important life skills. So I plan to teach her how to:
Recognize when she's found a good partner (12) (13)
Physical health
Maintaining one's physical health is the foundation of a long, happy life. Therefore, I plan to teach her (and model) how to:
How to think
Intellectual pursuits have been an important part of my life--I hope they will be part of hers. Learning how to learn, how to distinguish between good and bad information is also a critical life skill.
Find meaning. (21)
Regulate emotions. (20)
Practical skills
Although intellectual skills are important, it's also important to know how to create in the physical world. So I plan to expose my daughters to a wide variety of trades, such as:
Carpentry.(29)
Sculpture. (30)
Gardening. (31)
Animal husbandry. (32)
Architecture. (33)
Small engine repair. (34)
Boatbuilding. (@cardboardboats) (35)
Welding. (36) (37)
Cooking. (38)
Although I don't expert her to master all of these skills, I want to her to at least try them, so that she can decide which she would like to pursue further.
Conclusion
Our children have their own minds, their own dreams and desires. Her values and goals will likely to differ from mine in important ways. But I hope that with the experiences and resources I can provide, my daughters will have a solid foundation for life satisfaction, no matter which dreams they decide to pursue.
References
https://www.econlib.org/archives/2013/04/make_your_own_b.html
https://www.telegraph.co.uk/books/non-fiction/spot-psychopath/
https://afiodorov.github.io/2017/10/18/thoughts-on-the-seven-principles-for-making-marriage-work/
https://salvadorbriggman.com/review-of-influence-the-psychology-of-persuasion/
https://kalebmckelvey.com/blog/book-notes-how-to-have-confidence-and-power-in-dealing-with-people/
https://www.agirlandagun.org/review-gift-fear-survival-signals-protect-us-violence/
https://www.self-directed.org/tp/teenage-liberation-handbook/
https://www.theclassroom.com/home-exchange-programs-high-school-6830298.html
https://www.theunlikelyhomeschool.com/2023/07/apprenticeships.html
https://info.wwoofusa.org/blog/2024/06/25/kidfriendlywwoofing/
https://www.astralcodexten[REMOVE].com/p/your-book-review-how-children-fail
https://www.amazon.com/Housebuilding-Children-Step-Step-Themselves/dp/0879513322
https://kidzinc.com.au/blogs/news/how-kapla-wooden-building-blocks-are-the-perfect-construction-toy
https://www.thehomeschoolmom.com/homeschool-lesson-plans/cooking/