10.02.2005

BANK OF DAD

So there was a neighborhood garage sale yesterday. We weren't going to participate because I just dejunked about a month ago and got rid of 2 truckloads of stuff at Goodwill. But the kids wanted to sell some stuff so we let them. I told them they could keep the money from whatever they sold. So Aspen sold her bike and Toby sold his Powerwheels and Isaac sold the battery for the Powerwheels and a pair of sneakers that he had outgrown and his bike also. So the kids each made money and quickly deposited it in the Bank of Dad. It is amazing how much they have saved over the past 6 months. They are currently saving to buy a RoboRaptor and new bikes. And we are going to Disneyland and Legoland this month. It's fun to see them so excited to bank their money and watch their savings grow (The Bank of Dad pays 2% per month.) We'll see what happens when they actually buy something and large chunks of their money are gone. But I am glad they are learning about managing their money now when they are young. Perhaps they will have better habits when they are older than I do when it comes to money.

4 comments:

  1. Nate,

    Can I buy notes in the Bank of Dad online or is this offer by prospectus only? Please get back to me ... I would love to use your institution.

    Jake

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  2. We started a saving acount at Zion's Bank for each of our kids and we put a little in it each month. Hopefully when they get a little older they can be the ones putting in the money to save. Saving money is always a good idea.

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  3. sure there is an initial fee of $1000 and the most you can deposit is $1000

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  4. I used to borrow heavily from the bank of dad because of the good rates. Nevertheless, I'm guessing that your institution would charge usurous rates on loans, considering the return it guarantees its depositors.

    Felix

    ReplyDelete

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