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How can I turn my children to WCI?

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  • #16
    Send them the WCI book or the online course with a cash incentive for completion which will be confirmed with a minimum 15-minute conversation via FaceTime, Skype, phone, etc. During that time you'll know if they've read the book and then you can focus on topics that are high yield for their current, career stage.

    There should be no limit to time to completion but something tells me they'll make time to read the book/finish the course in order to "earn" the money.

    As an added bonus, you could spend 5 minutes of that time showing them how easy it is to open an investment account (if they don't already have one) through Vanguard or Fidelity.

    If you're going for superstar status, offer to give them the initial investment to open a Roth or reimburse them up to a certain amount for their first contribution to their 401k/403b.

    If they're already flush with cash, offer whatever carrot will motivate them to read the book/finish the course. Ultimately, you want them to be (more) financially savvy. They have other immediate needs and wants. So, you need to give them a reason to care about what you want.

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    • #17
      This is what I just sent to my kid.

       

      If you save money from your salary, I will give you double that money. So if you send me $1, I will give you $2 and will save it in your Charles Schwab account.
      Mom and I will give you up to a max of $28,000 which means you will need to send me $14,000, making a grand total saving of $42,000 per year.


      Let me know if you're interested in saving for your future. You will never get such a great deal!


      Dad

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      • #18
        Thank you everyone for your responses. My daughter more than my son (her older brother) seems more financially in tune with WCI. Her residency programme is away from home while my son's is in our adopted home town and lives at home. I have encouraged him to move out and have a life of his own, but mom still wants to have him around . He contributes much more than his share to everything and this might be affecting his ability to focus on his personal finances. He would finish training/residency next year and would have no reason to continue to live at home with an attending salary, hopefully.

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