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How can I turn my children to WCI?

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  • Humilem
    replied
    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.

    Leave a comment:


  • Wiscoblue
    replied
    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

    Leave a comment:


  • MochaDoc
    replied
    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.

    Leave a comment:


  • jhwkr542
    replied
    Maybe try again when they get job offers and need to realize what their compensation looks like and how much in taxes they'll owe

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  • PhysicianOnFIRE
    replied
    I realize they're "adult children," which is a fun visual, but the title had me picturing the illustrtated WCI Children's book, which is no doubt due out sometime in 2019. The animated series is likely to follow in 2020 or 2021. #Empire  

    Cheers!

    -PoF

    Leave a comment:


  • StarTrekDoc
    replied
    I learned that Personalcapital is a very effective and easy way to get the 30000 ft view in just a few minutes.

    That's the first step than anything....know where you stand and where all the pieces are.

    Graphs work with patients nicely. Same goes with us financial patients.

    That may get them engaged a bit more

    Leave a comment:


  • q-school
    replied




    I have two physician in the family. Both are still residents. As much as I have tried to turn them on to WCI they have not been very responsive. I know they have brutal work schedules. I thought if I can turn them on early to WCI to see how other physicians are dealing with finances it would pay off on the long run. So far not much success. Any suggestions.

    Thank you.
    Click to expand...


    have they given you reason to worry about their habits?  let them learn medicine and try to survive and have a good time if possible.  I would much more appreciate a paid for vacation and then instructions on how to save money at that time in my life.  you can make your point about financial independence later and there is still plenty of time for them to develop savings skills.  if that is even a priority for them.

    jmo

     

     

    Leave a comment:


  • G
    replied




    I have two physician in the family. Both are still residents. As much as I have tried to turn them on to WCI they have not been very responsive. I know they have brutal work schedules. I thought if I can turn them on early to WCI to see how other physicians are dealing with finances it would pay off on the long run. So far not much success. Any suggestions.

    Thank you.
    Click to expand...


    Buy them the WCI book along with a "regular" birthday present.  (Jim, no disrespect meant by that.)  A little different, but I often send links to relevant articles that I read to appropriate friends/family/mentees/mentors.  "Hey, I read this today and thought of you--what do you think?"

    As others have mentioned, they might not even need to be turned on to WCI right now--assuming no disasters are looming, the best thing they can do at this point is learn to be great doctors!

    Leave a comment:


  • Neuro-doc
    replied
    Start earlier, and don't wait till they are residents.

    Starting in their mid teens, I sat beside my kids and talked them through buying and rebalancing in their accounts using a simple 3-fund portfolio.  With the tailwind of a 9-year bull market their accounts have seen great returns, and they think that saving and investing are simple, fun and easy. No doubt there will be more lessons to learn when they go through their first market correction.

    Leave a comment:


  • The White Coat Investor
    replied




    Could you link that post please?
    Click to expand...


    https://www.whitecoatinvestor.com/the-x-factor/

    When the student is ready, the teacher will appear. For most docs it's a few years out of residency when they pick their head up, look around, and wonder, "Is this all there is?"

    Leave a comment:


  • wideopenspaces
    replied
    Maybe start telling your kids you are in a dire financial situation and will require them to bail you out and allow you to live with them. Then they might come post here, asking for advice.

    Just kidding! Maybe give them the WCI book or the millionaire next door or something like that as a gift and see if you can get them interested. Ultimately though, they are adults so I wouldn't force the issue too much. They have to figure some things out for themselves.

    Leave a comment:


  • Wiscoblue
    replied




    You have them over for food and laundry?  Perfect hostage time…..my parents used that to perfection.

     
    Click to expand...


    What if there’s a distance of 5 states between you and the kids?

    Leave a comment:


  • ACN
    replied
    Tough to break through to residents. I tried within my own program and was pretty successful in getting about half to listen.

    One day we had a financial advisor (ie. Salesman) come to our morning report. He offered to help start investing with 1% aum and loaded funds. I questioned him about his fees and loaded funds and gave examples of index funds. He had no good answers and then my chief resident yelled at me afterwards for being disrespectful. Lol. I told him the guys a crook.... Turns out the chief had already invested with him years ago.

    Leave a comment:


  • StarTrekDoc
    replied
    You have them over for food and laundry?  Perfect hostage time.....my parents used that to perfection.

     

    Leave a comment:


  • CM
    replied




    I have two physician in the family. Both are still residents. As much as I have tried to turn them on to WCI they have not been very responsive. I know they have brutal work schedules. I thought if I can turn them on early to WCI to see how other physicians are dealing with finances it would pay off on the long run. So far not much success. Any suggestions.

    Thank you.
    Click to expand...


    Sounds like you've done what you can, but don't despair. They are still residents.

    Financial matters weren't a high priority for me as a resident either. The light bulb turned on after I became an attending.

    Thanks to you they know about this resource and they may end up coming here for information later.

    Leave a comment:

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