If it’s parenting advice you’re after, you’ve come to the wrong place. The reason why we have quiet places to record is precisely because we don’t have kids. However, we know a thing or two about the financial system. This week we help soon-to-be dad Daniel to figure out where he can save for his future baby.
We’re expecting our first in June 2020. I want to, as you so many times suggested on the show, take out a TFSA for the boss baby.
Thing is, I don’t trust the kid to not blow it all on his/her 18th birthday. What will the world look like 18 years anyway. Kids are not becoming more sensible, unless I’m missing something.
You’ve probably covered this one before, but do you have any tips on trying to prevent this from happening? Or is it just down to ‘good’ parenting, mild manipulation and hoping for the best?
I think I recall Simon mentioning some years back that he pays for his nephews, but can’t remember if it is TFSA or RA?
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The Fat Wallet Show is a no-nonsense personal finance and investment podcast hosted by Kristia van Heerden and Simon Brown. Every week we answer questions by a growing audience of finance enthusiasts. Submit your pressing money and investment questions to email@example.com.
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