Gasem says:

We started an envelope system early that was split into saving tithe and spending with percentage like 30% save 10% tithe and 70% spend because those numbers easily carry subconsciously into the future. We started maybe age 10. They bought their personal stuff and could make decisions. I funded them $150/mo so it was enough money to matter. They went through school like this, but I also funded experiences separately like summer camp or a trip to EU. They learned the ropes. D #2 had some interest in the market so I set her up a paper trade Yahoo finance acct where she “bought” some stocks of her choice. She picked things like BP, Starbucks, Publix, Target, places she knew, maybe about 6 companies. We “bought” $50K each on paper and then she could log in and watch what happened. More than doubled in 10 years mostly winners a couple losers. She learned how to experience and use a tool. When they turned 16 the envelopes went into a bank accounts, savings and debit card. I bought them a car which they shared and were driving so had to figure out gas split between them. One put far more miles on the car than the other so her gas bill was higher. I booted up the allowance to $200/mo to cover gas but they could decide how much to spend. Another tool. Like a “couple” they had to share money decisions and expenses. I funded a UGTM when they were 2 with about 20K and let it grow for 20 years. It grew to something like 80K. It was diversified into Vanguard funds. I didn’t tell them about it but when they went to college they had plenty of money to pay for electronics trips clothes restaurants gifts etc. It paid for semester abroad and trips to Italy and Cali. When my oldest graduated the tail end of it bought her a nice car to get her started. The other kid will get a new/er car when she graduates as well. You have to build in incentives and the interest will pay for it. They could always come to Dad and likely get funded but they had to plan. More tools

D #2 was watching a show with her mom, and the wife and husband had just gotten married and the wife brought 15K of credit card debt into the marriage, and wanted a bigger house even though the one they had was plenty big. My kid says: she brought 15K of debt! That’s like spending money you don’t have! She can’t afford a bigger house! She picked up her tools and built a correct conclusion. She also understood something about picking a mate. D#1 is on her own now and making it happen. Neither chose life courses that will be high paying but their interest is in becoming moms to my grandchildren not becoming president. I have some excess that can take up some of that slack for them. D#2 is a skinny Asian kid who rocks second hand store eclectic and looks like $1M in 2 dollars worth of clothes. D#1 sews her own clothes and is an expert seamstress as well as a cook and baker. They both have photography businesses that make money. They market their businesses in very different ways, and their artistic POV is very different. I gave them tools, a couple SLR’s based on their likes, a few lenses and Lightroom. D#1 has a beautiful website she built on her own, does weddings family gatherings and is contracted to a magazine to do food. D#2 uses Instagram and networking, she does weddings school graduation, and has been hired by professional societies to photograph events in Orlando and Jax. I swear that kids knows people in every state. More tools.

They don’t need a full blown “plan” and you don’t need to worry. Just give em some tools and see what they build. Trust the process.