Silver and Gold for good grades -- what do you think?

[Silver Backed]

I'm new here, but I was really heavy into PMs about 10 years ago. I've been getting back into bullion and coins over the last few months. As I have come back around, I also made a deal with my children, to encourage them to make good grades. Do you think it is a good motivator or might instill good saving habits? Thanks for any input

 

[ttazzman]

my children are both 30+ now.........when they were little.......family like grandparents etc bought them toy kinda stuff for birthdays etc....so i started with both of them....birthdays..christmas...grades..etc.....bought them...savings bonds...stocks....gold coins....silver coins......the result was......they both made good grades....they both went to college one graduated as a engineer the other is a mba/cpa....they both earned their undergraduate degrees in 3 years(motivated because they were paying their own way) .....they both bought their own cars at 16.....paid their own ways through college with scholarships and funds accumulated ..with no debt...both still have some of the gold and silver left ......

point is......it worked it started a trend of personal responsibility and financial understanding that helped them both through to their current lifes

 

[Bottom Feeder]

Welcome to the forum Silver Backed. Like I've heard said "You come here for the PMs and stay for the crazy." Don't let things bug you and remember; on the internet no one knows you're a dog.

About the children; if they were under ten or eleven why don't you take them to a local coin show and see if they're interested in the displays?

BF

 

[Silver Backed]

my children are both 30+ now.........when they were little.......family like grandparents etc bought them toy kinda stuff for birthdays etc....so i started with both of them....birthdays..christmas...grades..etc.....bought them...savings bonds...stocks....gold coins....silver coins......the result was......they both made good grades....they both went to college one graduated as a engineer the other is a mba/cpa....they both earned their undergraduate degrees in 3 years(motivated because they were paying their own way) .....they both bought their own cars at 16.....paid their own ways through college with scholarships and funds accumulated ..with no debt...both still have some of the gold and silver left ......

point is......it worked it started a trend of personal responsibility and financial understanding that helped them both through to their current lifes

Thanks for the good pointers! You reminded me of some things I forgot that shaped my life. For instance, my grandparents gave me a savings bond every year, and I was able to put a chunky downpayment on my first car. I still have my first bond from 40 years ago. I can't bring myself to cash it in. I definitely want to teach my children to be savers. My oldest is very good about it. The others are spenders. Thanks for the advice!

 

[Silver Backed]

Welcome to the forum Silver Backed. Like I've heard said "You come here for the PMs and stay for the crazy." Don't let things bug you and remember; on the internet no one knows you're a dog.

About the children; if they were under ten or eleven why don't you take them to a local coin show and see if they're interested in the displays?

BF

Thanks for the welcome, BF!
Woof woof!
My youngest actually did ask me to go to a coin show the other day. I haven't even taken him to an LCS yet, but I will take him to the next show in town. He would be really pumped about it!

 

[Irons]

The only thing that would worry me is kids talk and the words Gold and Silver make bad people crazy.
Unfortunately that is the world we live in today. I love the idea but my logical side still kicks in.

.

 

[Montecristo]

I'm all for this. I did it with both my kids. I started with the silver Christmas rounds with fun designs that would catch their fancy. Then birthdays. Then as they got older and started to work Whenever they made a deposit into an IRA I would toss them another one. There's something about watching the stack of silver grow that really appeals to kids because they can see it and hold it. Money in the bank is good too, but it doesn't have the same teaching effect about saving, which I think is the point you're trying to teach.
Now they are both out of college and working and they still talk about it.

 

[Scorpio]

I did the same, good for you.

As guys stated above, teaching them well and while young, will help them immensely longer term.

I would add, make it fun though.

With mine, as grades came in, the 'Silver Man' would show up, mining hat, sunglasses, dressed as he just came out of the field. They would be presented their silver and have the opportunity to add to their stash voluntarily. Then the 'Silver Man' would disappear until the next grade period.

 

[ToBeSelfEvident]

I think it's a great idea. It gives them a taste of practical thinking about the future. It encourages math, converting weights to dollars, adding grams with ounces, etc. And it's harder to spend it on video games or other ephemeral wants. When they do cash in their stack it will be for something important.

 

[Silver Backed]

The only thing that would worry me is kids talk and the words Gold and Silver make bad people crazy.
Unfortunately that is the world we live in today. I love the idea but my logical side still kicks in.

.

I have been thinking about that some. I decided not to show the youngest my stack/collection any more until he is older and can control his mouth a little better. Children do tend to talk a lot. He has told people exactly what his mother and father think of them a few times. We were not too happy about that!

 

[Silver Backed]

I'm all for this. I did it with both my kids. I started with the silver Christmas rounds with fun designs that would catch their fancy. Then birthdays. Then as they got older and started to work Whenever they made a deposit into an IRA I would toss them another one. There's something about watching the stack of silver grow that really appeals to kids because they can see it and hold it. Money in the bank is good too, but it doesn't have the same teaching effect about saving, which I think is the point you're trying to teach.
Now they are both out of college and working and they still talk about it.

I agree with you that holding money in your hand is a lot more motivating than a statement from the bank. Good advice. Thanks!

 

[Silver Backed]

I did the same, good for you.

As guys stated above, teaching them well and while young, will help them immensely longer term.

I would add, make it fun though.

With mine, as grades came in, the 'Silver Man' would show up, mining hat, sunglasses, dressed as he just came out of the field. They would be presented their silver and have the opportunity to add to their stash voluntarily. Then the 'Silver Man' would disappear until the next grade period.

I do have a gold pan or three since I lived in Alaska for a while.

 

[Silver Backed]

I think it's a great idea. It gives them a taste of practical thinking about the future. It encourages math, converting weights to dollars, adding grams with ounces, etc. And it's harder to spend it on video games or other ephemeral wants. When they do cash in their stack it will be for something important.

Good point, and I get the feeling they don't get a lot of training in practical thinking at school these days.