Wednesday, May 14, 2008

Three Daughters = Braces, College, and a Wedding

I have three daughters. All of which will require braces, college, and a wedding. Two of the three are non-negotiable. The weddings, well, they can live at home forever, or so their Daddy says.

Here is a great tip for those who have daughters:

Instead of paying for the wedding like somehow we have been roped into doing (Who decided that?!?) how about, starting when she is very young, putting away money to equal $10,000? Have an amount automatically debited from your payday each time into a separate fund especially for this purpose. ING sub accounts would be wonderful for this. (Email me to get a referral. I get credit for referring people.) When the time comes that she wants to get married (how dare she??) offer the $10,000 to pay for the wedding or she and her new husband can take it and blow it or they can put a down payment on a house. Either way you have done your part and given them a fair start in their new life together. And if you have raised your daughter right, with good financial wits about her since you learned from your mistakes, she will opt to buy a home since he is not in credit card debt because you taught her so well, aaaannnnndddd, she would think blowing it would be financially irresponsible. Whew nice run-on sentence. This will prevent you from getting caught in the "Can't I have it Daddy & Mommy please?????" and you end up paying for a $30,000 wedding, in our case three times over.

Being financially secure is all about planning.

1 comment:

Jerry said...

We have a beautiful 3-year-old daughter, and the thought of her wedding already leads me to become a blubbering idiot. The main point I see here is the emphasis on planning, and teaching children sound financial principles about such things as debt, investments, insurance, and ownership. These things will make all the difference as young women grow up to be responsible and strong human beings, rather than entitled, fluffy nitwits. There are too many of those as it is!