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Author: MadCapitalist Big funky green star, 20000 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 76420  
Subject: Re: Roth for daughters - what fund Date: 1/24/2004 12:00 PM
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Let me be a desenting voice. (Note, the following is a little over the top for dramatic effect. Nothing personal.) Hello?!?!? Your daughters are 23 & 21, in otherwords adults. I assume they are out of college and fully on their own. I might talk to them and encourage them and show them where/how they can be millionaires, but to fund them at this age? Maybe if they were 13 & 11. This slightly smacks of enabling/dependence. "The Millionaire Next Door" has a chapter on dealing with kids and money. Basically, give the kids a good raising and college if needed, but teach them to manage/earn their own money or they will never appreciate/earn their own money.

I disagree. He said that he was providing *matching* funds, and only $500 at that.

The best way to get a desired behavior is to reinforce it with a reward. In this case, he is rewarding a positive behavior. It is completely different from the cases described in The Millionaire Next Door, because in the book, spending beyond one's means was the behavior being rewarded, not investing for retirement.
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