I want to get each of my daughters (29, 15 and 9) started on saving in sats.
Simplest way to get them started?
Discussion
IOUs held in your stack?
Get them a lighting address. Post the addresses here. This community has given greatly to my daughter who’s 7. It will be a good start.
You have done wonders for my understanding and I would happily donate for the value you created.
Probably a controversial take but with small amounts, perhaps they can stack on liquid using the nostr:npub1ajlrwgfj4yerhqf7ady03h7wmtk2qr3gs7h3sxcx83k05yld36sswpzx3q ?
That's what I suggested to my sister. She gives me fiat cash, I send her small amounts of bitcoin
Them or you doing it for them? 29 is way different than 9.
nostr:npub1jutptdc2m8kgjmudtws095qk2tcale0eemvp4j2xnjnl4nh6669slrf04x son nostr:npub17dfg3tynlv39m0e9z8a0t558e7plet96xg9g4uu6q84caykq8jtqwdy09f started a shop selling 3d printed parts for sats
Yep, lightning.
A good compromise between custody and self custody is Phoenix Wallet.
nostr:npub1rxysxnjkhrmqd3ey73dp9n5y5yvyzcs64acc9g0k2epcpwwyya4spvhnp8 does a very good tutorial on this here:
Get them each the book the book standard, if they read it and understand it they’ll orange pill themselves, as that’s going on utilize passphrases and BIP 39 to create wallets in their name until they’re ready to self custody
29= nostr:npub1ex7mdykw786qxvmtuls208uyxmn0hse95rfwsarvfde5yg6wy7jq6qvyt9 direct deposit
9= custody their keys until they are 18 and pay them in #bitcoin for chores.
15= a mix of the two?
Build a system with short and long term
incentives to get started on their own.
For example:
Nest Egg:
Get their attention. Gifting a large enough sum will laser focus that attention. Can be scaled from 100,000 sats to 1,000,000 sats based on age. Can have a time delayed withdrawal if you are concerned about spending before they even know what they have.
Matching contributions:
For every 1,000 sats they buy themselves, gift 1000 sats.
Milestone contributions:
Finish reading Broken Money by nostr:npub1a2cww4kn9wqte4ry70vyfwqyqvpswksna27rtxd8vty6c74era8sdcw83a, gift them 1,000,000 sats
Save up to .25 BTC? Reward the achievement in BTC.
Slowly wean off the incentives. They will watch the value of their stack grow with time anyway, so Bitcoins inherent value will take over the long term incentive. Just have to help them bridge the gap between where they are now mentally, and where they will begin their own Bitcoin journey.
Just consider all of the upfront costs of incentives to be an early inheritance that will more profoundly enhance their life more than anything you give them after death.
As a bonus, it builds the mindset for them to understand what to even do with the inheritance you will eventually give them in BTC.
For the little one, check this project by @jasonb:
christmas and birthday gifts: sats or nothing. Let the older ones go on a journey of discovery to try and figure out self custody etc
Same boat here - the problem is too young for a cell phone, but want to give them LN wallet. Is there a dedicated LN device that can connect to wifi?
Give them a Quick-start if they commit to DCA (taking info consideration whats feasible for their age) + double new year and/or birthday gifts if given in sats. 🧡
I setup my kids with Muun and send them their weekly allowance in sats. You may want to use Phoenix instead. I think it’s better but I’m not bothering the kids with switching to another client.
I started that 4 years ago.
I said if they want to save a small part of their allowance in sats, they send me a msg anytime in the month stating how much btc they want to buy at what price and as a reward, I double that amount.
I have made a shared google spreadsheet showing the cumulated amount of sats they own, how much that's worth in € currenty, and importantly it also shows how much they missed over time by not asking and how much that's worth.
Results so far:
- my daughter (21) has asked every month and has a sizable amount. She is markedly "long term preference"
- my son (19) has been asking only a few times when btc price is high and it flashes on tiktok. Over the past weeks, I've shown him how much he has lost by not asking. At current price, it's almost a 5-figure amount. He's bleak and can't stand the "injustice". lol.
29 - Bitcoin standard as birthday gift with your income information and your monthly spendings.
15 - YouTube influencer expaining Bitcoin and the history of money.
9 - Daily good night story's form you with the IRS as bad wolf stealing the money from Little Red Riding Hood
nostr:npub1xkere5pd94672h8w8r77uf4ustcazhfujkqgqzcykrdzakm4zl4qeud0en Is the way. Best team.
Great feedback everyone. I’ll look into the options now. Thanks so much.
10% of their income/pocket money into a LN wallet. When amount is more than a million sats, transfer to cold storage.
1. Have them install Blue Wallet and create a wallet.
2. Send them some #Bitcoin.
3. Show them how to spend it, for example using BitRefill for store credit.
The wallet will always show them the current value of what they spent. Seeing what they lost is the best motivator to save.