What is the best option for a teenager to manage their money - traditional checking/savings account, Cash App account, or other ideas?
Obviously, I'm encouraging long-term savings in #bitcoin
#nostr #personalfinance
Discussion
my kids are 12 and 14. they have both bitcoin wallets and checking accounts with debit cards. they're both custodial whereas my wife and i can help them manage their accounts for them. my wife with the bank accounts. me with their bitcoin wallets 😉
Yes, I expect this is where we are heading!
Cash App seems like a possible all in one, long-term, and portable solution, especially for when they go to college / move out.
I wish CashApp allowed teens to buy and hold Bitcoin. Then it would be a perfect solution for both worlds of finance.
Ah, excellent point. That would be amazing.
Cash App does allow teens to buy and hold bitcoin :) https://cash.app/families
hmm. is this recent? originally when CashApp for over 13 launched kids could not buy bitcoin, right?
Yeah, this is a new addition
Glad I asked! I thought I knew what Cash App offered from when I looked at it a year ago...
Just need to integrate CashApp as a custodial wallet option on nostr for zaps and it would certainly speed up adoption 100 fold.
that's fantastic. thank you for sharing.
Thanks for sharing.
This is amazing!
Yeah, I just learned.
I’ve been thinking about this for my kids as well. My oldest is only 10 but here’s the thought. I’m looking at the idea of using a Cash app account w/ card because they have the option to buy btc. Then send that Btc to soft wallet for a savings acct. Move it to hard wallet once the savings balance is over $1k.
My kid is 13. He uses the Cash App, but is not allowed to buy or recieve bitcoin.
My wife and I also told him he is no longer able to buy Takis and Monster energy drinks using door dash when we are asleep.
This isn't something I thought about beforehand.
LOL! I'm pretty sure mine will not be buying energy drinks!
I would use cashapp for everything.. direct deposits pay bills my everyday everyday bank.. also my sons saving account is btc.. from cashapp its so so simple to move to your own wallet.. I would stay away from traditional banks 🤷🏾♂️🤷🏾♂️🖖🏾🖖🏾🖖🏾