Grandpa and RG Visit the Zoo. Chapter 10: RG Denouement.
December 18, 2008
I felt the mommies should know about all the events of the day at the zoo. I wrote up a shorter version than I provided here to send as an email to Mommy and Mama. Before I finished and sent the email, the following events and actions occurred:
- RG passed her swimming test for swimming in the deep end of the swimming pool.
- Her mommies set up an allowance and a financial education plan for her. I don’t know if it was their idea or they picked it up from someone, but it struck me as brilliant when they told me about it later. It runs like this
- RG gets an allowance of $3 a week. Her allowance is not based on “chores.” She is already fairly helpful and constructive about helping around the house, putting away her toys, setting the table, helping with fixing meals, etc.
- She gets a bank for her money. The bank is not called a piggy bank; I forget the term they used. The bank has three slots. Each week she puts $1 in each slot.The slots are labeled as follows:
- Spending. Money accumulated in this part of her bank would take care of RG’s urge to get stuffed animals at the zoo store, I presume. It will take her a while to collect enough cash to get an elephant, whale, or Tyrannosaurus Rex, I presume
- Sharing. RG will usually share a bit of her food if asked politely. This will move toward starting her own version of the Gates Foundation someday.
- Saving. I don’t know how impacted RG will be by having the Greater Depression strike when she was four years old, but she might as well start saving for the future by the time she is five.
- Each week RG will discuss with her mommies how she will use the money in each category. As far as investment, I have been thinking about setting up a Scottrade brokerage account that I will hold in her name.
- At present we have three accounts: my wife’s IRA, my IRA, and a joint account. I am considering setting up an account in Random Granddaughter’s name. With the amount that is left in our accounts after the stock market crash, RG’s portion of her “saving” account will be on about the same level as our other three accounts. I suspect her portfolio will quickly surpass ours.
- I will discuss with her companies that build fire trucks and ferries, as well as companies that run railroads. Up to now those three business sectors have been her main interest. Now that she has added pirates to her focus, investing will be a little more difficult. Perhaps she will be interested in starting a pirate company as an entrepreneur. Investing in pirate ships seems a little more difficult.
- On the other hand, her interest in pirates may only be an early sign that she will be an investment banker on Wall Street, or a captain of conventional American industry. Perhaps she will start the next Enron.
- RG had a discussion with her mommies about babies and mommies. I await the day when she explains the “birds and bees” to me. I have been hoping to learn about this all my life. I figure at 65 I am ready for this information.