Daniel Ramsey, founder of MyOutDesk, began saving and investing for his children at their birth. He emphasizes financial education using Roth IRAs to illustrate compound interest. Involving his children in investment decisions is key for responsible wealth management. Growing up in poverty shaped his entrepreneurial spirit, and he now has a net worth of around $100 million. He teaches his children to save, spend, and donate via their own bank accounts, fostering early financial literacy and independence in their lives.
"I believe the Roth IRA serves as an exercise to teach the kids to set aside money and see how fast it will grow due to compounding interest."
"I would’ve put part of every check into a brokerage account, like an IRA. Had I done that, my net worth would likely be double what it is."
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