Daniel Ramsay, founder of Myoutdesk, began to save and invest for his children when they were born.
Ramsay emphasizes financial education, using Roth Iras to teach complex interest.
He advocates the participation of children in investment decisions to ensure responsible wealth management.
This essay is based on a conversation with Daniel Ramsay, the 47-year-old founder of Myoutdesk In Sacramento, California. It is edited for length and clarity.
I am CEO and founder of Myoutdesk, a virtual assistant company that has served more than 8,000 companies. I am also the founder and CEO of the Non -Profit Movement of MOD, a non -profit purpose dedicated to the equipment of communities with the main things in education, housing and economic empowerment.
Growth in poverty nourished my resistance to his career as a serial entrepreneur. I founded Myoutdesk in 2008 after working on real estate and realized that business owners are driving in the necessary administrative tasks. While initially a professional, contractor, entrepreneur and mortgage broker, I sold and divided my other businesses to focus solely on Myoutdesk.
My net value is about $ 100 million, and I make more than $ 1 million a year salary. I both save money for my children, aged 4, 9 and 12, and teach them how to invest properly.
Daniel Ramsay and his family.With the kind assistance of Daniel Ramsay
I learned the importance of time and complex interest. If I could have returned to my 18-year-old self, I would invest some of each check in an account in mediation, such as Ira. If I did, my net value will probably be doubled what it is.
All three children have intermediary accounts with Roth Iras. They also have their own bank accounts and opportunities to make money. They have their own savings accounts where they save their money: 1/3 for savings, 1/3 for expenses and 1/3 for a charity cause.
I believe that Roth Ira serves as an exercise to teach children to spend money and see how fast it will grow with complex interest in time. We discuss as a family how this creates significant profits over time.
Every year from the beginning of their bills, I contributed to the maximum permitted for Roth Ira, which is $ 7,000 in 2025. Since our children were small, they created ways to make money. It is our job as parents to show them slowly how to manage money and investment.
My largest, for example, has invested in Disney from the age of 5. She also owns Amazon and Berkshire Hathaway shares. When she receives her salary, I sit with her to invest in her Roth Ira and discuss my next investment.
By about the age of 13, we will begin to allow our children to take over some of their finances and make decisions with parental guidance. (We do not allow them to invest in companies we do not agree with so far.) This will help them give them the autonomy they are craveing for, and will teach them to make financial decisions and mistakes themselves so that they are preparing when they reach adulthood.
Prioritize joint and education, both financial and emotional. While creating a financial umbrella can be useful, it is much more useful to teach them to strong basic values, ensuring that they know how to work hard and be good people. Social, intellectual, relational and emotional capital are vital for raising independent and successful children who can properly manage their money.
Financial education is also important. Wealth can be a weapon or instrument and without proper knowledge can be very destructive. When I created investment accounts for my children, I spent time helping them understand what to do with their money and how to use this wealth to serve others, making sure they use money as an instrument that meets their values.
The most common mistake I see parents are making is not to train their children in the choice they make and accounts they choose.
First, parents need to understand the account they make. Roth Ira, for example, is in full control of the child when he or she is 18 years old. If they are not educated for wealth management, they can easily blow through their investments.
Conversely, the confidence in which the parent has full control may feel too restrictive to your child when he or she enters adulthood. After all, it is important to include and inform your children of the oldest age to ensure a smooth transfer of wealth and to honor this incredible gift.
My largest is intellectual, but my middle child is more hungry, so I meet them where they are. This trip is a chance to contact and make these early-and-regular money conspiracies that are appropriate for age. As they get older and become more self-actual, I increase the level of conversation.
My oldest invests in Disney when she was 5, and I took her to her first shareholder meeting and introduced her to the stock exchange. Here she was able to ask Bob Iger, who aroused her interest in investing.
We are talking about investments that are in their Roth Ira as a family. We have an annual trip to Disneyland, where they can act, touch and feel the company and give us a chance to discuss shares and investment.
I was determined to raise my children to be responsible for people who were empowered to pursue what they love while contributing to members of society. I also did not want my wealth to interfere with their future.
Since then, I have read many books about wealth, such as “Rich Daddy Daddy Dad” and “The Richest Man in Babylon,” I listened to every podcast I could find, as “acquired” and “All-in-Podcast” and met with partner groups of ultra-high networks individuals through R360 GLOBAL. At first I was looking for a shortcut, but I continued to go back to education.
Although there are no shortcuts, one of the most important lessons I learned is that the financial umbrella will only take your children so far. The perception of these basic values, spending time with them and their training what to do with their money when they have it is far better than just creating an investment account.
