You Know What Really Grinds My Gears? Now with 3x more gears...

[cam_calderon]

Originally Posted by Yamer

I went to the funeral of my best friend yesterday.

I'm sad and gears are ground.

Yep, I've only been to a couple but they definitely suck. I hope you and his friends and family were able to find some peace.

[Slava]

Originally Posted by Sliver

Are you with RBC? I have the MyDoh app through RBC and it totally rules. Can send my kids money as needed and they just pay with their phone or their MyDoh card. It's fantastic. It's even handy if they're out and about and you need them to pick something up for you - just shoot them some money in, like, two seconds. It's the best.

What’s the difference between this and a debit card?

[I-Hate-Hulse]

Originally Posted by Sliver

Are you with RBC? I have the MyDoh app through RBC and it totally rules. Can send my kids money as needed and they just pay with their phone or their MyDoh card. It's fantastic. It's even handy if they're out and about and you need them to pick something up for you - just shoot them some money in, like, two seconds. It's the best.

You don't need to be with RBC to use MyDoh - you can just fund the parent account via Interac transfer. So much easier for "allowance" for kids vs messing around with coins and bills.

What’s the difference between this and a debit card?

For younger kids its a good tool to teach them about savings. The kids can set up "goals" to save up for, and they transfer money to these goals to get there. You can also setup routine/nonroutine "jobs / chores" for them to earn money for which you can override and cancel payout if they slack off and don't do them.

[calgarygeologist]

Originally Posted by Slava

What’s the difference between this and a debit card?

I don't know for certain what the tangible differences are but I remember seeing ads for Mydoh on TV when it launched and the one aspect that looked different is that parents can monitor and receive notifications about their child's spending. I would assume they can potentially set up spending limits as well. That seems different from a typical child's back account and debit card although I honestly don't know what types of features banks are offering with kid account now.

[Slava]

I don’t know. My kids have bank accounts that are linked to mine so I can move money easily, and see what they’re spending and such. I guess I’m missing them saving for goals, but they have other accounts for that.

[Sliver]

Originally Posted by Slava

I don’t know. My kids have bank accounts that are linked to mine so I can move money easily, and see what they’re spending and such. I guess I’m missing them saving for goals, but they have other accounts for that.

It offers a level of control and limited access to their actual bank accounts. I've taught them to save 50% of everything they've ever made/received (birthday money, jobs, allowance, etc.) their whole lives. They're 16 and 17 now and we just took about 90% of that money and bought 3-year GICs. I discussed it with them first and it was their call, but I was hoping they would go with the longer-term savings so I'm happy they did. My daughter turns 18 in six months, so I figured sliding in a good savings opportunity before she officially becomes an adult was probably a good move. Trying to get them to be good savers and to save money as a priority before spending.

With MyDoh we keep a limited amount in there. They don't have real access to their normal accounts, which is a bit weird I admit, but it's worked out for us and they've never questioned it. MyDoh has allowed them the freedom and flexibility to spend like it was an account, but I can control how much sits in there as a balance. I also get notified when they spend. Seems a bit controlling now that I type it out, but they like it a lot. If they get, say, a hundred bucks cash for babysitting or something they literally ask me to take the cash and put $50 in their savings and $50 in their bank account. It's totally ingrained in them now. They don't ever fk with cash - they prefer MyDoh.

Even with my daughter's job - paycheque is direct deposited into her normal bank account that she can't access. Every two weeks I let her keep up to 50% of what she's earned, but before I transfer it into MyDoh we discuss if she'd like to save even more than 50%. More often than not she does save more, which is cool and allows us to have financial discussions on the regular.

I do get notified when they spend money, which was particularly good a couple years ago when they were younger...now I don't monitor it per se, but it is nice to be able to check on a few things.

If they asked for control of their bank accounts I'd totally give it since they're pretty old, but this system has been good. There have been times when they've wanted to use the money in their accounts for bigger purchases, but I just have to remind them they used to want to spend their savings on Pokemon cards and I blocked that. They trust that I've grown their money and helped them save beyond what their judgement would have allowed, so we're still letting it roll.

Do you need MyDoh to do all that? Nah, but man does it ever work well in our house. I love it.

[Wormius]

That sensation when you’re putting on a sock and a loose thread catches on your toenail.

[fotze2]

Originally Posted by Yamer

I went to the funeral of my best friend yesterday.

I'm sad and gears are ground.

Been to one of them. Don't worry, the pain will go away...never. It becomes like a gross scar that you are proud to have.

[MoneyGuy]

A friend for 60 years is ailing and I dread the day I get that call that he’s died.

[OutOfTheCube]

Originally Posted by surferguy

Trying to clean up grated cheese that is on a counter top. Can’t pick it up each individual piece and you can’t wipe it up because it rolls and smears…. #### everything about it.

Just leave it for a couple hours, dries into little cheese sticks that are much easier to clean.

I realize the OCD cleaner-type people are probably not able to do this.

[Locke]

Originally Posted by surferguy

Trying to clean up grated cheese that is on a counter top. Can’t pick it up each individual piece and you can’t wipe it up because it rolls and smears…. #### everything about it.

A Cat will sort that out in no time.

[8 Ball]

Originally Posted by surferguy

Trying to clean up grated cheese that is on a counter top. Can’t pick it up each individual piece and you can’t wipe it up because it rolls and smears…. #### everything about it.

Maybe buy a cutting board...

[Wormius]

Originally Posted by 8 Ball

Maybe buy a cutting board...

In hindsight, it seems like shameless advertising.

[RichieRich]

Originally Posted by Sliver

It offers a level of control and limited access to their actual bank accounts. I've taught them to save 50% of everything they've ever made/received (birthday money, jobs, allowance, etc.) their whole lives. They're 16 and 17 now and we just took about 90% of that money and bought 3-year GICs. I discussed it with them first and it was their call, but I was hoping they would go with the longer-term savings so I'm happy they did. My daughter turns 18 in six months, so I figured sliding in a good savings opportunity before she officially becomes an adult was probably a good move. Trying to get them to be good savers and to save money as a priority before spending.

With MyDoh we keep a limited amount in there. They don't have real access to their normal accounts, which is a bit weird I admit, but it's worked out for us and they've never questioned it. MyDoh has allowed them the freedom and flexibility to spend like it was an account, but I can control how much sits in there as a balance. I also get notified when they spend. Seems a bit controlling now that I type it out, but they like it a lot. If they get, say, a hundred bucks cash for babysitting or something they literally ask me to take the cash and put $50 in their savings and $50 in their bank account. It's totally ingrained in them now. They don't ever fk with cash - they prefer MyDoh.

Even with my daughter's job - paycheque is direct deposited into her normal bank account that she can't access. Every two weeks I let her keep up to 50% of what she's earned, but before I transfer it into MyDoh we discuss if she'd like to save even more than 50%. More often than not she does save more, which is cool and allows us to have financial discussions on the regular.

I do get notified when they spend money, which was particularly good a couple years ago when they were younger...now I don't monitor it per se, but it is nice to be able to check on a few things.

If they asked for control of their bank accounts I'd totally give it since they're pretty old, but this system has been good. There have been times when they've wanted to use the money in their accounts for bigger purchases, but I just have to remind them they used to want to spend their savings on Pokemon cards and I blocked that. They trust that I've grown their money and helped them save beyond what their judgement would have allowed, so we're still letting it roll.

Do you need MyDoh to do all that? Nah, but man does it ever work well in our house. I love it.

At some point you may want to have the conversation why GICs generally are not an investment but rather a way to tie up your money. Sure it looks like you’re getting something but after inflation, taxable at your marginal rate (might be nothing for them), and opportunity cost… well quite often it’s a loss. There are enough findable rants online (by real financial people rather than some dude on CP) to support these statements.

That said you’re doing the right thing about helping the littles learn value of money, spending behaviours, planning for the future but recognizing today is also important, and delayed gratification.

[getbak]

Originally Posted by Locke

A Cat will sort that out in no time.

But then you have to figure out how to get rid of the cat.

[SutterBrother]

Originally Posted by getbak

But then you have to figure out how to get rid of the cat.

That's what the python is for.

[Locke]

Originally Posted by SutterBrother

That's what the python is for.

And then you get a Mongoose.

[mikephoen]

Originally Posted by Sliver

It offers a level of control and limited access to their actual bank accounts. I've taught them to save 50% of everything they've ever made/received (birthday money, jobs, allowance, etc.) their whole lives. They're 16 and 17 now and we just took about 90% of that money and bought 3-year GICs. I discussed it with them first and it was their call, but I was hoping they would go with the longer-term savings so I'm happy they did. My daughter turns 18 in six months, so I figured sliding in a good savings opportunity before she officially becomes an adult was probably a good move. Trying to get them to be good savers and to save money as a priority before spending.

With MyDoh we keep a limited amount in there. They don't have real access to their normal accounts, which is a bit weird I admit, but it's worked out for us and they've never questioned it. MyDoh has allowed them the freedom and flexibility to spend like it was an account, but I can control how much sits in there as a balance. I also get notified when they spend. Seems a bit controlling now that I type it out, but they like it a lot. If they get, say, a hundred bucks cash for babysitting or something they literally ask me to take the cash and put $50 in their savings and $50 in their bank account. It's totally ingrained in them now. They don't ever fk with cash - they prefer MyDoh.

Even with my daughter's job - paycheque is direct deposited into her normal bank account that she can't access. Every two weeks I let her keep up to 50% of what she's earned, but before I transfer it into MyDoh we discuss if she'd like to save even more than 50%. More often than not she does save more, which is cool and allows us to have financial discussions on the regular.

I do get notified when they spend money, which was particularly good a couple years ago when they were younger...now I don't monitor it per se, but it is nice to be able to check on a few things.

If they asked for control of their bank accounts I'd totally give it since they're pretty old, but this system has been good. There have been times when they've wanted to use the money in their accounts for bigger purchases, but I just have to remind them they used to want to spend their savings on Pokemon cards and I blocked that. They trust that I've grown their money and helped them save beyond what their judgement would have allowed, so we're still letting it roll.

Do you need MyDoh to do all that? Nah, but man does it ever work well in our house. I love it.

Pokemon cards will crush a GIC for ROI.

[Strange Brew]

Originally Posted by RichieRich

At some point you may want to have the conversation why GICs generally are not an investment but rather a way to tie up your money. Sure it looks like you’re getting something but after inflation, taxable at your marginal rate (might be nothing for them), and opportunity cost… well quite often it’s a loss. There are enough findable rants online (by real financial people rather than some dude on CP) to support these statements.

That said you’re doing the right thing about helping the littles learn value of money, spending behaviours, planning for the future but recognizing today is also important, and delayed gratification.

I thought the exact same thing. It’s a great lesson about saving but unless you have a specific short term goal for the money (like college) and therefore can’t afford to ride out short term losses, kids that age should be putting that money to work in equities.

[RichieRich]

Here’s a nicely well written, and somewhat opinionated, view on the GIC:
https://www.greaterfool.ca/2022/09/1...ally-safe/amp/

Years ago I had some friends that eventually dumped a lot of $$ into GICs and were all smug about it. I offered to pay them a slightly higher guaranteed rate but get to keep the difference. I think they took out about a 5yr term at maybe 3-4%. Back then without much risk I was getting close to 10% pa. Of course at that age I didn’t have much capital so 10% of not much still isn’t much. These days they figure they’ll retire closer to 70, despite one being a well paid O&G engineer that’s always made good bonuses.. We don’t talk personal finances anymore.