Daniel Ramsey, the founder of Myoutdesk, began to save and invest his children when they were born.
Ramsey emphasizes financial education using Roth IRS to teach compound interest.
He advocates the involvement of children in investment decisions to ensure responsible management of the property.
This essay is based on a conversation with 47-year-old founder Daniel Ramsey Myoutdesk In Sacrament, California. It was edited due to length and clarity.
I am the CEO and founder of Myoutdesk, a virtual company assistant serving more than 8,000 companies. I am also the founder and CEO of the MOC MOCT MOD, a non -profit organization to provide communities with the essential opportunities for education, housing and economic enabling.
Growth in poverty encouraged my career as a series entrepreneur. 2008 I founded Myoutdesk after working in real estate and realized that business owners were drowned with the necessary administrative tasks. Initially, a real estate professional, contractor, creator and mortgage broker, I sold and gave up my other companies to focus only on Myoutdesk.
My net value is about $ 100 million and I earn more than $ 1 million a year. I save money to my children, 4, 9 and 12 years old and I know how to invest properly.
Daniel Ramsey and his family.Daniel Ramsey’s consent
I learned the importance of time and interest. If I could go back to my 18-year-old myself, I would have inserted part of each check in a mediation account, such as IRA. If I had done it, my net value would probably be twice as twice as high.
All three of my children have mediation accounts with Roth IRs. They also have their own bank accounts and opportunities to make money. They have their own savings accounts where they save money: 1/3 for savings, 1/3 and 1/3 for charity.
I think Roth IRA is an exercise learning to postpone children and see how quickly it will grow with compound interest over time. How the family discusses how it creates great benefits over time.
Each year since their accounts started, I have contributed to the Roth IRA maximum permitted, which is $ 7,000 in 2025. Because our children were young, they created ways to make money. Our parents as parents are slowly showing how to manage money and investment.
For example, my senior, since she was 5, invested in Disney. It also owns Amazon and Berkshire Hathaway shares. When she gets a salary, I sit with her to invest in my Roth Ira and discuss her other investment.
From about 13, we will start allowing our children to take over some of their finances and make decisions with parents’ advice. (We do not allow them to invest in companies that we still disagree with.) This will help them give them the desired autonomy and teach them to make financial decisions and mistakes themselves, so they are ready when they reach adulthood.
Provide priority to both financial and emotional education. While it can be useful to create a financial umbrella, it is much more useful to teach them strong key values, ensuring that they know how to work hard and be good people. Social, intellectual, relative and emotional capital is vital for raising independent and successful children who can properly manage their money.
Financial education is also important. Wealth can be a weapon or tool, and without proper knowledge it can be very destructive. When I created investment accounts to my children, I spent time helping them to understand what to do with their money and how to use these wealth to serve others, making sure they use money as a tool that corresponds to their values.
The most common mistake of parents I see is unable to educate their children because of their choices and accounts they choose.
First, parents need to understand the account they compiled. For example, Roth Ira is fully controlled when they are 18 years old. If they are not trained in property management, they can easily inflate their investments.
Conversely, the confidence in which the father completely controls your child may feel too restrictive when they fall into adulthood. After all, it is important to involve and inform your children from an early age to ensure a smooth transfer of wealth and to honor this incredible gift.
My elder is intellectual, but my middle child is experiential so I agree with them where they are. This trip is the ability to log in and have these early and routine conversations about money that is suitable for age. As aging, it is more understandable for granted.
My oldest invested in Disney when she was 5 and I took her to my first shareholder meeting and introduced it to the stock market. Here she was able to ask Bob Iger a question that encouraged her interest to invest.
We are talking about investments that are 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 the opportunity to discuss promotions and investments.
I was determined to raise my children to be responsible for the people who were given the right to seek what they loved while contributing to the members of society. I also didn’t want my wealth to interfere with their future.
Since then, I have read many books on wealth such as Rich Dad Port Dad and the Richest Babylon Man, listened to every podcast I could find, for example, “purchased” and All-in-Podcast, and met with ultrasonic network translators during the R360 Global. At first I was looking for a link, but I kept going to education.
Although there are no links, one of the most important lessons I have learned is that financial umbrella will still take your children. To include those basic values, spend time with them and teach them what to do with their money when they have, is much better than just creating an investment account.
