All posts by geniusdad

Character Building

Sponsoring a child in poverty may enrich your own child even more.

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As parents, we want to raise our children to be empathetic, compassionate, and caring individuals. One way to do that is by helping them understand the struggles faced by children living in poverty and empowering them to make a difference in their lives. Sponsoring a child in poverty through organizations like Compassion International or World Vision is a great way to achieve this goal.

According to the World Bank, poverty is defined as “a lack of basic human needs, such as clean water, nutrition, health care, education, clothing, and shelter.” Millions of children around the world face these challenges on a daily basis, and sponsoring a child through organizations like Compassion International or World Vision can help improve or even save their lives.

Compassion International is a Christian child development organization that works to release children from poverty by providing them with education, health care, and other essential needs. World Vision is a humanitarian organization that seeks to empower communities to overcome poverty and injustice.

By sponsoring a child through these organizations, your child can develop a deeper understanding of the struggles faced by children living in poverty. They will be able to correspond with their sponsored child, learn about their daily life, and even visit them in person if possible. Through this experience, your child can gain a sense of empathy and understanding for others’ struggles, which can help them become more caring and compassionate individuals.

In addition to helping the sponsored child, your child’s sponsorship also helps the child’s community. Both Compassion International and World Vision work to improve the overall well-being of the community by providing access to clean water, health care, education, and other essential services. This approach helps to break the cycle of poverty and provides a sustainable solution for the community’s long-term growth and development.

Sponsoring a child through these organizations is also a great opportunity for parents to teach their children about the importance of giving back and making a positive impact in the world. It can help children learn about responsibility and develop a sense of gratitude for what they have.

In conclusion, sponsoring a child in poverty through organizations like Compassion International or World Vision is a meaningful and impactful way to help children in need while also teaching your child important values such as empathy, compassion, and generosity. By visiting the compassion.com and worldvision.org websites, you can learn more about the work these organizations do and find a child to sponsor today. Together, we can make a difference in the lives of those who need it most.

Financial Literacy

Brokerage accounts better than a savings account for kids

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As a parent, it is natural to want to provide the best for your child. You want to instill good financial habits in them, and you may be considering ways to help them save and invest for their future. One option to consider is a custodial brokerage account. I feel this is a much better place to put any of that birthday money that the grandparents have given to your child.

A custodial brokerage account is a type of investment account that is held in the name of a minor, but is managed by an adult custodian until the child reaches the age of majority. This type of account can offer several advantages over a traditional savings account, especially when it comes to teaching children about long-term investing.

The first advantage of a custodial brokerage account is that it provides an opportunity for children to learn about investing at an early age. By starting to invest early, children can take advantage of compound interest and the power of long-term investing. They can also learn valuable lessons about diversification, risk management, and the importance of a long-term investment strategy.

Investing in low-risk ETFs such as VOO or SPY based on the S&P500 is a good starting point, as these are well-diversified and have historically provided strong returns over the long term. However, children may take greater interest in investing in individual companies that they are familiar with and interested in. Encouraging your child to research and invest in companies they are passionate about can further engage them in the investment process and teach them valuable research skills.

Another advantage of a custodial brokerage account is the potential for higher returns compared to a traditional savings account. While savings accounts offer safety and stability, they typically offer lower interest rates that may not keep up with inflation. In contrast, a well-managed brokerage account can potentially provide higher returns over the long term, leading to greater wealth accumulation for your child.

The importance of investing early and the potential for higher returns are ideas that are supported by some of the most successful investors in history. Warren Buffet, for example, famously advocates for starting to invest as early as possible and has stated that his favorite holding period is “forever.” Ray Dalio, founder of Bridgewater Associates, emphasizes the importance of diversification and risk management in his investing approach. John Bogler, founder of Vanguard, was a strong proponent of low-cost index funds and long-term investing. And Carl Icahn, well-known activist investor, has made a fortune by identifying undervalued companies and investing in them for the long term.

Milton Friedman, a Nobel Prize-winning economist, also emphasized the importance of long-term investing in his book “Capitalism and Freedom.” In it, he argues that a free market economy depends on a stable and consistent investment environment, and that long-term investors are crucial to achieving this stability.

In conclusion, a custodial brokerage account can be an excellent tool for parents looking to teach their children about long-term investing. While a savings account may provide safety and stability, it is unlikely to offer the same long-term advantages as a well-managed brokerage account. By encouraging your child to invest in low-risk ETFs and individual companies they are passionate about, you can help them develop good investing habits and set them up for a more secure financial future. With platforms like TDAmeritrade and Etrade making it easy to open and manage a custodial brokerage account, there has never been a better time to get started.

Financial Literacy

A note to new fathers.

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Becoming a father is an exciting and life-changing experience. It is a time when you will undoubtedly feel a mix of emotions – joy, fear, excitement, and apprehension. You may also feel a sense of responsibility to be the perfect father. But the truth is, there is no such thing as a perfect father. What is important is that you are present and willing to make mistakes.

As a new father, you may feel pressure to be the perfect role model for your child. You want to provide for them, be the protector, and teach them everything you know. But in the midst of this pressure, it is important to remember that no one is perfect. You will make mistakes, and that is okay. What matters most is that you are there for your child, showing up consistently, and being present in their lives.

One of the most critical things you can do for your child is to be present. Whether it is attending their soccer games or helping them with their homework, being there for your child is crucial. You may think that the amount of time you spend with your child is less important than the quality of time, but studies have shown that the quantity of time spent with your child is also essential. Being present for your child helps to build a strong bond and creates a sense of security and stability.

It is also important to remember that mistakes are a part of being a parent. You will not always have the answers, and sometimes you will get things wrong. But this is an opportunity to learn and grow, both for yourself and for your child. When you make a mistake, acknowledge it, apologize if necessary, and move on. Your child will learn from your example, and they will also learn that making mistakes is a natural part of life.

Another important aspect of being a father is showing your child love and affection. This can be challenging for some men who may have grown up in a culture that discourages showing emotions. But it is essential to express love and affection to your child, whether it is through physical touch or verbal affirmations. Children need to feel loved and valued, and as a father, you have a unique opportunity to provide that for them.

In conclusion, being a father is an incredible journey that will have its ups and downs. You may feel pressure to be the perfect dad, but it is important to remember that there is no such thing. What matters most is that you are present, willing to make mistakes, and showing your child love and affection. By doing these things, you will be creating a strong bond with your child that will last a lifetime.

Uncategorized

Little Wins; the 7 minute work out and the Power of Habit (by Charles Duhigg)

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I would not be described as athletic.  I was blessed with the genes of a string bean and therefore I can get through my career as a family physician without looking like the out of shape hypocrite that I am.  However, even I have my proud moments where I rise to the occasion of practicing what I preach.

I was raised as a nerd and couch potato.  It was not until college that I started to move my body in an appreciably exertional way.  One pivot point in my mentality was when I splurged during my sophomore year on a Cannondale mountain bike.  It was a slick obsidian technological beauty.

No longer was the wide expanse of my Big Ten university campus a daunting frontier, but rather every far corner was now easily accessible within minutes.  That purchase of a mountain bike began what Charles Duhigg would call a “keystone” habit in his bestselling book, “The Power of Habit”.

Riding the bike around campus was a habit that led to a healthier, more active lifestyle for me.  With more activity, I became more fit.  My immune system was revved up on a regular basis when my heart would pump harder.  I became ill less frequently and was able to actually show up to classes and study more effectively.

A second important pivot point in my mentality was while I was living in New York City and cheered my childhood friend on as he ran the New York City Marathon.  This guy grew up in the same environment as me…skinny chinese kid with nerdy tendencies.  Yet now he was running marathons and training for triathlons! I rushed from Brooklyn to Manhattan by subway to be able to cheer him on during various stages of the race; when he was pumped up at the beginning and when he was hitting the 17 mile wall.  As I observed the interaction  between runners and the cheering spectators, I got caught up in the positive vibe of the event with everyone wishing the best for the other, encouraging one another.

On that day, was planted a seed in my heart to run a marathon as well.  Previously, this would have been a ridiculous thought to me, but my friend’s example removed self-imposed barriers away.  (This reminds me of another important lesson: We tend to resemble our 3-5 best friends, so choose your friends wisely.) So in 2002, after finding a faithful running training partner, I ran the Marine Corps Marathon in Washington, D.C.

One day I would like to run another marathon so that I can say “I run marathons”, but even so, that one marathon put a stamp on my life.  From that experience, I have gained an optimism of what I am capable of.  When I see a road sign that reads 26 miles until some city or exit ramp, I view that mileage as a distance that could be covered on foot if need be.

I am very much out of shape compared to 2002, but I still carry that “can do”  mindset. I think it is important to set small goals, leading up to the larger goals.  Allow yourself to have small wins.  One small win I set up for myself and recommend to my patients is the “7 Minute Workout”.  You can easily find print out of the 12-13 exercises, each to be done for 30 seconds with a 10 second rest between each.

All you need is a floor, a wall, and a chair.  There are no excuses for not doing this workout apart from injury.  I like to use one of the dozens of versions of  “7 Minute Workout” apps that are available for smartphones.  These 7 minutes in the morning can also act as an easy “keystone habit” to begin your day right and lead to many other great habits.