Mad Mike is a Grampa.

Mad Mike

Mad Mike

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First grandchild born at 8:50 tonight

Happy, healthy baby girl.

I’m so excited!
 
Congrats to the entire family. I'm sure everyone is super excited.

What will be her first bike from Grandpa Mike?
 
Congrats mate. Wishing you and the family prosperity, now you need to start thinking of ways to spoil the heck out of her 😆
 
Congrats, MM! If my folks are any indication, it's lots of fun and you can hand them back when it's not!
 
Congratulations that’s awesome!

All the best to you and your family!
 
Best gift my Mom came up with was to set up for her Grandkids was establishing an RESP AND RRSP as soon as feasible . No it’s not fun , but in eighteen yrs when college comes up and sixty yrs later when your grandkids wanna retire they will think very fondly of Gramps . It’s literally the gift that keeps giving , birthdays / Christmas/ Easter all included a few bucks into whichever account.
Oh, F it , get the girl a Honda monkey bike and a bass rod .


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crankcall said:
Best gift my Mom came up with was to set up for her Grandkids was establishing an RESP AND RRSP as soon as feasible . No it’s not fun , but in eighteen yrs when college comes up and sixty yrs later when your grandkids wanna retire they will think very fondly of Gramps . It’s literally the gift that keeps giving , birthdays / Christmas/ Easter all included a few bucks into whichever account.
Oh, F it , get the girl a Honda monkey bike and a bass rod .


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Click to expand...
Depending on returns, a single investment of ~30k when they are born will give them ~$1M when they retire.

If opening resps for kids, be sure to coordinate with parents. It is bad idea to put in more than 2500/yr/kid.
 
Who has thirty K laying around to gift ? I see your point , that’s a big number . The RESP should be set up through a bank , those guys in shopping malls selling them need to be avoided . But Mikes a former banker , I suspect he knows more about this than me .

The second best thing my parents did for my kids was just be available. Mom taught my daughter so much about life skills and just being around . Babysitting , drives to baseball and soccer , taking the kids for overnights so they didn’t have to see daddy all drunked up coming home . It all helped


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GreyGhost said:
If opening resps for kids, be sure to coordinate with parents. It is bad idea to put in more than 2500/yr/kid.
Click to expand...

Not necessarily. Do the math on this. Depending on your rate of return contributing more than $2,500 early in the cycle will result in a higher total value at age 17 or 18 than restricting contribution to $2,500/y to yield maximum CESG of $7,200.

You might not max out the CESG, but componding, tax free returns will offset this over time.
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