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> especially when I started his savings account at something crazy like a 500% interest rate

Yikes. What are you going to do when your child learns about compound interest?

The "Parents are untrustworthy and break promises" lesson sounds like a bad plan to me!

I thought starting him at an 8% interest wouldn't give him the motivation. After a few months we had a talk and he saw the power of compound interest based on these crazy numbers, and we've adjusted it downwards since then. Of course he was a bit disappointed but understood this was closer to the real world.

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