I know kids are very lazy to do house chores. Some types of encouragement may help them to change their habit. I chose a sats stacking method to encourage them. It is still debatable about incentivizing kids with money to do chores. My friend argued with me about incentivizing with money looks like bribing. But I viewed it differently. I see it as encouraging them to work and save some money for the future. Let us keep aside that discussion. Let us see some of the methods which I am following to encourage my kids to stack sats.
House chores and save sats
- I asked my kids to use the "wallet of satoshi" app on their mobile. I know it is a custodial wallet. But it is easy for them to login using their email id, and easy to recover if they lose their phone.
- I have lnbits running in my lightning node at home. LNWithdraw (LNURLw) plugin is amazing with lnbits. Set a specific number of sats in LNURLw for each chore.
- Print LNURLw QR code on the paper. Let us say if they want to do the laundry, stick the QR code in the laundry room.
- I asked them to use the lightning wallet app to scan QR code once they are done with their work.
- If my kids want to spend the sats, I act as a bank. I create an invoice from my lightning app. Once they paid my invoice, I give them the equivalent fiat to spend on their fav ice cream or cookie. Circular economy!!
Encourage to save in bitcoin
My teenage son earns a tiny bit of money occasionally by helping a small business. I advised him to save 50% of his earnings (whatever small it is) in bitcoin. He gives me fiat and I transfer equivalent bitcoin to his wallet. Last year, he wanted to sell his bitcoin to me at the peak of the bull market to buy a laptop for his school work. He was super happy to see his savings appreciated and he was able to buy a laptop with his earnings.
He panicked when he saw the bitcoin value went down in this bear market. I told him that this is how emotion plays with money. I encouraged him to have a long-term vision of savings and keep stacking the sats.
I am sure you may have such creative ideas on stacking sats. Please post your comments.