In my opinion, having too much money is harmful for a child, best to keep it in a fund for college / a downpayment.

“My billionaire dad fought against giving me a lot of money when I was a kid because too much money is harmful for a child. He flew on his private jet and then drove in his luxury car to the trial to make sure I wasn’t harmed by money. That’s why I love and respect him.” Yes, that sounds plausible. I’m sure they wouldn’t think their billionaire dad living his billionaire lifestyle didn’t skimp out on them because he had a college fund for them.