Being a father at a later age is different from when I had my other two daughters when I was in my 20s and 30s. If you're in your 60s and you're with the kid every day you're dealing with the mind of a child so it opens up that childishness in you again.
Children also have artistic ability and there is wisdom in there having it! The more helpless they are the more instructive are the examples they furnish us and they must be preserved free of corruption from an early age.
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Save your money. You're going to need twice as much money in your old age as you think.