How to set your kids up financially

Earlier this year, one of our readers contacted me with a suggestion for a newsletter topic…wealth building for your kids.  No doubt a subject area that will interest many parents, especially with children tending to live at home longer these days!

Contributing to your children’s financial future can be as simple as depositing money every week into a bank account or as detailed as preparing an investment strategy.  The key is to understand what you want to achieve from your plan and by when.

There is not one single strategy when it comes to wealth building for your kids…each family and their situation is different, but it’s never too late to start.  Whether your child is 3 or 13, there are steps that you can take today to contribute to their financial future and financial education is the first step.

Above all though, you need to ensure your own investment strategy is sound before developing a plan for your kids.  It’s a bit like what the airlines recommend…apply your own oxygen mask before providing assistance to your child.  Having a plan for your children’s financial future is futile unless your own financial plan is sorted.

What are my options?

Some options to financially contribute to your children’s future include:

  1. High interest savings account – Perfect for small amount of funds.
  2. Investment bonds – A good option, especially if a grandparent wants to leave funds for a child.
  3. Shares – A good option if you are looking for a ling term investment.  You hold the shares in trust in your child’s name.
  4. Property – If property is your preference, there is always the option of investing in a listed property fund, which can be added to over time.  Alternatively, if a larger amount of capital is available direct property ownership is an option too.

If you have a topic you’d like to hear from us about, send an email to [email protected]

If you’d like to receive our newsletter click here and select the “Subscribe to our newsletter” button.

By |2019-06-27T04:23:52+00:00June 27th, 2019|Newsletters|0 Comments

Leave A Comment

Premium Content Locked!

Please enter your email address
to access Tools & Checklists
Get Instant Access
close-link

Premium Content Locked!

Please enter your email address
to access eBooks
Get Instant Access
close-link

Stay connected!

Get our newsletter delivered straight to your inbox!
SUBSCRIBE
close-link