Invest in your kids NOW
Investing early for your kids is one of the most important things you can do.
If you were to invest $10,000 the day your child was born into a mutual fund that gave you a 10% return. Your child would have (taking inflation into account) $38,928.28 by the time they turned 18. IF that money was left untouched until the age of 65, your child would never have to save even one penny in order to retire comfortably. They would have millions!
I know you may not have enough money set aside to do that now, but why not start saving a little every month? Even if you don’t have kids yet, imagine the life that you could provide for them? Why not spend less money now so that your kids can have a worry free life?
Another thing you can do, is to teach them the value of money by taking a portion of their weekly allowance and investing it into a mutual fund of their own. Involving them in the process will get them excited about money and give them the gift of knowledge.
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