Will you be happy seeing your children living the life you are living at the moment?
If you are, then it means you did things right but if you aren't then there is a lot you have to do to ensure they do not live the life you are living. I usually tell people that the first indicator to show that a child will be wealthy is if the parents are or were wealthy. When you start to have children, you start to infuse their careers into your ambition and journey because you want them to be better than you. Where you start for them is your responsibility but what they do with it is left to them. So it is important to invest in your children's life.
I learnt something from a friend and he said that it is important to add your child's name to your credit or credit card authorized user on your credit card. This is great for only users who are not debtors. If you know that you would pay off your credits as soon as possible after purchasing, then it can be an asset for your children because gradually, you are growing their credit score even as children when they do not know, while you indirectly purchase and payoff the credits for them.
By the time they are off age, they will not start at the same place with others when it has to do with credits, they will have a leverage compared to others. You must be careful and responsible if you are going to do this because a bad credit score is more damaging than you might think.
An investment account is another investment you need to put in place for your children. In the case of children, an educational investment account will do the trick. In this type of investment, you would not be taxed when it has to do with for the growth on it as a result of interest, and you would not be taxed when you withdraw for educational purposes. If you are able to invest better, you can open a custodial investment account for your children.
You can invest in collectibles for your children, because these collectible an become profitable especially when you buy it for your children and keep it until it appreciates a lot because people have obsession for collectibles and its rarity causes it to appreciate more. Invest in property also for your children because the price of properties never depreciates either with or without inflation. Buying a property for your child in their early age is great because you can hand over the properties to them when they are off age and at this time it is very expensive and a good investment for them.
Set up a Trust fund for your children. You dictate how your asset is distributed to your family especially your children. It is sometimes excluded from taxes but it is worth it and excluded from risk or bankruptcy.
You can also try compound interest for your children by putting in a few dollars, cent, pence, or funds into your children's high interest account monthly and see what it would have become by the time they are 25 years of age.
These few things might sound like a big deal and impossible act but I can say to you that you do not need to have 1 billion dollars to do any of the things I mentioned, you just need to be determined and invest little by little and you will see its result exponentially.
By acting and setting up plans in such a way can set you apart even one step away. Thanks for the attention to read.
See you soon later in some day.
