There are many folks like me out there that want to make a better life for our children. Don’t get me wrong, I had a great upbringing, but I’d like to improve upon that for my own. In some respects, that is a hard thing to do, but I’m hopeful I’ll be able to.
Investing for our children can be something that we don’t think about right away. After all, we’ve got diapers to buy, and not to mention everything else that we already had to get, like cribs, dressers, CLOTHES THEY WEAR ONCE, and more. Yeah, you can tell I am not a huge clothes fan, which is why we get most free on the “buy nothing” type of sites.
Teaching - it may take a few years to get there, but educating on investments is so important. Many adults don’t understand simple things like why they need to invest, why they should not carry credit card debt, or why it’s so important to get that employer 401k match. Make sure they’re ahead of their peers in every aspect and on the path to success. So while it may not be the first chronological step, it is the most important.
Education - if you’re like many, you see those commercials before you have children about 529 plans. While I hesitate to put all the eggs in the 529 basket, due to possibilities of them not going to school, or other reasons, it is a good bet. Dependent on your state you will likely be able to receive some tax benefits. In many cases these dollars can be used for more than just your typical 4-year college as well. While it’s to be seen where college education costs and funding goes from here with the recent student loan debate and forgiveness in our country.
Investments - I’m a fan of opening an account for your young one, either through a custodial account, or just one you keep in your name for them. There are so many benefits such as handing them an account once they’re of age, to getting them involved in the process when they’re old enough to have some input. I have started a Vanguard account for my daughter and will plan to add to this monthly. Once she’s old enough we’ll look at other options to grow her interest in the investments.
I hope you look to bring your children into the fold if you have them, and set them up for success in the future.