When speaking of the four greatest ways to invest in your children's future, one must start at home.
Childhood Training
Proper upbringing is an investment that will continue paying dividends into a child's future. Some basic examples may include:
* Doing household chores in turn for a small allowance
* Encouraging part time jobs to save for college or their first car
* Setting up their first savings account
* Giving to a favorite charity or at church
* Encouraging part time jobs to save for college or their first car
* Setting up their first savings account
* Giving to a favorite charity or at church
Educational and Health Plan Coverage
With
today's unstable and volatile economic environment it would be wise to
begin setting up a fund for the children's education. Be it for a
four-year degree program or a vocational certification course, having at
least some funds in place will help make their road a little less
strenuous when having to come up with tuition and other education
expenses.
No one knows if any national health insurance will be in
place when the time is needed. Therefore, preparing for a viable health
plan for one's children is another way to not only anticipate health
expenses in the future but to be in a better position to confront them
when they do occur. This can be done through company health plans or
self-pay plans such as HMOs but health coverage is a must in any event.
Information Research
Today,
through the Internet, parents can easily obtain the investment
knowledge needed to make the best investments. By carefully researching
each investment vehicle available and not moving too quickly, parents
can fully formulate, within reason, what path to best take for their
child's financial future.
Carefully researching the vast
depositories of knowledge available on the Internet's "information
highway" is a vitally important part of financial planning -- and a
prerequisite.
Setting Up A Financial Strategy
How can one
know the best path to take if one doesn't know the destination? Having
specific goals and the strategic planning to achieve them are essential
especially during times of economic uncertainty. As they grow older,
teach the basic differences of having short-term, medium term and
long-range goals. Also, show them some common investment vehicles for
each category. Some examples of different investment classes may
include:
- Short-Term: U.S. Treasury Bills or Notes
- Medium-Term: CDs or U.S. Savings Bonds
- Long-Term: real estate and commodities such as gold
Childhood training, preplanned education/health plans,
information researching and financial planning are truly the greatest
ways to invest in your child's future. Needless to say, it would be wise
for parents to begin investing for their children as early as possible.
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