What can you do to financially help your children in the future?

What can you do to financially help your children in the future?

What do you think?

21 Comments

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  1. We’re moving to Finland. That way I know that when they’re ready to move out the health care will be affordable, they won’t be saddled with a lifetime of debt for going to college, and if something happens to *me* they won’t go broke paying my medical bills, either.

  2. 1. Get them work experience as early as possible.
    2. Save 20% of what they make no matter what
    3. Help them get a secured credit card to start building credit
    4. Teach them the difference between smart debt and dumb debt
    5. If your company offers incentives like tuition help, cell phones, company cards, etc use it.

    I had an ex who was rich as fuck by 35. He had a portfolio of 30 rental units and his own construction company.

    He started off doing odd labor jobs and sales when he was 15. By the time he left high school he was already a homeowner and a manager at his job.

    This is how I will raise my future kids.

  3. Invest in a trust for them! Something they cannot access until adulthood. Or set up a college fund (same idea)

    Each $1 put in today will be worth much more in 18-20+ years. And you’ll keep funding over the years too.

  4. Not sure if anyone will see this comment. I’m not good at this stuff.

    In anyone’s opinion will building a college fund, buying a house or maybe a trust fund be a better option? My husband talked about buying a house for them now. We are not at all wealthy or anything so we would save and buy a home for them and use it as an investment for them. I’m not good at this. This is all new to me. We’ve just been worried lately so I wanted to ask. Thank you for any responses ideas tips it all helps.

  5. Open a 529 and save for their college. Graduating without student debt will put them WAY ahead.

    And/or educate them on financial fundamentals, like savings, budgeting, etc.

  6. When I had my first son I was still in school, broke as a joke…things were tough but we lived comfortably within our means. Ffwd 5 years my husband and I are pulling in six figures combined with a $190,000 house and two new cars…so we decide to try to have baby number two.

    Two months after baby number two arrives and within mere weeks of each other I lose a ten year contract I didn’t dream wouldn’t be renewed and my husband lost his 13 year career. Bye bye cars and nice house. Its been nearly two years and neither of us have been able to replace the careers we lost. We now make barely 30,000 a year.

    No level of preparation can truly determine your outcome. I lost nearly all of my income potential and my life didn’t lose any value. Regardless of my bank account balance my kids give me more purpose and drive than any other motivation, I work harder because they exist. I guess it’s just a matter or perspective.

  7. Might sound counterintuitive, but one big thing you can do is invest in your OWN financial security/ retirement. If you’ve got that sorted then by all means save for them as well, but first make sure you’re not going to be a financial burden on your kids right at the age when they’re starting out in adult life.

  8. actually be a parent for the rest of your life – dont charge them rent, dont make them figure it out on their own, be a safe landing place if things get hard for them, and **rule number one: do not become a parent if you cant afford to be one forever**

  9. Assuming you are good with credit, get them a credit card in their name as an addition to your credit card. Only let them use the card on approved expenditures (e. g., trips to the grocery store). This builds their credit from a young age, so don’t ever get rid of that credit.

  10. If I have not replied please know I’m reading all these and finding all these helpful! Thank you so much! My husband and I wanna sit down and talk about a plan. We have time our children are very young but we wanna start now so thank you for all the advice!

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