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Investing for your kids
Investing for your kids - Trends
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As a parent, it’s your job to ensure your children have everything they need to make it in the real world. But have you taught them about the power of saving and the value of investing? With a little time and effort, they can learn how to build wealth for life. Kid investors have three advantages that adults are hard-pressed to match: Time. With investing, time literally is money. There is absolutely nothing that creates wealth like compound interest over time — it’s the one ingredient that can potentially help investments grow. Disposable income. A portion of birthday and holiday cash, allowances and money your ...
Most parents now start saving for their children as soon as they are born or even before. With the rising cost of education, it is prudent to plan ahead. Some ideas: Savings Bank Account: Open a small saving account in the child’s name and put in all the small amounts that are gifted to the child over the years. This suggestion came in from reader Urmila. One parent will have to be the operator as the child is a minor. When the child is old enough, it is good to help the child operate the account by himself or herself so that he or she learns about banking. And the pride of possession will ... Read More
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