What Smart Investments Should I Make in My Children?
Money Management for Parents
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Q: How do I make smart investments in my children?
Rachel: That’s a broad question. From a financial standpoint, you need to start with ?college savings—either an ESA or 529, depending on your situation.
Outside of that, you can invest in them by teaching them a strong work ethic. Give commissions, not allowances. Teach your kids to be givers. Talk to them about how you give and serve, and let them volunteer and serve with you when possible.
And, remember, more is caught than taught. You are an example to your kids whether you like it or not. They are watching you! If you teach them healthy ways of handling money, then you’ve given them a huge head start in life.
So definitely invest in their future financially, but also don’t forget to spend time with them as they grow older. It’s an old cliché, but they’ll be in college and out of the house before you know it.