Any parent wants their children to succeed in life and not have to battle. Life is difficult enough without having to worry about finances. Give your children the opportunities to do whatever they want in life.
Various kinds of savings plans could give your children that much needed boost in life.
Start an education savings plan for your kids when they are little to allow compounding to work its magic. When they graduate high school, you will be able to afford to send them to any university or college they wish to attend, without having to dig into your disposable income. This way, they will not be saddled with study debt even before they earn their first paycheck.
You would think that retirement planning is only for adults, but imagine what your pension capital would be worth if you had another 20 years of compound interest. You are giving your kids the gift of time that will leave them with a huge advantage when they decide to retire. Start a retirement savings plan for them when they are little, and they can continue with contributions once they start working.
A savings plan is a great way to save up cash for your kids for when they need it most. This could be for a deposit for their first home, to buy a car or even to start a business.
No matter what option you choose to help your kids with, you are gifting them time in which savings can earn valuable compound interest. Chat to your financial consultant about opening a savings plan for your children. [email protected]
Please note, the above is for education purposes only and does not constitute advice. You should always contact your deVere advisor for a personal consultation.
* No liability can be accepted for any actions taken or refrained from being taken, as a result of reading the above.