The best legacy you can give your child is education. But is education limited to the four walls of school alone? What about you equip them with financial insight and relief? Like saving up money for their future?
We spend so much fortune on yearly birthday parties for kids who, sadly enough, don’t remember those parties as they grow older (except, of course, from the pages of photo albums). Children may even appreciate parties and friends invited to celebrate with them on their special days, but what happens after the grandeur party with expensive party packs?
The truth is some of us started life with nothing and I think we should make it a point to handover some good amount of cash to our own children when they turn 18, to start life.
Don’t let them start with zero as you did. Give them have a head start!
We will forever be grateful and have mental wellbeing if we saved or invested monies for them and help them have a good start of life when they are of age. This could go towards their college funds, trust funds, stocks, and other aids that could provide them more options in life without necessarily worrying too much about money.
Take for instance, the Canadian government makes a monthly payment to eligible families in order to help with the cost of raising children under the age of 18. This payment ranges between $6,400 and $5,400 per annum based on the age of each child. A qualifying child may get a minimum of about 450 Canadian dollars monthly. If parents add extra 50 dollars to it (making 500 Canadian dollars) and if they do this each month till the child is 18 years, he/she will start life with about 108,000 dollars! Mind you, this figure does not include interest that would compound if the funds are kept in an interest savings account.
You can imagine the joy of a child that is just setting out in life, if his/her parent could give him 108, 000 dollars to kick the butt of life with! And if you live in a country where you don’t have access to child care benefits, it means you have to go the extra mile of creating this gift for your child/ children.
Donald Trump said his father loaned him a small amount of 1 million dollars when he was just setting out in business. See how far he’s gone today! Likewise, Aliko Dangote the Forbes richest man in Africa was also gifted some money by his grandfather to start his business. What headstart would you give your own child?
What will you loan/give him when he needs it the most?
I am not against birthdays celebration because great childhood memories are a great headstart to fantastic and balanced adulthood. However, these celebrations should be done in moderation with the right priorities at the center stage of our minds.
Won’t you rather gift your child a financial headstart than picture albums of birthday celebrations? Don’t forget, the best legacy you can give him is quality education of which financial insight or relief is not excluded.
We would love to know what headstart have you decided to give your child today.