It’s completely natural, but we all worry a great degree about how our kids will carry on financially when they reach a certain age. Now, if we’re being honest with ourselves, that point comes at different times for different children, but nonetheless, every parent worries a good deal about this kind of stuff throughout their child’s formative years.
Well, fret no more, everyone!
Explorer Hop is here to save the day!
In this blog, we are going to take some time to help our fellow parents by giving out what we believe to be three of the most important tips we know for how you can start or continue building wealth for your children.
Let's get started.
1. Invest in the Stock Market
This first suggestion isn’t going to be easy, but we never said these ideas were fool-proof. An obviously great way to build future wealth for your children is to invest in the stock market and do so successfully. If you are new to investing, a great place to start would be “safe” and reliable companies like Walt Disney, Apple and other big ticket conglomerates that you feel confident will have a stable future. From there, go as far as you feel comfortable, bearing in mind risk, but the point is clear: smart and successful long-term investing in the stock market can mean the accumulation of generational wealth for your child/children.
2. Invest In Real Estate
Much the same as investing in the stock market, learning how to invest in real estate and doing so successfully provides the potential for your child to be the eventual beneficiary of steady cash flows and even potentially increasing value over time. You’ve already started this with the house or living arrangement you have now, so think of real-estate investing as a way of building on something you have already begun. Similar to our previous idea above, this is nowhere near fool-proof and will require a good deal of risk management and understanding to become good at but this is just another really good way of building wealth for your child’s future.
3. Teach Your Children About Personal Finance
The final way of building wealth for your children is laying an educational foundation that will help them be financially self-sufficient in adulthood. Yes, being able to set your children up by passing down your investments and your wealth when the time is right is awesome and great but we believe that there is extra value in teaching your children about personal finance so they can be prepared to grow their wealth in the future beyond what you help them accomplish. As the saying goes, “if you give a man a fish, you feed him for a day. If you teach a man to fish, you feed him for a lifetime”.
In the interest of helping you accomplish this, we would like to conclude this blog by reminding you that Explorer Hop offers world-renowned personal finance programs to help prepare your child for the future.
With programs curated for children from first to twelfth grade, covering topics ranging from the basics and history of money to budgeting and taxes, our renowned programs and teachers can help your child get a head start on their path towards financial superstardom in their future.
That’s all for this blog.
Check out our website, here, and sign your child up for one of our instructor-led courses or self-guided classes today.