3 ways you can invest in your child’s future starting now
Wanting to get a jumpstart on your child’s financial future but unsure of where to begin. Saving is one option, but investing is a method where you can grow your money for your children.
And guess what? You can start now.
The sooner, the better. The earlier you start, the more time you have for that money to grow.
Here are three ways you can invest in your child’s financial future starting now:
Setting up a custodial account is one way to ensure you’re putting away safe, quality investments for your children. You can put in something that’s going to grow, such as mutual funds.
You can even make it fun and invest in something that your children can identify, such as stocks like Kellogg’s, Coca-Cola or even GameStop (like this mother did) — something that is highly likely to withstand the test of time.
Pay attention to the quality for growth over time.
This is a college saving account used specifically for education purposes. If you use it for education, it functions similarly to a roth IRA. The money you put into it can be invested and therefore grown.
As long as you use it for education, you won’t have to pay taxes on this money.
Investing in your own account
Putting aside money this way provides more flexibility with how you use, such as something that benefits the entire family or even an emergency if it came down to it.
There are pros and cons to each, but it’s never too early to start thinking about your child’s future.