How to Make Your Children Richer
Parents nearly always have to make financial adjustments after having a child. Raising children can be expensive, from purchasing birthday gifts to paying for extracurricular activity fees.
«If you look at the cost of college, that number is pretty staggering,» says Kara Duckworth, a certified financial planner and managing director of client experience for Mercer Advisors in Newport Beach, California.
College is just one expense parents have, though. Once the child reaches adulthood, there can also be wedding costs, medical bills, and camp fees. It’s critical to get kids started saving money as early as possible, whether your goal is to instill in your child sound money management techniques, assist in their college costs, or prepare them for financial success as adults.
Alex Klingelhoeffer, a certified financial planner and wealth advisor of Exencial Wealth Advisors in Oklahoma City, advises «always beginning with the end in mind.» Depending on your objectives, there are various ways to save money for kids.
