When we are just starting out in our early 20s, nine times out of ten, things are usually pretty difficult from a financial perspective. But a big part of that is due to the fact that we had spent way too much time playing around and goofing off between the ages of 13 and 21. Nothing is wrong with that, kids and teenagers are supposed to have fun, but what do we have to show for it?
The key to making sure your child has a easy start living on their own in their early 20s and to securing their financial future for the better lies within their younger years. They are going to need your help at first but eventually, they will need to help themselves. Here are some ideas that can help your children:
1) From the first day of your child’s birth, put away one dollar a day for him/her. Open a separate FDIC-insured high yield savings account from your’s and set it up with the bank so that it can automatically be deducted and transferred into that account (that’ll save you the trouble). You can have the bank do this daily ($1), weekly ($7), or monthly ($30). But do this until your child turns 21. Let’s say you set this up with Capitol One’s InterestPlus Online Savings, there will be somewhere between $10,000 to $12,000 waiting for them when they turn 21.
2) Set up an account with Textbroker and write 3 articles per week. The average article there is $2 a piece. By your child’s 21st birthday, there will be $45,990 saved up. Read more… http://www.associatedcontent.com/article/2621517/how_to_secure_your_childs_financial.html?cat=25