Investing in your child’s future is often a top priority for parents in their 35s to 50s. While the traditional piggy bank is an excellent way to teach children to save, there are more substantial ways to ensure their financial security and educational future.
1. START WITH A PLAN
Begin by outlining your goals for your child’s future. Is it a college fund, seed money for a business venture, or financial support for a creative pursuit? Having clear goals aids in selecting the best investment strategy.
2. EDUCATION SAVINGS ACCOUNT
Consider opening an education savings account; there are many options depending on where you live. These accounts, which are specifically designed for educational expenses, frequently offer tax advantages.
3. DIVERSIFY WITH MUTUAL FUNDS
Mutual funds can be a great way for parents to diversify their portfolio without having to pick individual stocks. They allow you to invest small amounts on a regular basis.
4. BONDS: A SAFER BET
Government and municipal bonds can be safer investment options. They can be a good choice if you prefer a low-risk path to grow your child’s future fund.
5. TEACH FINANCIAL LITERACY
Involving your children in age-appropriate financial discussions is invaluable. Teach them about money management, saving, and investing. This education is just as important as the financial investment you are making in their future.
6. CONSIDER REAL ESTATE INVESTMENTS
Real estate investing can provide long-term returns for those who are financially capable. This could be through purchasing a rental property or investing in a real estate investment trust. Ensure that you first seek financial advice if you are not experienced in property investing.
7. THE POWER OF A TRUST FUND
Setting up a trust fund for your child can provide financial security and is particularly useful for larger estates or specific family circumstances. It can also assist with tax planning. Seek financial and tax advice before setting up any trust to ensure it is suitable for your financial circumstances.
8. LIFE INSURANCE AS A FINANCIAL TOOL
A life insurance policy can be used to secure your child’s financial future in addition to providing protection. Some policies accumulate cash value over time, which can be used to fund your child’s education.
9. REGULAR REVIEWS AND ADJUSTMENTS
As with any investment, it is critical to review and adjust your strategies on a regular basis. This ensures that your investments are in sync with changing market conditions and educational costs.
10. INSTILLING THE VALUE OF MONEY
Encourage your child to save for the future, whether through part-time work or saving gifts. This instills a sense of responsibility and an appreciation for money.
Investing in your child’s future requires more than just financial commitment; it’s about making informed decisions, taking a diversified approach, and instilling in them the value of financial responsibility. It’s a journey that goes well beyond the piggy bank, setting the stage for a brighter, more secure future for your children.
For any of the above strategies, I would encourage you to seek out professional advice first to ensure it aligns with your values, goals, and financial position.
Remember, it starts with you. Learning about money can give you the power to make smart financial decisions and reduce money-related stress over time. That’s where the LEARNING HUB helps you gain more financial knowledge, while providing you with the support and help you need.
Can you imagine seeing your home loan balance diminish every month to the point that you now have no debt and no mortgage? Now enjoy a happier, less stressed lifestyle, knowing the major debt in your life has finally been paid off.
Imagine receiving the deeds to your home with just your name on it and not your bank, as previously they had joint custody of your home.
Just imagine what it would be like to not pay a mortgage, or better yet, to be well on your way to owning your investment property.
Putting you, and not your bank, in the driver’s seat of your financial life.
We give you the tools to own your home faster – the one big debt looming over your head.
I am often asked to examine potential clients’ home loans, as they want to know if they have the right home loan structure to help them reduce it quicker.
There are 4 steps to becoming mortgage free faster, and they are:
1. Set your goal 2. Get a coach – mortgage coach and financial & mindset coach 3. Learn how and what to do to achieve your goal of becoming debt-free sooner. 4. Create a plan and stick to it 5. Take action, do what others won’t do, and you will see the benefits of becoming debt-free sooner.
So I hear you saying, what can a coach do?
Firstly, there are two types of coaches when it comes to reducing your mortgage. The first is a mortgage coach, and the second is a financial and mindset coach.
1. The mortgage coach is the one who ensures your home loan is structured and set up correctly, utilising the latest strategies available to maximise the full debt reduction potential. The mortgage coach’s responsibility is to ensure they are working with you to understand your home loan so you can work towards paying it down as quickly as possible. 2. The financial and mindset coach is the one who works with you regularly to help you stay focused and on track towards achieving your financial goals. The financial and mindset coach ensures that when life suddenly throws you a curveball, as it often does – they are there, ensuring you have the tools and resources necessary to stay motivated and on track.
So let’s take a look at what it may cost you to not get a coach.
If you had a home loan of $400k with a 30-year term, this would cost you at the end of your loan around $733k. That’s an additional $333k of your hard-earned money going to the bank for the privilege of them loaning you the money.
Now let’s take a look at a home loan that’s adopting the mortgage reduction strategy along with getting support from a coach.
When the mortgage coach got to work with this client, they were able to save over $210k in interest payments alone, not to mention over 11 years in the term of their mortgage.
It’s really possible to pay your home loan off faster with the right home loan structure, and the right coach on board can help you achieve this.
This is one of the strategies I teach in my course “How to Keto Your Money – 21 Kick Start Program”. You get coaching from me on how to pay your home loan down fast and get the support you need to stay on track.
This is also what I often talk about in building financial muscle and having money work to YOUR advantage and not to your bank or financial institution’s benefit.
Disclaimer: The content of this article is general in nature and is presented for informative purposes. It is not intended to constitute tax or financial advice, whether general or personal nor is it intended to imply any recommendation or opinion about a financial product. It does not take into consideration your personal situation and may not be relevant to circumstances. Before taking any action, consider your own particular circumstances and seek professional advice. This content is protected by copyright laws and various other intellectual property laws. It is not to be modified, reproduced or republished without prior written consent.
Let me help you!
Get in touch with me today to see firsthand if you have the right loan structure and how my coaching style can support you to achieve your financial goals sooner.
Supporting someone with money stress can be challenging because they may be resistant to accepting help or discussing their financial difficulties with you.
Often people don’t want you to know they are struggling because of judgement, but this is the time to be the friend or family member to support them. There is always a way out and often they can’t see that due to the stress they are experiencing.
Sadly some people feel the only way out is to leave this earth and that only leaves the loved ones behind with sadness and more stress than ever before.
Simply checking in with someone, taking them out for coffee, and listening to how they are doing can go a long way toward helping and being the supportive person they need.
Here are some ways to help them while still giving them space to maintain their dignity:
LISTEN ACTIVELY
Start by being a good listener. Let them talk about their financial concerns and stress without offering advice or judgment. Sometimes, just having someone to vent to can relieve some of the emotional burden.
YOU CAN HELP WITHOUT GIVING MONEY. YOU CAN SHOW YOUR SUPPORT IN OTHER WAYS.
Offer your time, company, or help with things that do not cost money, like doing chores around the house, running errands, or giving emotional support during hard times.
PUT AN UPBEAT SPIN ON ANY DISCUSSION OF MONEY AND ALWAYS ASSUME THE BEST.
You could say, “I have been looking into some great financial resources that I think could help anyone, and I thought you might find them interesting,” instead of “You need help with your finances.”
RESPECT THEIR PRIVACY.
Give them space and privacy when it comes to their finances. Do not ask them too many questions or force them to talk more than they want to.
MAKE MONEY PROBLEMS MORE COMMON BY TELLING STORIES OR GIVING EXAMPLES OF PEOPLE WHO HAVE HAD MONEY PROBLEMS AND GOTTEN THROUGH THEM.
This can show them that many people have trouble with money and that asking for help is not a sign of weakness.
BE PATIENT.
Know that it might take them some time to open up or accept help. Wait your turn and let them lead the conversation and decision-making.
OFFER HELP WITHOUT BEING OBVIOUS.
If you find articles or financial resources that could help, share them in a quiet way. You can send them an article or a link instead of talking directly about their money.
SUGGEST PROFESSIONAL GUIDANCE.
If you believe they would benefit from professional financial advice, make a non-confrontational suggestion. You might say, “I know someone who is really knowledgeable in this area. Would you be interested in talking to them? It might give you some new insights.”
AVOID OFFERING FINANCIAL ASSITANCE.
Do not give them money directly unless you are sure it will not hurt your relationship or encourage them to act irresponsibly. Instead, focus on helping them feel better and giving them information.
EXPRESS YOUR CONCERN.
Tell them you care about their well-being and are ready to help them in any way they feel comfortable. Make it clear that you are not judging them, but that you care about their happiness and health as a whole.
STAY SUPPORTIVE.
Keep being there for them, even if they do not accept your help or ideas right away. Let them know that you will always be there for them.
It is important to give them their independence and let them decide for themselves what to do with their money. You can give them help and resources, but in the end, they have to be ready to take steps on their own to deal with their money stress.
Your patience, understanding, and willingness to not judge them can go a long way toward helping them get through their money problems.
The LEARNING HUB helps you gain more financial knowledge, while providing you with the support and help you and others need. Join now for only $79 USD per month.
As I start the year off preparing for what I plan to achieve and share with you this coming year, I came across an article I wrote 2 years ago but never published.
I thought back and wondered why I wrote these inspirational thoughts?
On reflection, it was because at that time my Dad lost 3 of his brothers (my uncles) and his best mate all in the same year and who were all in their 70’s.
I also realised that last year I wrote a ton of stuff whether it be educational or inspirational but sadly never shared it with you my reader.
So today is the day that I promise to share more financial and mindset content that in the hope helps and benefits people in my community.
Here’s what I’ve learned these past 12 months:
1. Random acts of kindness are rare today. When you do something nice for someone without expecting anything in return, you may have just brightened up their day without knowing it.
2. If someone is unkind to you unless you’ve done something terribly horrible to them – it’s not about you – it’s about them and the challenges they may be facing behind the scenes.
3. Don’t judge anybody or any situation – you never know what someone is going through. Just because they put on a brave and smiling face, it doesn’t mean they are having a good time at life!
4. True friends are the ones that after months of not seeing them – don’t get upset or offended but greet you as if they just saw you the other day.
5. If people don’t acknowledge you – it’s ok. They may not have seen you like you think they have or if they have – possibly have a lot on their mind.
6. Money may not grow on trees – however if you work not only hard but smart – you will be growing your own tree that will look after you for many years to come.
7. Treasure the loved ones in your life – as you never know how long they will be here for.
8. When you look at exercise in a different way, other than to lose weight – amazing transformations happen – not only physically but your mind becomes super fit and sharp. Now that’s a bonus worth exercising for!
9. Love where you live – no matter on the size of your house or location. When you really love where you live – happiness appears from the corners of each room.
And, stop and smell the roses – I mean REALLY stop and smell the roses and get out in nature. It’s God and the Universe’s way of showing you all the beauty that surrounds you daily!
So while I wrote this 2 years ago, it still rings true for me today and has become even more important for me to follow the steps to achieve more happiness and fun in my life.
What have you learned over the past 12 months that you’ve decided you don’t want anymore and long to bring more of this year?
Leave me a comment below as I’d love to hear.
So until next time, wishing you more health, wealth and happiness this year.
We took this at 1am after cleaning up from his party ? on Saturday night remembering we didn’t get one photo of the 3 of us. Too late for our daughter to get into the photo as she was fast asleep ? by then.
Reaching 50 or any milestone in your life is worth celebrating ?.
It’s important to celebrate the milestones along the way whether it be birthdays, paying off debt, work achievements or whatever joy and happiness has come in at that time.
When we celebrate the special milestones in our life it triggers a change in habit to our brain ? and this enables more of the good stuff to come in.
Celebrating even the fact you’re still here is a major milestone today as I’m sure we’ve all had special people in our life that are not here and had their time cut short.
Gratitude and appreciating all that you have in life – whether you don’t feel like being grateful because of certain circumstances that have occurred in your life – is the key to receiving more.
Now I’m not going to bang on here about gratitude and appreciation, as I feel there is plenty of that out there for you to tap into in other’s messages.
What I do want to share and highlight is to truly appreciate all what you have today whether it be a little or a lot and be thankful that you’re here.
So enjoy every milestone and moment in your life and live with love and gratitude ❤️
p.s. check out that rogue strand of hair sticking out lol – I was too tired to take another photo but love that we finally got one of the two of us before the night was out. Important to document special occasions even with unruly hair 🙂
