Start saving for your child NOW!
Posted on April 27, 2008
Filed Under Age 0-4 |
I am a huge advocate of saving for your children… yes, YOU should be saving for them.
Am I talking about setting up trust funds for them, so that they will never have to work a day in their life ? NO… of course not… if you have the money to do that, and you choose to do that… then that is your decision… but, for all of us “Paupers” (basically, anyone who can’t afford to setup a muti-million dollar trust fund for your kinds)… I AM TALKING ABOUT saving VERY SMALL amounts of money for your children… the point is just to start saving… to plant seeds for them… to practice what you are going to be preaching to them…
A very well known personal finance guru talks about your “starbucks” money… why not try that… why not take one $5 starbucks purchase per week, and instead of buying it… drink a free glass of tapwater… and take the $5 and SAVE IT for your child… yes, I am proposing modifying your current lifestyle by simply finding your “starbucks $5 per week” (this can be anything… not just starbucks… just find something that you can cut for around $20 per month)… and saving it for your child…
So, STEP 1 is START SAVING $20 per month for your child RIGHT NOW. Do NOT procrastinate, take action right now… go to an online bank, and setup a savings account for your child right now… then, setup an automatic savings debit each month from your checking account to save your child at least $20 per month… and oh yeah, don’t forget to cut out that single $5 starbucks each week 
Robert Mandrake
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