- November 30, 2023
- Posted by: legaleseblogger
- Category: Related News
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Setting Our Child up for Financial Success
My husband and I are both active-duty military, with him in the Army and me in the Air Force. We have been managing our finances carefully, considering our existing debts from his car, motorcycle, and the mortgages on both his house and the one we bought together after getting married.
With the news of our pregnancy, we are now eager to ensure that we can set our child up for financial success from an early age. We want to provide them with the best possible start in life and ensure that they have the resources they need to achieve their goals and dreams.
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Maybe open a 529 to put away money for their education down the line. If your child doesnÔÇÖt use it for education some of it can be transferred to a Roth IRA without penalties. You can also open a savings account or brokerage for them, IÔÇÖm not sure how the custodial stuff works though. And then, just teach your kids about money and spending at an age appropriate level as they are growing up so they are ready to make good decisions as adults.
One of the things I would say that might be controversial would be giving your kid access to money at an early age, an appropriate amount but ensure they work for the money, this allows them to learn their spending habits and allows you to teach them how to control their habits. Something like working for $5 a week for candy money then upgrading to $20 for McD or similar.
When they’re 18 or so, collect “rent” from them but save it up for when they actually move out of the house so they understand how to properly budget and save. I see a lot of kids who still live with their parents living large on a low salary simply because they can spend all of it with no worries.
I once read that the simple act of a child having a bank account made a huge difference (statistically significant) in their financial literacy and fiscal well-being.
Of course that means taking them to the bank regularly to deposit savings, birthday, Christmas gift money. It’s not an open an account and forget about it deal.
Check current requirements for transferring educational benefits to see if itÔÇÖs possible to add your child as a beneficiary on both of your Post-9/11 benefits. Then look at 529 accounts to see if they make sense for your situation. Most importantly – keep paying down your own debt and taking advantage of tax advantaged retirement accounts for yourselves. The greatest gift you can give your kids is to not need their financial support when you are older.
There is a book you can borrow from your local library. The Little Book of Common Sense Investing by John Bogle. This book was written for beginner investors to invest in broad market ETFs like VOO or VTI for their simplicity. Just set it and forget it especially during market corrections. Broad market ETFs for the win. Consider this book for your child when they get older.
529, childcare FSA.
Then get them a credit card with a $500 limit at 16. Then when they ultimately apply for a loan in their twenties they’ll have almost a decade of credit history.
Transfer GI Bill if feasible. Save and invest for yourselves so you can make career and retirement decisions that are in child’s best interest ls later instead of needing to make career choices to make ends meet. Document your health issues along the way it may be difference in child getting VA Chapter 35 education benefits or not.
* Both of you should have wills written up to make sure your kid is cared for as you wish if something happened.
* Get term life insurance for 30 years for both of you, so your kid will not have to face a financial fall out if something happens to either of you while they are still young and figuring things out. Yes, 30 is still young.
* Pay off your car and motorcycle
* Max out your own retirement accounts every single year so you won’t be a burden on your child as you age
* Set aside whatever you can monthly that could eventually be college funds, down payment $, and wedding $ for your kid. Wherever you park this is up to you. Could be in index funds to keep it simple. Could be a 529 if that’s something you’d prefer and you want to focus on college savings.
At this age (expecting your first), the only thing you might consider in the next and continuing indefinitely is simply setting a good example. Sounds like you’ve both gotten a good start, congrats. I’m sure you both know cautionary tales of colleagues who are def not in the same situation. So just by setting a good example of how you manage finances (and like, for that matter), IMO trump any other active strategies.
I talk openly with my kids about our family’s finances, sharing both my good and bad money decisions. I set up an investment account for them and regularly put money into it from my paycheck. Additionally, I transferred my GI bill to cover a portion of their college expenses. As they get older, I intend to add them to my credit card to help them start building their credit history. If they choose to stay at home while going to college then I’ll charge rent but with that rent money, I intend to invest it and give it back to them when they graduate. I want them to have opportunities as adults, though I’m not aiming to give them everything for free.
From the pragmatic side, you can add them to one of your credit cards so theyÔÇÖll have an 800 credit score at 18
You can set up a bank account for them and add it to Venmo instead of family sending you thousands of useless toys.
Set up a 529
I highly recommend the book Raising Your Money-Savvy Family for Next Generation Financial Independence. ItÔÇÖs full of practical tips to talk to your child about money and to give him/her opportunities to learn about it from experience. Doug Nordman, author of Military Guide to Financial Independence, co-wrote it with his daughter, Carol Pittner.
If either of you have a business that you could “hire” your child for, to create earned income, you could open a Roth IRA. An example that I’ve seen was a photographer had their child doing advertising work for them.