Some of the 5 “Must Have” Financial Planning Gifts for Children
Here are some of the 5 “Must-Have” Financial Planning items to give your child the right start.
‘Making the decision to have a child is momentous.
It is to decide forever to have your heart go walking around outside your body’
After 10 months of patient anticipation, the little bundle of joy is finally out to meet you. As you carry the sleeping angel in your arms, you want to give your baby everything.
Here are the 5 “must-have” financial planning items to give your child the right start.
Medical Insurance – The most basic intuition of a parent is to protect. This is the first step to ensure that you can get all the help you need to keep your child safe and healthy.
Education Funding – While parents want to protect, children want to grow. Education funding ensures the child can have every opportunity to realize their full potential.
Life Insurance – Be careful! I am not referring to insurance on the child. Rather, parents should ensure they are adequately protected first. We are willing to risk our lives for our children, we must be prepared to insure our lives for them as well.
Retirement Planning (For Yourself) – This is a great gift, the gift of independence from being a financial burden to your child in the future.
Transfering Your Wealth – Have a sound estate plan that creates clarity especially with regards to guardianship for the child should the worst happens.
Finally, we must always be mindful that no amount of financial gifts can equate to the gift of a part of yourself – your laughter, your attention and your love. Children may not always remember what you’ve said to them or what you’ve done for them but they will always remember how you’ve made them feel.
As the famous saying goes, ‘Time and Tide waits for no one’. Your little angels are growing up day by day more quickly than you can ever imagine. The best time to provide is now.
Article by Pamela Chong, ChFC
(NOTE: Get our Financial Planning Philosophy (Building Transferable Wealth Guide) as a guide to help you plan your life finances. Get your FREE hard copy delivered to your home here)