Educating them with knowledge about money
One of the best gifts you can give your kids is to teach them about money and how to handle it. Unfortunately many people do nothing more than put money away in some kind of investment, so they have something to give their children when they reach the age of, say, eighteen. This is to be commended, but if the children are not taught the value of money and how to make it grow, they will be much more likely to waste that money rather than putting it to good use.
So make sure you teach your children about money – what it can do, how to save it and how to make it work for them – from a very early age. They will learn much from such lessons, and it is a good way to make sure you provide them with knowledge they can use for the rest of their lives.
Investing in their skills
What do your children want to do with their lives? Once they reach a certain age they will start thinking about how to progress in a career of their choice. This is a good way to think about investing in your children, by helping to finance their learning in this way.
Of course this could mean anything from helping to pay their way through college to investing in a series of books or a one off college course to help them learn something completely new. You can invest in your kids in lots of ways; some people even invest their time in them to help them learn the ropes in the family business. As you can see, there are lots of ways to invest in what is one of your biggest assets.
How will your child benefit the most?
No two children will be the same when it comes to investments. Some will understand money very easily from an early age and will want to save as much as they can to provide them with a cushion when they are older. Others will live from day to day and need more guidance with their cash.
We can see that investments of this kind are among the most important ones we could ever make. In truth it is a combination of guidance, knowledge, support and savings that will ensure a child gets the best start in life. So it makes sense to think of the word ‘investment’ in the broadest possible terms. This is how we can ensure we do the best for our kids as well as enabling them to do the best for themselves.
So you see, if you are still thinking of investments purely in a financial sense, you are only just scratching the surface. You can do much more than this from today onwards.