Reply to Helping Setting Kids up for long term Financial Stability

Forum Index » Money and Finances

Reply to "Helping Setting Kids up for long term Financial Stability"

Subject:

Emoticons





More smilies

Text Color: Font: Close Marks

[quote=Anonymous][quote=Anonymous]1. Graduate from college debt free

2. Contribute as much into their IRAs each year from 22 onward (max it if you can)

3. Help them get into their first property. Avoid condos. Get them into a townhouse if possible.

I wouldn't help them *too much* as they need to develop their own wealth too, but getting them into a starter house and maxing the IRAs are simple steps that will pay off greatly in the long run.[/quote]

Yes to all. We are paying 100% for an in-state college. DC currently has about 25K in an investment account - puts all gift money/graduation money/etc. into that. Has worked a part-time job since they were 16, so they take care of all spending money.

Also, partner and I bought an investment condo 20 years ago that is almost paid off. This will be available to child to live in for below-market rent upon college graduation, which we will put into an investment account and gift to them when they are ready to purchase something.

Have also taught them about buying used cars for cash so they never have a car payment. Hopefully they will follow this advice. [/quote]

Options

	Disable HTML in this message
	Disable BB Code in this message
	Disable smilies in this message

Review message

Search Recent Topics Hottest Topics