How to make your child a millionaire
this was on oprah yesterday...
You can make your child a millionaire for just $21 a month, according to financial expert David Bach. If your child is under the age of five, David says, you should invest 70 cents a day. By age 65, your child will have a million dollars.
But even if your child is older, it's never too late to start, David says. You will just have to invest a small amount more per day. For example, for a 10-year-old child, save $1 a day.
If your child is currently a teenager, save $240 a month for five years. If you never touch that money again, letting it compound at 10% interest, your child will have over $1 million at retirement.
You can make your child a millionaire for just $21 a month, according to financial expert David Bach. If your child is under the age of five, David says, you should invest 70 cents a day. By age 65, your child will have a million dollars.
But even if your child is older, it's never too late to start, David says. You will just have to invest a small amount more per day. For example, for a 10-year-old child, save $1 a day.
If your child is currently a teenager, save $240 a month for five years. If you never touch that money again, letting it compound at 10% interest, your child will have over $1 million at retirement.
