When should you begin a savings account for your child. The earlier is better, and meeting a partner to marry with a future plan of 3 kids with the first born being 5 years down the road. The parents should have 3 accounts opened the procreation decision day. The children are not born yet, and accounts paying interest will be taxable until the children are born and establishment as the minor account holder for tax deferred on interest monies saved. The 3 early bird accounts will change the attitude and behavior of the future parents as they allocated monies into savings per month, and pay a penalty for equal distribution into the 3 early bird accounts on non-essential purchases or luxury items that is not necessary to survive. In planning for college or life at 18, the parents must conditioned themselves to utilize best practices of savings for the 3 future babes. The parents should have a goal of money saved by the time the child is 2 years of age. Because, the age of 2 begins the … [Read more...]
