How would you like to start your child out with $46,800 by the time they get to college. $50 a week for 18 years even with 0 interest comes to $46,800. We recently recommended to one of our family members to start buying 1 piece of Tiffany silver in any particular pattern, every week without fell. That's $1500 this year which should be approximately $120,000 when his daughter is 18. Now just imagine all the sodas, movies, toys, cell phone bills, unnecessary clothing, wasted vacations, etc,etc,etc. If you add all these items up over an 18 year period I can guarantee at minimum you are talking about $10,000-$20,000. That is how the average family squanders their child's financial wealth. We have not even touched cigarettes, alcohol, or drugs. By the time the average person hits the grave they have wasted about $150,000-$250,000. Little or nothing is left behind to the next generation with the exception of bad habits. You can be the one to break this cycle within your sphere of influence.By the time our children are 20 years old they should have a home completely paid for and tens of thousands of dollars in the bank. They should know financial responsibility as well as they know their ABC's and popular music. I recall when I was younger and one of my friends asked, what did I do for fun. An old man told me when I was 15 to make a lot of money when I was young so that I could enjoy it before I got old. Most people have to work even after retirement age. Teach yourself and then your children how to make wealth a part of your everyday lives by eliminating excess, you not only save money but you also eliminate a lot of factors that would rob you of your health and your ability to enjoy your wealth.Your children challenge you to save $50 a week. If that is not possible then save $5.00 a week. If you spend it, it must be on something not only more valuable than the money you have spent, but it must also be increasing in value. As mentioned in the previous blog on stock investing $50 can by you quite a bit of stock compared to the past years. Consider opening a Scottrade account(USE CODE XGIU4668 AND GET 7 FREE TRADES) for your child or children. We invested bought shares of Morgan Stanley and made a profit of $800. And the stock keeps increasing in value. . Have a blessed rest of the week.Shalom,Tamar
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