What if a dollar could change your child's life a day?
A few weekends ago, when I went to a party and was in a room full of young parents, I almost felt that I had entered an alternative universe.
The conversation was full of words such as "diversion" and "deliberate discipline", both techniques that I can only guess, are brilliant.But it was only when someone called a "behavioral schedule" that I was in well -known waters.Toothbrushing.Or cleaning up assets is rewarded using a sticker system with a new toy when you get a certain number of stickers.Now we are talking!I recognize bribes when I hear it.
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And I could not resist the urge to calculate other, better ways in which these bribery dollars can be put to work.
Invest $ 1 per day
The pure magic ofinterest rates interestThat means when the years pass, only $ 1 per day - or, because of simplicity, $ 30 a month - to a considerable part of the money.More parents who had infants day, so I decided to think they had started to invest a dollar for their children every day from birth.
So here we have it: $ 1 glides every day in an envelope from the day a child is born.At the end of the month, $ 30 is placed on an investment account (Online broker accountsMake it easy).The historical return to the S&P 500 since 1926 is around.10%, so I admitted in a slightly more conservative annual return of 9%.
It is worth noting that this isLong -term investments.The stock market can go up and down, so if you invest in just under 10 years, your money would be safer in a short -term vehicle.
If the investment works as hoped, it is very bad here that $ 1 a day would be worth every birthday:
Data source: Coach calculations.
The party was only 488 miles from our house.It meant that we had a trip of 488 km, where I squeak my poor man with questions about where he wanted us to save more and what he remembered to cost more, more than we expected when our children were small.
When the weekend was over, I had made a list of things that can be done with a dollar per day investment.Factic from music lessons and sports to supervisors and space camps, the list of activitiesTo saveFeels endless.But perhaps you can think of your own list that takes into account the needs and interests of your children.
You can choose to spend the money, because you need them for your child's activities or keep driving (and interesting) it until they are old enough to control them themselves.
Alder 10-13
The moment your child is 13, it can be worth the day more than $ 8,000.This is around the time in the life of a child where he or she is in everything under the sun, including sports, music lessons, language Thutors, Summer Camp and others (Freakish) specific interests.I know a little girl who can't get enough Egyptian history, so it's good to take a turn to see relics.
Alder 14-18
The moment your child is 18 years old, the dollar can be almost $ 15,000 a day, which is great because teenagers are expensive.If you do not pay for a travel team, you finance a class trip.There is a driver training to pay for, an increase in your car insurance rate and for some children, a sudden interest in expensive tennis shoes.Even if you wisely check them for cheaper stairs, you still have senior photos, promo and university applications to add spreadsheet to you.
Alder 19-23
The moment your child is 23, the dollar can be worth more than $ 25,000 a day.If you do not intend to feed the university education of your entire child, you are in a good company.The moment you currently plan 29% of the parents, pay all costs related to the training of their child.The other 71% will do what they can do.This investing $ 1 per day is now enough to help you get your child at school, buy a used car if they need it, or pay some of their living costs.
The 24+
My husband and I (I speak for him, even though I suspect that he no longer listened to the 200 km brand) that our little ones should have investments and give them a basis on which they could build their future.That is why we continued to make small investments during their school year.It means that we can give them a little more financial stability when these young adults enter the real world.
But you know that there is no rule that says that you should only have one dollar a day at any time.What if you invest $ 1 per day for the expensive teenage years and another in early adult age?The plan can be fully adjusted - and it almost seems crazy.
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