Dads, here are investments you can make today to make your kids the biggest bosses:
First, financial knowledge–teaching your kids the finance game can help them get a head start. Set up an email for them and send book recommendations, daily nuggets, or wealth-building strategies they can follow.
Next, consider adding them to your credit cards as authorized users so they can start building good credit. Don’t forget to educate them and set hard boundaries so they don’t jack up your credit.
Get them to start investing in retirement accounts like an IRA early with their earned income.
If you have a business, give them age-appropriate work, add them to your payroll and get them to invest part or all of their earnings.
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Rianka R. Dorsainvil, CFP®️ is the Co-Founder and Co-CEO of 2050 Wealth Partners a virtual, fee-only comprehensive financial planning firm dedicated to serving first-generation wealth-builders, entrepreneurs, and thriving professionals. Rianka also hosts 2050 TrailBlazers, a podcast aimed to address the lack of diversity in the financial planning profession by engaging industry experts and leaders in conversation.
As an award winning successful, millennial Certified Financial Planner professional, Rianka offers a unique perspective not only on the current state of the financial service industry, but on how to stay relevant in an ever-changing world.
Rianka serves as a member of CNBC’s Digital Financial Advisor Council and CFP Board’s Diversity Advisory Group, is a Forbes Personal Finance Contributor, and has been recognized for her accomplishments and leadership within the industry by leading publications and organizations such as Investment News’ inaugural 2017 Women to Watch Rising Star and Wealth Management’s Ten to Watch in 2018. She has been published in PBS NewsHour, Forbes, USA Today, Black Enterprise, CNBC, Women’s Health, and more.