New dads and finances
Written on July 20, 2005 by Kevin.
Many financing books will flat out tell you to pay yourself first. This simply means putting a portion of your money into a savings account, stocks or other alternatives. This idea can also bleed over to the new child. Creating a saving account for a young child and contributing to it slowly will give you a safe place when your child grows older and you need a large amount of money for a car, wedding or other events. My father created a mutual fund account for myself and since then, I have been contributing to it. I believe these types of ideas also can help gear a child into a financial mindset which should help them succeed in the future.
Thinking about my child's future, I have decided that all funds from advertisements will go directly to my child's savings account. This would include any money that I receive from ads, associate links or general donations. Hopefully I can give my child a good head start into financial freedom.