How to best save and invest for your children
If you have very young children - how and when should you start saving for them?
Should parents buy education policies for their children? What about costs?
If you don’t like education policies; where should parents save for their children?
What about the risks of children spending all the money when they turn 18, enabling them to cash in their investments without parents’ consent?
Should financial education be part of the gift that parents give their children?
For answers to the questions listen to the interview in the audio below (or scroll down for quotes from it).
It’s not a good idea to save in your own name... it has tax implications… Do it in your child’s name…Warren Ingram, Personal Financial Advisor - Galileo Capital
Make it easy as possible for friends and family to contribute…Warren Ingram, Personal Financial Advisor - Galileo Capital
I don’t think so [when asked if education policies are the way to go]…The issues are costs and practicality…Warren Ingram, Personal Financial Advisor - Galileo Capital
Start looking at a Tax-Free Savings Account from the moment they’re born… That would be a heck of a gift!Warren Ingram, Personal Financial Advisor - Galileo Capital
You can exercise parental control right up to your child’s 18th birthday… You’ve got to start their financial education… the real gift is actually financial education…Warren Ingram, Personal Financial Advisor - Galileo Capital
Enjoy The Money Show, but miss it sometimes?
Get the best bits emailed to you daily, right after it ends:
Craig Rocher on the criteria you must meet to claim for “home offices expenses” and which expenses are deductible (NOT the phone).Read More
Google services such as Gmail and YouTube don't work on Huawei devices, but there are workarounds, says Jan Vermeulen.Read More
Kieno Kammies interviews Chris Ormrod, owner of Paper Moon Bookshop (there’s one in Muizenberg and Woodstock).Read More
You can now deliver the stuff you advertised on Gumtree, says its General Manger Claire Cobbledick.Read More
"We deal with non-perishable food that is good for many, many years after the 'best before' date," says Dave Bester of Foodeez.Read More
Personal finance experts agree - RSA Retail Savings Bonds is having more than a moment, right now. Your bank simply can't compete.Read More
Bongiwe Kunene (MD, Banking Association SA) carefully and clearly explains the terms of the loan and who may apply.Read More
Distrust anything Covid-19 related that you receive from outside your trusted parameter, warns cybersecurity expert Brian Pinnock.Read More
Feel tempted to cash in your pension? Refilwe Moloto asks Andrew Davison (Old Mutual) for pointers.Read More
"The banks do not want to repossess your car," says National Debt Advisors CEO Sebastian Alexanderson.Read More