{"id":6933,"date":"2020-11-27T07:00:14","date_gmt":"2020-11-26T23:00:14","guid":{"rendered":"https:\/\/www.infinitysolutions.com\/?p=6933"},"modified":"2020-11-24T10:11:49","modified_gmt":"2020-11-24T02:11:49","slug":"could-you-make-your-child-a-millionaire","status":"publish","type":"post","link":"https:\/\/www.infinitysolutions.com\/blog\/could-you-make-your-child-a-millionaire\/","title":{"rendered":"Could You Make Your Child A Millionaire?"},"content":{"rendered":"<p><span style=\"color: #000000;\">It might sound like a farcical idea but bear with us as it\u2019s not as outlandish a suggestion as you might think. Granted, this article will not be relevant to everyone, <strong>but<\/strong> if your own pension is on track to meet your retirement goals and you have surplus disposable income, as many expats in Asia do, how about giving your children a head start on <strong>their<\/strong> retirement fund?<\/span><\/p>\n<p><span style=\"color: #000000;\">If you start saving for them early you could give your child a real chance of reaching the magical million-dollar milestone by the time they come to retire. And now might be a great time to start with the holiday season and a new year almost upon us, a period when many lucky youngsters will receive gifts of money from parents, grandparents or godparents. It could be the perfect opportunity to invest that money into something which will have a long-lasting and potentially life-changing legacy.<\/span><\/p>\n<p><span style=\"color: #000000;\">The challenge of accumulating a large enough pension pot to secure a comfortable retirement is getting harder. One reason for this is that life expectancy is rising around the globe. According to<\/span> <a href=\"https:\/\/assets.publishing.service.gov.uk\/government\/uploads\/system\/uploads\/attachment_data\/file\/223173\/centenarians_by_age_groups.pdf\">UK government figures<\/a> <span style=\"color: #000000;\">over a quarter of those aged 16 or under will live to 100. If they retire at 65 (and only the fortunate ones who have saved diligently will have that choice) that leaves 35 plus years during which they will need to sustain themselves with little, if any, support from the state.<\/span><\/p>\n<p><span style=\"color: #000000;\">With state help declining and many fearing that state pensions could disappear altogether, any savings you can make for your child are going to give them an advantage, even though they may not truly appreciate the value of your gesture right away!<\/span><\/p>\n<p><span style=\"color: #000000;\">So just how much will it take to build a million-dollar nest egg for your child?<\/span><\/p>\n<p><span style=\"color: #000000;\">Let\u2019s take a look at a case study:<\/span><\/p>\n<p style=\"padding-left: 40px;\"><em><span style=\"color: #000000;\">Ralph and Sheila put $175 a month into their daughter, Leila\u2019s, bank account every month from when she is born until she turns 18. It earns a not unrealistic 6% interest annually. While the total investment made adds up to $37,800, the boost of compound interest has grown the investment to $64,900 by the time Leila becomes an adult.<\/span><\/em><\/p>\n<p style=\"padding-left: 40px;\"><em><span style=\"color: #000000;\">Leila is sensible, she decides not to touch that money until she retires at 65. After a further 47 years of compound interest working its magic she has \u2026\u2026 $1,003,738. That\u2019s one hell of a retirement pot without Leila even having saved a penny of her own money. Although we would still strongly advise her to do her own retirement saving because who knows how far a million dollars will go in 2085.<\/span><\/em><\/p>\n<p><span style=\"color: #000000;\">That\u2019s just one way to do it. If your child receives an inheritance, or other gifts that can be added to the pot then parental contributions could be reduced. And of course, $1million is an arbitrary target.<\/span><\/p>\n<p><span style=\"color: #000000;\">The fact is that any saving that you can manage on behalf of your child will give them a huge leg up in life. They may choose to use it to get through university debt-free, making \u00a0it easier for them to start contributing to a pension when they get a job or they may opt to put down a deposit on a house so they can invest in an asset which will grow in value, rather than paying rent.<\/span><\/p>\n<p><span style=\"color: #000000;\">Don\u2019t get hung up on the amount you can save but do get hung up on <strong>how<\/strong> you save because even a relatively small percentage variation in return can make a significant difference to the size of the pot at the end.<\/span><\/p>\n<p><span style=\"color: #000000;\">If you plan to build up capital for your child with a regular savings programme we strongly advise that you seek professional guidance on how best to invest. Success is in the planning.<\/span><\/p>\n<p><span style=\"color: #000000;\">Between them Infinity\u2019s team of financial consultants have decades of financial planning expertise and extensive knowledge of the best regular savings products available to expats in Asia. They can steer you in the right direction to find the one that suits you and review performance on a regular basis to ensure it continues to grow and meet your long-term financial goals.<\/span><\/p>\n<p><span style=\"color: #000000;\">Together we can set the stage to give your child the best possible chance of becoming a millionaire!<\/span><\/p>\n<p><span style=\"color: #000000;\"><a href=\"https:\/\/www.infinitysolutions.com\/contact\/\">Contact us<\/a> today to discuss the best way to build capital to secure your child\u2019s financial future.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>It might sound like a farcical idea but bear with us as it\u2019s not as outlandish a suggestion as you might think. Granted, this article will not be relevant to everyone, but if your own pension is on track to meet your retirement goals and you have surplus disposable income, as many expats in Asia&hellip;<\/p>\n","protected":false},"author":2,"featured_media":6934,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false},"categories":[5,153,66],"tags":[],"class_list":["post-6933","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-savings","category-blog","category-viewpoint","category-5","category-153","category-66","description-off"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v25.0 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Could You Make Your Child A Millionaire? | Infinity Financial Solutions<\/title>\n<meta name=\"description\" content=\"If you start saving for them early you could give your child a real chance of reaching the 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