We all think of ways that we can give back or care for our families and for most of us this means leaving an inheritance for our kids that lasts long after we’ve passed. Below are a few ways you can leave an inheritance and set your kids up for the future.
Proverbs 13:22: “A good man leaves an inheritance to his children’s children.”
1. Pay off your house. Most houses have a thirty-year mortgage and as we all know, a lot can happen in thirty years. Paying off your mortgage early ensures that your house remains in the family and can be passed on from generation to generation and that your family will not have the burden of a thirty-year mortgage.
2. Pay your child’s college tuition. The student loan crisis continues to cripple the nation with many of us unable to purchase homes or have kids simply because of the amount of student debt we still are paying off. Paying off your child’s college fees will free them up in the future. Of course, you always want them to first strive for scholarships and grants but having the means to pay your child’s balance will help them start their careers debt-free.
3. Get a life insurance policy. We never want to think of the day we die but a life insurance policy will give you and your family peace of mind in the event of your death as a provider for your family. Also, check with your job because a lot of companies offer life insurance options for full-time employees.
4. Have an investment portfolio. You may not be a millionaire now but investing is for the long haul. This is a marathon that will help you when you and possibly your family in the future. Be sure to do your research and work with an investment banker to create our portfolio. Even a few hundred dollars a month can go a long way.
Wondering how to get started with any or all of these options? The first step is to set a monthly budget. A budget is a clear outline of the money you make and the ways you spend it. This will include food, rent or mortgage, credit card payments, loans, retirement or investment accounts you pay into every month. Is each item a need or want? Thinking about what you need such as food and shelter will make you think of the necessities in life. You will start thinking about your everyday expenses in a new way and you will find ways to cut costs.