Yes, they are, and what a fantastic present your child will receive on his or her 18th or 25th birthday if you had opened a VA saving account Asheville NC for them from the moment they were born, adding to it every week or month and allowing it to accumulate to the amount received.
Compound interest is a wonderful money growing incentive, and your child will take a keen interest in a savings in their name, but you as the parent are responsible for all transactions until the child is of age to take charge of this bank account legally. By this time the account would have accumulated, taking the interest into account over that period, and time, to have a good amount in total that your kid will be able to use or add to for a start in life.
This savings will draw interest and once it has reached a certain level, you can then transfer it into a higher paying money market which you can discuss with your accountant, broker or bank manager. Imagine if your parents had done this for you. What might you have accomplished?
Having an account for your child can instill good money management practices in your child as he or she sees their money growing. Going to the bank with you to deposit his pocket money, besides the money that you are contributing weekly or monthly to the account may inspire the entrepreneur spirit in a child to make their own money to save and grow, maybe start a small business in their spare time, just to see their money growing.
By taking care of your child s future this way, you are taking care of future dreams they may accomplish. Does little Amy have musical talent? Does she sing along with the big stars? Amy may one day be a famous singer or songwriter.
Budgeting is not taught in schools and most children have not idea what the reality of being an adult is like, which is as it should be, up to a point. But in this life, can you really rely on Providence, that the future will take care of itself?
All the material excesses to make up for time not spent with the child fade in memory as the child grows older. But the lesson of saving for their future, to give them the independence that they did not have as a child, the autonomy to make their own decisions and not have to struggle once an adult or look to relations for hand-outs, is something that will never be forgotten by a child.
This gift of money when they most need it. Helping them to accomplish their dream with the saving accounts for babies you so wisely opened for them when they were babies. The account that you opened the first day they opened their eyes, is the best present any parent can give to their child. One that will never be forgotten by them.
Compound interest is a wonderful money growing incentive, and your child will take a keen interest in a savings in their name, but you as the parent are responsible for all transactions until the child is of age to take charge of this bank account legally. By this time the account would have accumulated, taking the interest into account over that period, and time, to have a good amount in total that your kid will be able to use or add to for a start in life.
This savings will draw interest and once it has reached a certain level, you can then transfer it into a higher paying money market which you can discuss with your accountant, broker or bank manager. Imagine if your parents had done this for you. What might you have accomplished?
Having an account for your child can instill good money management practices in your child as he or she sees their money growing. Going to the bank with you to deposit his pocket money, besides the money that you are contributing weekly or monthly to the account may inspire the entrepreneur spirit in a child to make their own money to save and grow, maybe start a small business in their spare time, just to see their money growing.
By taking care of your child s future this way, you are taking care of future dreams they may accomplish. Does little Amy have musical talent? Does she sing along with the big stars? Amy may one day be a famous singer or songwriter.
Budgeting is not taught in schools and most children have not idea what the reality of being an adult is like, which is as it should be, up to a point. But in this life, can you really rely on Providence, that the future will take care of itself?
All the material excesses to make up for time not spent with the child fade in memory as the child grows older. But the lesson of saving for their future, to give them the independence that they did not have as a child, the autonomy to make their own decisions and not have to struggle once an adult or look to relations for hand-outs, is something that will never be forgotten by a child.
This gift of money when they most need it. Helping them to accomplish their dream with the saving accounts for babies you so wisely opened for them when they were babies. The account that you opened the first day they opened their eyes, is the best present any parent can give to their child. One that will never be forgotten by them.
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