2.  Find a cheap Bachelor Degree. There are thousands of colleges to choose from and if you can write a blank check, then pick any Ivy League, historically black college or non-state funded university. If not, then pick a good school that is state funded or work for a company that will pay for it. It’s an unfair advantage to start your work life with thousands of dollars in student loans.

3.  Fund a Roth. You are never too young to start saving and the amount of time a teenager would have in a ROTH means a minimal amount they must contribute over time and still have a sizeable amount of money.

4.  Shun credit card debt. Repeat after me, “Credit card debt is bad”. There is no advantage to credit card debt, period, and the end. Short and sweet.

5.  Shop for a 529 college. It is a college savings plan and each state has one. They aren’t all good. Some have high fee and no tax deduction, so check out your state. One good thing is the college savings plan can be transferred to another child.

6.  Give away grandpa’s IRA. Passing money to the next generation allows an account to compound tax-deferred for many more years.

7.  Start them young. Developing good saving habits are taught, not learned in high school or college.

8.  Give Stock. If you own stock, you can sell for the benefit of income to your child. Giving your child stock could mean a down payment for a home and possibly tax deferred.

9.  Put your kids in a house. What a great way to start an adult life than with no mortgage and encourage savings per month for the next property investment.

10.  Hire your offspring. It’s great to hire children. There is a tax benefit, cheap labor, and a great way to build work ethic.

I hope you are inspired by the suggestions and implement in you and your children’s lives.

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