Moms want the best for their children. While we plan to be there for them as long as possible, the unfortunate reality is there will come a time when we aren’t. However, that doesn’t mean you can’t plan ahead to provide your children with future financial security.
The following are some of the best opportunities available to moms interested in leaving something behind for their children:
The easiest way to provide future financial security for your children is by owning a home and building equity with every mortgage payment. By the time they are grown up and raising families of their own, the home loan should be paid off and the house becomes a valuable asset. This value can then be passed down to your children. Whether they opt to move in or sell it, the result is more financial security than they would otherwise have in life.
Another way for moms to establish some future financial security for their kids is through savvy business investments. Becoming part-owner or sole owner of a successful accounting practice for sale or similarly stable business means having a reliable source of income for the foreseeable future. This business investment can either be passed down directly to your kids or sold when the time is right. Private company investment is ultimately less risky than other investment options, making it useful for those who wish for financial security in the future.
Stocks and Bonds
Watching the news and reading the financial section has most people thinking of stocks and bonds as too risky of an investment option. However, this perspective puts too much emphasis on the short-term gains and losses of stocks and bonds. For those planning for the future, these investment opportunities are a smart option to consider. There’s a reason the majority of retirement savings are connected to investments – markets rise and fall but steady growth over the long-term is all but guaranteed. With this in mind, buying stocks and bonds as a means for future financial security is something moms should consider.
Buying a term or whole life insurance policy is a popular way for people to guarantee financial security for their loved ones after they’re gone. Life insurance is especially helpful in the event of an unexpected death, at which point children who are not yet old enough to work and take care of themselves will be safeguarded financially. While not an investment, life insurance is an accessible opportunity for moms to ensure their children have some level of financial security if they aren’t there to look after them.
All of the things on this list won’t mean much without adequate estate planning. Moms need to hire an estate lawyer to establish beneficiaries and establish the way they want their legacy to be handled after they’re gone. This helps to ensure assets and investments don’t end up in the hands of anyone but those you intend them to be passed onto – presumably your children.
Most parents are determined to provide for their children. But what happens if something happens to mom or dad? Taking advantage of investment opportunities and making other smart financial decisions can erase this uncertainty and give moms peace of mind knowing that no matter what happens to them, their children will have the means to be financially secure.
To support my blogging efforts and site expenses, I do share relevant affiliate links in my posts. Thank you for your support.