We all hope that one day our kids are going to be in a position where they can stand on their own two feet. We hope that they are massively successful with incredible financial gains of their own. But consider, just for a moment, that they’re not? Should you leave them to fend for themselves? Ideally, you want to be in a position where you can provide them with some support while you’re still alive and after they have gone. So, let’s look at some of the ways to do that.
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Buy A Second Home
If you have the money, you should consider investing in a second home. You can use this in two ways. Either, you can purchase it as a secondary investment, sell it on and make some extra money to leave your kids one day. Or, you buy it and keep it, and one of your children can live there. This actually makes a lot of sense because today homes are so expensive that the young struggle to even get a foot on the property market. Instead, they’re stuck on the outside and with home prices currently nine times the average salary it’s probably not going to get any better.
This doesn’t have to be a freebie. You can charge them rent or they can slowly pay you off for the home that you’ve bought, and they are living in. it doesn’t even need to be local. You could buy a property in a beautiful international location. Invest in overseas property, let your kid live there and see if they can make a new life for themselves with better financial prospects in a new location. After all why not?
Invest In Gold
You might also want to think about investing in gold or precious metals. The reason for this is that these investments will generally not depreciate in value. They will stay at their current market price which is useful in an economy that is rather unpredictable. You might have seen those slogans online that say things like send in your cash for gold. They are not doing this for the goodness of their hearts. They know how valuable gold can be in the right economy and you should too.
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Grow A Business
You may also want to think about growing a business that you can pass onto your kids one day. Why not set up a startup after you are thinking about retiring. It can be a great way to keep you entertained, earn a little money and be a solid legacy that you can leave behind of course. One suggestion would be to acquire a franchise, ideally, one that is societally positive like a Homecare Preferred Franchise. The best part is that once you do pass on your kids can take the reins of the company and have their own profit machine.
It’s a great possibility and one that you should certainly consider. As you can see then, there are numerous ways to protect your children financially, both before and after you have gone. You will be able to provide them with a way to survive even if they don’t gain all the success you hoped for them.
Very nice I really love to read this very heart touching and perfect ideas for peoples who wants to make their children strong after them