{"id":5244,"date":"2022-11-14T08:00:13","date_gmt":"2022-11-14T06:00:13","guid":{"rendered":"http:\/\/contattoblogs.timslatter.co.za\/?p=5244"},"modified":"2022-11-14T08:00:13","modified_gmt":"2022-11-14T06:00:13","slug":"helping-your-kids-with-their-financial-independence","status":"publish","type":"post","link":"https:\/\/contattolive.co.za\/north\/helping-your-kids-with-their-financial-independence\/","title":{"rendered":"Helping your kids with their financial independence"},"content":{"rendered":"

We spend most of our time having conversations with people who are 40+ about saving for retirement. However, the language and expectations are slowly starting to shift in a powerful and exciting direction.<\/span><\/p>\n

Instead of only talking about retirement, we\u2019re starting to use words like financial independence. And rather than focusing on traditional milestones, like 65+ years, we\u2019re starting to look at shifting timelines based on goals and lifestyle plans that are based on purpose and meaning, not contracts and \u201chaving enough\u201d.<\/span><\/p>\n

Many of our chats are opening up the opportunity to discuss things like work-optional lives where we can look at taking a few years off, then working again, then taking a break again. Or, changing the pace of work and redefining what a valuable life looks like, meaning that we don\u2019t have to stop working when we have a set amount saved or have reached a certain age.<\/span><\/p>\n

Inevitably, these dialogues also allow the space to help our children with their own financial independence. When we\u2019ve passed the 40-year-old mark, we realise the difference that 20 years makes on a lump sum investment. We can see that a small amount now can make a huge difference later, for our children.<\/span><\/p>\n

Depending on where you or your kids live – you may be able to set up a tax-free saving account, and doing this will have multiple benefits for your children. The first benefit is the tax-free money your child will have access to. But, even if it\u2019s not tax-free, another benefit is the early financial education they will receive, knowing that you\u2019re putting away money for a long-term event horizon. They will see the investment steps and the results.\u00a0<\/span><\/p>\n

And, they will benefit from the kickstart as they will be able to start their working life with money in their financial independence, or retirement account. Because they already have a good start, it is more likely that they will continue to invest.<\/span><\/p>\n

Many countries offer tax-free savings accounts; whether you\u2019re looking at a Roth IRA, an ISA, TFSA or something else – you can start a bolster fund for your kids that will gain immense value over 30 to 60 years, no matter where you or they live.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"

We spend most of our time having conversations with people who are 40+ about saving for retirement. However, the language and expectations are slowly starting to shift in a powerful and exciting direction. Instead of only talking about retirement, we\u2019re starting to use words like financial independence. And rather than focusing on traditional milestones, like 65+ years, we\u2019re starting to look at shifting timelines based on goals and lifestyle plans that are based on purpose and […]<\/p>\n","protected":false},"author":1,"featured_media":5245,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[12,27],"tags":[],"class_list":["post-5244","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-blog","category-market"],"yoast_head":"\nHelping your kids with their financial independence - Contatto North<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/contattolive.co.za\/north\/helping-your-kids-with-their-financial-independence\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Helping your kids with their financial independence - Contatto North\" \/>\n<meta property=\"og:description\" content=\"We spend most of our time having conversations with people who are 40+ about saving for retirement. 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