{"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\/vantage\/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 […]<\/p>\n","protected":false},"author":1,"featured_media":5245,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2,25],"tags":[],"class_list":["post-5244","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-blog","category-market","post-with-thumbnail","post-with-thumbnail-large"],"_links":{"self":[{"href":"https:\/\/contattolive.co.za\/vantage\/wp-json\/wp\/v2\/posts\/5244","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/contattolive.co.za\/vantage\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/contattolive.co.za\/vantage\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/contattolive.co.za\/vantage\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/contattolive.co.za\/vantage\/wp-json\/wp\/v2\/comments?post=5244"}],"version-history":[{"count":0,"href":"https:\/\/contattolive.co.za\/vantage\/wp-json\/wp\/v2\/posts\/5244\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/contattolive.co.za\/vantage\/wp-json\/wp\/v2\/media\/5245"}],"wp:attachment":[{"href":"https:\/\/contattolive.co.za\/vantage\/wp-json\/wp\/v2\/media?parent=5244"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/contattolive.co.za\/vantage\/wp-json\/wp\/v2\/categories?post=5244"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/contattolive.co.za\/vantage\/wp-json\/wp\/v2\/tags?post=5244"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}