Money Guy Show 3 Ways to Make Your Kid a Multi-Millionaire
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Jul 16, 2025 Learn three powerful strategies to empower your kids to become millionaires by focusing on early and wise investing. Discover how small investments can grow significantly through compounding interest, and the importance of teaching financial responsibility at a young age. The podcast also highlights collaborative financial planning for families, along with tips on managing inheritances and navigating estate planning. Plus, enjoy a funny cruise story that adds a lighthearted twist to the financial conversation!
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Lump Sum Investment Power
- Make a lump sum investment of about $1,544 on your child's birth to turn it into a million dollars by retirement.
- This leverages the power of compounding growth, which accounts for nearly all the final amount.
Monthly Savings To Millionaire
- Save about $15.44 monthly from birth to age 18 to reach millionaire status by retirement.
- This small, consistent saving demonstrates the tremendous benefit of compounding interest over time.
Matching Work Savings Boost
- Encourage your child to work and save between ages 15-18 with a dollar-for-dollar match.
- Saving $111 monthly with matching can grow to a million by retirement, showing work ethic's power combined with tax-free custodial Roth IRA growth.
