7 ways to give your your grandkids money that will help them get ahead in life
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- Grandparents who want to help their grandchildren get ahead in life aren't limited to cash in a birthday card or an elaborate trust.
- Young children can benefit from a 529 college savings account, while adults could use money toward their college tuition, mortgage, or down payment on a home.
- Or, you can set your teen or adult grandchildren up with a financial planner, who can teach them money management skills and good habits that will last a lifetime.
- Read more personal finance coverage.
When it comes to helping your grandchildren get ahead financially, there's a lot more to consider than a check in their birthday card.Financial planner John Pak of Los Angeles, California tells Business Insider that a financial gift, if given correctly, is "the gift that keeps on giving." Think helping them save for college, or pay off their mortgage, or get started investing.Advertisement
Here are seven of these gifts that will start new financial habits and give your grandchildren a leg up.
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1. Fund their first savings account
2. Set them up with a 529 college savings planAdvertisement
3. If they're older, help pay for their college tuition
4. Help them start saving for their first homeAdvertisement
5. If your grandkids are older, help them bring down that massive mortgage balance
6. Help them fund a brokerage accountAdvertisement
7. Teach them what you know — or set them up with someone who can
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