7 ways to give your your grandkids money that will help them get ahead in life
Paul Bradbury/Getty Images
- 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.
Disclosure: This post is brought to you by the Personal Finance Insider team. We occasionally highlight financial products and services that can help you make smarter decisions with your money. We do not give investment advice or encourage you to adopt a certain investment strategy. What you decide to do with your money is up to you. If you take action based on one of our recommendations, we get a small share of the revenue from our commerce partners. This does not influence whether we feature a financial product or service. We operate independently from our advertising sales team.
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
- Delhi registers 96 fresh cases in last 24 hours, lowest single-day in nine months
- Axis Bank's net profit for the Q3 of 2020-21 fell 36%
- Bharat Biotech to make antigen for first-ever anti-malaria vaccine
- SIMPLY PUT: Watch out for production linked incentives in the budget — here’s how it will work
- Surgeries, invasive procedures and OPDs to resume at all Delhi government hospitals