Financial information is the key to change.
Unfortunately, for most of us, basic financial information is not taught in schools. We live in a country that continues to pass out diplomas to people who lack healthy financial skills, creating a society not prepared to handle the financial ups and downs of everyday living. The road to financial freedom is paved with information; join me on my journey.
Lucille Tyler Baldwin
Author of "Sick and Tired of Being Broke"
Sunday, September 12, 2010
How to Turn $1.37 into $33,000 for your New Baby!
Most of us have a favorite snack or we drink a few cups of coffee a day. By sacrificing one snack or drink a day you can start creating a financial foundation for your new baby. If you eliminate one snack or drink a day and throw $1.37 into a jar - at the end of the year you will have $500.00. You can take that $500.00 and purchase a $1,000.00 savings bond for your child. Follow this routine every year for 25 years.
For every person (grandmother, grandfather, dad, mom) in the child’s life that makes the sacrifice your child will have a face value of $17,000 in bonds by the age of 17. By the age of 17 the first bond will mature and be worth $1,000.00, you can now take the $1,000.00 bonds for the next eight years and purchase bonds with a face value of $2,000.00 each year- When that set of bonds matures they will be worth $16,000.00.
Continue this method until your child is 25 years old -- the future value of the bonds will be a little more than $33,000.00. That’s for “each” person in the child’s life that puts away $1.37 a day.
It may seem like a lot of work - but - is giving your child(ren) a financial head start worth a little creative work?