As young as possible, children should be taught about financial literacy so that when they grow up, they have the edge in dealing with their financial resources.  Start giving bigger cash to your kids while still young to teach them to decide how to spend on their own.  Experts say that as much as possible, after graduating from college, the young adult must have lessened his debt amounts.  Consider funding an IRA.  A compounded $10,000 at 8% will grow to $469,000 by the time the kid reaches retirement age.  If the money is in Roth IRA account, it will compound free from tax and come out tax free.

Excerpt:

“Are you worried about the trillions of dollars of federal debt we’re leaving to the next generation? Don’t feel guilty, do something. You can start your kids now on a path to financial independence. Here are ten recipes for doing just that.”

Original article can be found at:

http://blogs.forbes.com/baldwin/2011/06/10/turn-your-kids-into-millionaires/

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