Hey
Generational wealth is not just for you – but your children too. That is why it is called “generational” wealth.
So, what could be the best way to start building it besides getting your children involved? Below, I give you some tips to get
started with your child, regardless of their age.
- Ensure your child has their Social Security Number (SSN) when born. I know
this is voluntary but make it a must.
- The SSN or other Taxpayer Identification Number (TIN) immediately helps you to claim them as a dependent, gaining thousands in tax credits.
- You will also need the SSN to:
- Open a bank account for the child
- Buy savings bonds for the child
- Get your child’s medical coverage
- Apply for
any other government services for your child
Therefore, ensure to
apply for a SSN as soon as you give birth to your child, right at the hospital. If you fail to do this, apply at your nearest Social Security Office.
Imagine buying savings bonds for your 2-year-old? Or opening a savings account for them and start stashing it with college funds at that young age? That will be awesome. Go ahead and make sure they have their SSN!
Follow my social media accounts for more tips like this and to learn more
about tax planning.
