If the parents decide to have a child, then they simply have to think in advance about his / her financial future.
For some reason, in Russia, it’s either not accepted, or this correct thought simply does not spread to the masses.
In the rich oil-producing countries of the Persian Gulf, the state, at the time of the birth of a baby, pays several thousand dollars to his bank account. Over time, due to the compound interest and additional contributions to this account (from parents, for example), the amount grows, and by the time they reach the age of 18, the child accumulates a sufficient amount that allows him to enter adulthood without really worrying about finances.
You and I should adopt this experience from more successful (financially) countries. Independently open a bank account at the birth of a child, and regularly replenish it until the child is, say, 18 years old.
The state will not do this for us (for now, anyway). Therefore, we rely only on ourselves and on our strengths.
This will solve (at least partially) the problem of paying tuition, or buying a home. And the child himself will be grateful to you.
It is important to convey to the children by their example what they should do the same when they have their children.
Below is an example table on how much you can ultimately rely on after 18 years if you take simple actions and regularly replenish your deposit, albeit for small amounts.
It is worth saying that the type and currency of the deposit should be thought carefully over. Because the currency in our country is very unstable, and making a ruble deposit is quite risky.
Top scientists in the field of economics have long called the US dollar the most stable currency in the world. And if you are not strong in economics and analytics, then I think it’s worth believing the experts and not reinventing the wheel. Yes, the rates on foreign currency deposits are much lower, but this just confirms that the dollar is more stable than the ruble. That is, it is simply unprofitable for banks to accept deposits in dollars at the same rates as in rubles.
The table shows, you can say, the first available foreign currency deposit with the possibility of replenishment, in the largest (and it seems to be reliable and stable) bank of our country – Sberbank. If you spend a little more time searching for a contribution, I’m sure that you can find something more profitable. And if you have the opportunity to make a contribution not in Russia, we recommend that you do not neglect this opportunity.
But even under such conditions (average rate of about 0.4% per annum), the amount is not bad, considering that you are not doing anything, but simply deposit money into your account and watch it grow.
|Child age||Amount at the beginning of the year||Amount of monthly replenishment||Amount at the end of the year|
The calculation was carried out using the deposit calculator on the Sberbank website, and the current data as of December 3, 2019.
Let me remind you that this plate is just an example of how the compound interest and a small regular replenishment of the deposit work. It is possible and necessary to look for more favorable conditions for investing money in the long term. And a bank savings account is the easiest way.
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This is the best practice parents should adopt to guarantee children best welfare n Carter for their demand up to university without pressure.
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