@personalfinanceclub: One of the questions I get most is how to invest for a child’s future. When I ask follow up questions, I usually find out the parent is in debt, has little extra money, and hasn’t invested for their own future yet. I get it. You didn’t get a financial head start as a kid, so you want to do better for your own kids. That’s a great instinct. But here’s the caveat: the oxygen mask rule applies. We all know that if there’s an emergency on your plane, you have to put on your oxygen mask before putting on your kid’s mask. Everybody seems to understand this concept when their child’s life is at risk but want to skip this step when it comes to saving for their future. Money works the same way. If you’re in debt, broke, and setting a bad financial example, squeezing out a few bucks to invest for your kid won’t help much. All they are going to see is the bad example, then eventually get some money to burn and land right back in the same situation you’re in. The way to actually help your kids is to take care of your own finances first. Set a great example. Talk to them about debt and why you’re working to get out of it. Get your own retirement secure so you’re not a burden on them later. Do those things, and a few years down the road you WILL be in a position to help cashflow college or give generously. The example and education you give them is worth more than a smaller cash gift handed over before you were financially secure yourself. I prioritize dollars in the following phases:‎ 1. Max out your 401k match 2. Pay off all non-mortgage debt 3. Save an emergency fund 4. Invest for a healthy retirement 5. Save for a house down payment and kid’s college 6. Invest more and pay off your mortgage 7. Until you’re on phase 5, focus on moving through the ones before it. That’s how you put yourself in a position to help your kids even more, and the example you set along the way will be life changing for them too. As always, reminding you to build wealth by following the two PFC rules: 1.) Live below your means and 2.) Invest early and often. -Jeremy & Jenn #PersonalFinance #investing #familyfinance #debtfreejourney #investingforkids

Jeremy Schneider

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Region: US

Monday 26 October 2026 19:51:23 GMT