I just finished reading a report from Young Invincibles describing the financial hardship facing Millennial parents. The economic tsunami of lower income coupled with the higher costs of raising a child and being saddled by student debt is taking a toll on this generation of future leaders. My heart goes out to this group as they attempt to grab the American Dream.
The sad part of the report is that we are not doing much to solve the problem that will continue to repeat itself over and over again unless something changes. There is no easy solution to the people already in this mess, but we can do something different to help prevent this happening. One approach is to reframe when people start to invest. The sooner you start the cheaper and easier it is to create wealth and prevent debt.
Investing at birth produces investment results beyond ones wildest dreams. Parents, Grandparents family members and friends need to unite and “friend source” an investment pool that gives kids a fighting chance. A onetime deposit at birth can help tackle education costs. Investing a dollar a day will go a long way to build a retirement nest egg. We need to stop this insanity. We are smarter than this. Make Einstein proud.