Casey Klein
HowMoneyWorks Educator
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HowMoneyWorks Educator
It's time to rethink how parents leave a legacy.
Million Dollar Baby™ is a common sense strategy that empowers families to create a legacy for their children without having to be wealthy.
Either option could create a strong legacy for your children, but option 2 is far more doable for most parents today.
that make leaving a million dollar inheritance unlikely for so many parents:
Living longer means parents will need their savings to fund a lengthy retirement.
The average retiree will spend $122,000 on medical care from the age of 70 to the end of their life.1
70% of people over 65 years of age will need some type of long-term care services and support,2 which can cost anywhere from $70,000 to over $390,0003 based on the average 3.9 year LTC need.4
The sucker, who won’t even have enough money for their own retirement, hopes in vain to leave their children a small inheritance.
vs.
The wealthy remove the need for an inheritance by transforming their child’s early years to earning years.
Before Birth
67 Years Old, Retirement Age
Since it’s so hard to leave an inheritance today, why not use the greatest financial asset a child has to build the foundation for their retirement income...
Time...an entire life of it.
The potential for money to grow with interest paid on interest.
Money saved today is worth more than money saved tomorrow.
Safeguard money from being used until the future with a living trust.
The true meaning of life is to plant trees, under whose shade you do not expect to sit.– Nelson Henderson
Consider these two hypothetical examples.* What if parents could create a $1 million retirement for their child by leveraging the full life of the child to maximize compound interest growth? And what if parents waited until their child was 18 years old to start saving?
Dana'sExample
Hector'sExample
* This is a hypothetical scenario for illustration purposes only and does not represent an actual investment in any product. Actual investments can fluctuate in value and there is no assurance that these results can or will be achieved. It does not include performance risks, expenses, fees or taxes associated with any actual investment, which would lower results. Rate of return is an assumed constant nominal rate, compounded monthly. It is unlikely that any one rate of return will be sustained over time. Investing entails risk, including possible loss of principal. Numbers are rounded to the nearest dollar in some cases. Retirement needs vary by income and cost of living—$1 million isn't an adequate goal for every saver.
WOW! This would give children greater freedom to explore, fail, and find their purpose throughout their lives all because their parents took this one revolutionary step for them.
You start saving before you start walking. I love it! It's like every child can be born a million dollar baby.
Explore the next step to put the Million Dollar Baby strategy in place. It begins with a conversation you'll love because it's all about one of your absolute favorite subjects – your kids.
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