Teaching kids how to manage money is very important and so far I have dedicated this site to helping parents do just that. However, many parents have said to me that this isn't enough. Whilst they want to teach their kids to be money savvy, they want to be doing more for their kids. They want to set them up well in life so they can afford their own education or buy their own house.
These parents are looking for ways to make some money on the side so they can help their kids when the time is right. Whether it be in addition to their full-time or part-time income, or whether making some money as a stay at home parent.
Being a parent myself I understand this desire, I want to give my children the best start in life so I am very passionate about this. Not only to earn extra income to further support my kids but also I think it is important that I diversify my income sources to reduce risk. For me it is not just about making extra money, it is also about protecting the income I make now.
Jobs demands are changing all the time. Redundancies are more common and you can't rely on a job for life anymore. For me, I have put the foundations in place to earn money from three different sources. These are:
Whilst all of these do involve some level of time committment, having income sources that are somewhat passive as well as your day job can help smooth out the ups and downs of the economic cycle and allow you the freedom to save for your kids without burdening you too much today.
Ultimately, by doing this, I am hoping I have the income necessary to help my kids, in addition to their own savings, not to have debt when they finish their education. Or when they want to buy a house or an investment property, they have the money they need for a deposit.
The information on this site and my future blog posts will not only be about ways to help your kids learn about money but also ways in which you can earn some passive income to have that little bit extra to help save for your kids.
Leave me a comment below if this is something you are interested in.