In this episode, Jenn and Chris dive deep into practical strategies for helping your children (and grandchildren) build wealth from an early age. They share personal stories, case studies, and actionable tips on using RESPs, TFSAs, and even family business opportunities to set the next generation up for financial success. Whether you're a parent, grandparent, or young adult, this episode is packed with insights to help you foster financial literacy and long-term security.
Why starting early matters: The power of compounding and small, consistent investments
Understanding RESPs (Registered Education Savings Plans):
How government grants work
Case studies: Starting with small amounts, maximizing contributions, and the impact over 18 years
Tips for joint family RESPs and what to do if your child doesn't go to post-secondary right away
Transitioning to TFSAs (Tax-Free Savings Accounts):
When and how to open a TFSA for your child
The long-term impact of maxing out contributions from age 18
Realistic examples of how small monthly investments can grow to $1.8 million by retirement
Leveraging family businesses:
How hiring your kids can fund their investments
The importance of teaching work ethic and financial responsibility
Raising financially literate kids:
Having open conversations about money
Encouraging kids to read books like The Latte Factor, Rich Dad Poor Dad, and The Psychology of Money
Bonus: Other investment vehicles like informal in-trust accounts and insurance policies
Resources Mentioned:
The Latte Factor by David Bach
Rich Dad Poor Dad by Robert Kiyosaki
The Psychology of Money by Morgan Housel
You Are a Badass at Making Money by Jen Sincero
Money: A Love Story by Kate Northrup
Atomic Habits by James Clear
Let's dive in!
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