Going to college is extremely expensive these days.
In general, having children is an expensive 18+ years. It is something my wife and I are about to face with complete joy and overwhelming anxiety. Once senior year rolls around, most parents have to figure out a way to pay a massive college tuition bill, not to mention many other expenses that come along with sending a young adult off into the real world. After all, your college student is going to want to have some spending money in their pocket.
Rather than telling them to find a part-time job, which will most likely hurt their extracurricular activities, study time, and social life, why not invest in their future early on? Help them be smart about money and give them a legacy of financial freedom and literacy.
Here is what you do: In the year that you have a baby, buy him or her a turnkey investment property with a 30-year loan. Have any cash flow go directly towards the principal. If you do this...