Ken and Mary of The Humble Penny, who achieved financial independence at the age of 34, are on a mission to help at least 10,000 people achieve the same goal by 2030. They believe that one way to create generational wealth is by teaching children about investing early on. The key to making your child a millionaire through investing is to start early. The real asset in this scenario is time. Thanks to the power of compounding interest, money invested early can grow considerably over time. Proverbs 21:5 encourages diligence in finances, saying, "The plans of the diligent surely lead to abundance, but everyone who is hasty comes only to poverty." Ken and Mary share several scenarios for investing money for your children, assuming an 8% average return and investing from birth: 1. Investing 100 per month: - Age 18: 47,000 - Age 30: 141,000 - Age 40: 322,000 - Age 54: 1 million 2. Investing 300 per month: - Age 18: 140,000 - Age 30: 425,000 - Age 40: 1 million 3. Investing the Junior ISA limit of 9,000 annually (750 per month): - Age 18: 349,000 - Age 29: 1 million

Proverbs 21:5 "The plans of the diligent lead surely to abundance and advantage, But everyone who acts in haste comes surely to poverty"

But what's the best place to put this money? Ken and Mary recommend two accounts for investing in your children's future: 1. Junior ISA: The first account they suggest is a Junior ISA due to its annual tax-free allowance of 9,000. It is easy to use, family-friendly, and great for teaching children about investing. It also works well for saving goals such as university or weddings and allows friends or family members to contribute. 2. Junior Pension (Junior SIP): A Junior SIP may sound unusual, but it can provide long-term benefits. Investing the annual limit of 2,880 would result in a 720 bonus per year. By the age of 18, an account like this could be worth 140,000. The knowledge shared by Ken and Mary empowers parents to prioritize investing for their children, no matter how small the amount. By starting early and choosing the right accounts, you can set your child on the path towards financial independence and even millionaire status. Remember not to get overwhelmed; instead, stay positive, practical, and prayerful. Follow Ken and Mary at The Humble Penny on Instagram and YouTube or check out their blog for more financial advice. Written by Cassandra Maria