Get your children involved in your family’s finances from a young age. Even something as simple as having them sit down with you while you pay the bills and explaining what you’re doing can help them learn about managing their money and family wealth.
Make sure that your kids know that you’re there to help and serve as a support system for them. Even small gestures to make sure they know you care can help them feel more comfortable asking for help, saving them from falling deeper into a financial hole.
The more money you have, the more assets you’ll have available to give to your children. Set aside a portion of your income for saving and investing, and make sure to take advantage of opportunities like your employers’ retirement plan.
You should also consider things like life insurance. A good life insurance policy can help pay for end-of-life expenses and leave money for your heirs.