investing for your kids long term, page-2

read an article several years ago by kochie in the age.

If kids have a part time job with super attached you can pay in extra amounts as a personal contribution and have it matched with the co contribution from the govt, at the time $1500 for every $1000 put in by the kid or us as a saving tool. If this went on every year from age 15 to age 21 then stopping, using compounding interest on the accummulated funds at that point in their super this would be worth approx $500,000 at time of their retirement....as an example my 16 year old daughter has over $8000 in her super after only a few years.

The great thing about this is they cant access the money until retirement, takes the pressure of them to add to their super later in life and most importantly they can't whinged that we spent their inheritance !!

just a pity the govt reduced the amount of the co- contribution.

Cheers GS1000