"A good man leaves an inheritance to his children's children, but a sinner's wealth is stored up for the righteous."
This means that:
- A solid investment plan will pass the test of time even to the grandchildren.
- A biblical perspective financial steward will prosper while those with the opposite perspective will act in a manner to lose money.
- Who gains the money? The person who has a biblical perspective financial steward.
A great idea for a grandparent who has a grandchild is to start a Uniform Gift to Minors Act, UGMA, account for this child. This act sets up the grandchild for college or a first house or retirement. If you give $5,000 to a grandchild at birth it can grow to a large amount with time.
Example: A UGMA account with $5,000 that doubles every 10 years will double 7 times by retirement.
$5,000 doubles to $10,000
$10,000 doubles to $20,000
$20,000 doubles to $40,000
$40,000 doubles to $80,000
$80,000 doubles to $160,000
$160,000 doubles to $320,000
$320,000 doubles to $640,000
Having money that grows with a long term focus can yield great wealth.
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