Nick Perry lays out three steps to set kids up financially: add them as an authorized user on your credit card for an 800+ credit score by 18, form a joint LLC to buy rental property and build $300,000 in equity, and start regardless of their age. He claims these moves eliminate the need for student loans.
Here's what you can do to guarantee that your kid is financially set up for life. First, add them as an authorized user to your credit card. By the time they're 18, they'll have a guaranteed credit score of over 800 and super competitive interest rates. Speaking about rates, what you want to do next is set up a jointly owned LLC with them. This allows you to buy a rental property for them now at today's prices so that they have over $300,000 of equity by the time they graduate. That way they won't have to take out student loans. Now, whether you have a child coming in 6 months or have one that's already 6, 16, or any other age, I'd recommend you take the same exact steps if you want them to be financially set up for life.
