A parent can buy term life insurance for their child and invest $1,000 at birth instead of spending $25 weekly on non-essentials. That single investment grows to roughly $400,000 by age 67 with compound interest and no additional contributions.
How many people have people that do this but don't practice what they preach, right? If we're telling people to buy term, invest the difference, and you're like, yeah, but I just started this, I don't, I don't have $25 to put in there. You guys, we all spend $25 at Target, I'm sure, once a week on something we do not need. Yes, yes, I know I do probably every other day because Andy's a Target freak, right? This just shows you the cost of waiting. Investing $1,000 at birth, if you guys would put money, $1,000, and just leave it there, by the age of retirement, your kids would have $400,000. And they wouldn't— that's without putting anything else in there at the age of 67. And you think you could scrum up $1,000 for your kids one time and figure it out?
