Consider setting up a Custodial Roth IRA for your little one(s). For the first 2 years of his life, contribute $25 a month in a S&P 500 index fund.
By the time they hit 65, their account should be about $1,408,762 (at 12% return, or $388,463 at 10%.)
A withdrawal rate of 5% gives them $70,438.10/year, or $5,869.84/month.
(Dave Ramsey Investment Calculator:https://www.ramseysolutions.com/retirement/investment-calculator)
It's worth even if they're grown up a bit:
Even if you split $25 between 5 kids for 2 years, each would have $281,752.40 at retirement.
A withdrawal rate of 5% gives them $14,087.62 per year, or $1,173.96/month benefit.
Just an idea for being able to give in a big way for a relatively small amount, which would help both your kids and grandkids when they have to care for them.
If you did $50-$100 for the first 24 months, that'd be incredible. And even if you only do $5/month, that's still a substantial blessing!
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