The day your child is old enough to be getting money, they're old enough to learn fiscal responsibility. Regardless of age, however, the basics of saving and spending are the same for everyone. Whatever they plan to do with their money, remind them that once the money has been spent, it's gone.
"Basics of saving and spending are the same for everyone."
Resist the temptation to intervene so that they can learn on their own. They will rely on you for guidance and support, but in the end, they have to decide for themselves. If your child is especially industrious or thrifty, you may soon find that a piggy bank won't be enough to keep their money safe. Most banks offer several planned incentives for children's accounts, so make sure to review your options before taking that trip to the bank.
"Resist the temptation to intervene so that they can learn on their own."
As you teach your child more about financing, you may want to talk to them about several investment options. A very viable option you will need to explain are offshore accounts, which are often misunderstood. Their policy of keeping the identities of business owners private is a particular concern when the people involved are in big business or politics.
However, for individuals and small and medium business owners, the privacy and tax advantages they provide level the playing field for them. Among the best places to setup an offshore account is Hong Kong, one of the friendliest business regions in the world.
With the help of an official registered agent like Startupr, you can go through the entire process of setting up an offshore Hong Kong account online. Due to the overwhelming number of companies already doing business in Hong Kong, the only local bank accepting offshore accounts now is HSBC. Among the documents required to setup a Hong Kong bank account are:
- Business Registration Certificate
- Certificate of Incorporation
- Memorandum and Articles of Association (M&A)
- NC1 form (particular to Hong Kong)
In a matter of hours, Startupr can handle the entire process of incorporating a business in Hong Kong, with everything also done online. To find out more, go to http://www.startupr.com.