Business Insider contributor Kevin L. Miller II has vowed to give his children a running start to their adult life, by building wealth for them as they age.
Within weeks of bringing each of his children home from the hospital, they all had a 529 college savings plan and a custodial account.
In fact, Miller says that by the time his son turns 18, he'll have 75 times more in savings than he had at that age.
To build generational wealth, Miller says it must start with communication. Speak with your children about saving, investing, and earning.
Start early. Assuming a 7% annual return, by investing just $100 per month when your child is one year old, he or she could be a millionaire at age 61.
But starting at age 25, Miller says, it takes $550 per month to hit the millionaire mark by 61, or $1,200 per month starting at age 35.
Finally, don't just 'set it and forget it.' Keep a close eye on your finances and do an annual update to account for your life changes.
