Book Review > How to Give Your Kids $1 Million Each! ...and it won’t cost you a cent

This book, at first glance, is probably not attractive to older investors who intend to spend the kids’ inheritance.  However it will appeal to a younger generation starting out with a family.  But older investors after overcoming that first impression will think of their grandchildren, and how great it would be for them to get the start in life that they never had.

The author has 25 years’ experience in finance.  He has degrees in economic history, law and finance and has written three books on the subject.  He is a regular media commentator and conference speaker.

He wrote this book to provide information on building long-term wealth for ordinary Australians, many of whom can’t afford the services of financial planners or other professionals.  This simple plan is building wealth for thousands of families all over Australia.  The plan gives your children valuable skills to manage their money and make it grow.These skills will not be learnt at school.

Working pays the bills but doesn’t build financial wealth.  Neither does intelligence or a high IQ.  Plumbers earn more than school principals or a university professor. 

The book doesn’t involve tricks, complex products, get-rich-quick schemes or trading systems; just simple, actionable steps for you and your family.  It describes how to use low-cost, tax-effective share and property investments - that you control - and let compounding work its magic.  You only need spend one hour per month on the plan, starting with as little as $1 per day.

The author sets out how to find $1 per day, plan and then manage savings to grow wealth.  He describes investment basics, company shares and property investments.  With these management skills the fund grows over time by:

1. Learning some basic rules
2. Having a plan and setting some goals
3. Sticking to the plan

A poster could be drawn and hung up stating the book’s goal:

$1 per day + one hour per month = financial security for life

The next important step is to take the kids through the basics of the investment plan and how it works.  When they are ready to start being involved and take on the responsibility they need to make a commitment to continue the plan.  They can then start to put additional money aside for investing.

This book is valuable because it does not promise to reveal any magic keys to success, but it does emphasize it takes many years of patient investing to build real wealth.