7 Ways To Provide For Your Future Generations

Preparing for the future can be a pain, especially if you have children. We should all want to leave the next generation with something we never had. It would be super selfish of me to acquire wealth (or close to it) and spend it all before I die, leaving my children and their children with nothing. One of my main goals in life is to make sure my bloodline is well taken care of. Here are 10 ways to better prepare for their future:

“Leave something for your grandchildren that YOU wish, your grandparents would/would’ve left you!”

Mariah Eskridge

1. Life Insurance. Life insurance is important in making sure your loved ones are set if you die. Sorry, no better way to say it! The life insurance payout can pay debts such as a mortgage, replace your income and provide college tuition funds. Life insurance types fall into two main categories: Term Life Insurance and Permanent Life Insurance. All other types of life insurance are variations of these two.

  • Term Life is simple, straightforward, and inexpensive life insurance. It covers you only when you need it most, and you get to choose how long the insurance policy will be in effect
  • Permanent life is more expensive than a term life insurance policy. Permanent life insurance policies offer a death benefit and cash value. Cash value is a separate savings component that you may be able to access while you’re still alive. This plan covers you for life. It get more difficult from there. Different types of Permanent Life Insurance are: Whole, Variable, Universal, Variable Universal, and Survivorship. (Source) https://www.nerdwallet.com/blog/insurance/life-insurance-permanent-types/

2. Will & Testament. A Will or Testament (which used to be 2 separate documents) is a legal document that lists a person’s wishes as to how their real property and personal property are distributed after their death, and who is in charge of its final distribution.

3. Bonds. Long-term U.S. government bonds are a wise choice because they are virtually guaranteed of returning all of their value. Federal government bonds tend to have lower interest rates than tax-free state and municipal bonds. During times of financial crises and uncertainty, many investors tend to pile into government bonds, which lowers the overall interest rate. Consider the current bond rate and compare it with the current inflation rate. If the interest rate is higher, it might be a good idea to invest in these instruments for children.

4. CD Ladder. A CD Ladder is a series of several CDs (Certificates of Deposits- putting your money in an account for a specific period of time. The bank then pays you interest at a rate that is fixed at the beginning of that time period.). The CD’s in your “ladder” will have different maturity (It has reached the end of its term) dates. This allows for more flexibility and you can get to some of your money.

5. Custodial IRA. This one is great for children. A Custodial Individual Retirement Account that a custodian (usually a parent) holds for a minor with an earned income. It can be either Traditional or Roth.

6. Buying Property. Don’t miss an opportunity to create generational wealth through buying property. Property can be passed down for many generations. *If it’s cared for properly* You can leave them property to live in and raise their own families or they can use the property to generate additional income.

7. Let Them Pick! Rather than you yourself choosing for your child, how about letting them have a say. They can choose their favorite toy brand to invest in or something that they find interesting.


Hello all thanks for reading! If there are any suggestions/advice you would like to give, please leave comment. Also comment if there’s anything you would like me to look up for you. I’m here to do whatever I can for whoever I can help.

Published by Mariah Eskridge

Hello I'm Mariah Eskridge and my goal is to encourage those who otherwise wouldn't have the support. I graduated from Illinois State University in May 2019 with a Bachelors Degree in Marketing and Accounting. I've been faced with plenty of situations that I would've loved having someone that I can relate to.

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