Investing for families ft. Josh Pennell of Prosper

Josh Pennell is the author of What Parents Want and a financial adviser at Prosper Advisory.

In this Australian Investors Podcast with Owen Rask, the duo cover the essentials of investing for kids, new parents or even grandparents.

Topics covered with Josh Pennell:

Three strategies for younger families, including:

1. Having a clear strategy, informed by your goals, is a free and effective way to grow wealthier.
2. Insurance bonds, which might be used for each child or long-term wealth creation.
3. Using debt wisely, including identifying tax-deductible debt for investing.

As for older folks, here are three strategies for grandparents

1. Insurance bonds, consider them for transitioning wealth or separately-taxed environments.
2. Taking away the guesswork for retirement, which means actually sitting down and planning for retirement. Most people are amazed by what they can achieve!
3. Use money as a chance for discussion with younger generations. Things like birthdays, presents or occasional dinners can be a great occasion to reflect on an investment’s performance and engage in the discussion with the next generation.