Create ‘commitment savings devices’ that will help them build wealth steadily
As a parent, are you forcing your son or daughter to buy a house early in his or her career? Your intention may be to inculcate disciplined savings; for the EMI paid on the mortgage every month is forced savings that translates into home equity. Such forced savings is called commitment savings. And the product or process that enforces such commitment savings is called the commitment savings device…
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