From autism to stutters, there are many reasons why children experience speech difficulties. Support can come in many forms too, from grant-funded speech-easy devices to high-tech speech therapy innovations, but without a solid financial plan in place it can be difficult to cover the expenses of all the treatment that your son or daughter needs.
While even considering the notion that we might not always be around to support our children as they grow is upsetting, the threat is always there looming in the background. When our children also have a speech difficulty to deal with, the fear of not being there and providing the constant support they need until they reach adulthood becomes even greater. This is why it’s a good idea to make suitable investments for your child while you can.
The benefits of investing in your child
Naturally, the main benefit of making sound financial investments for your child is that he or she won’t have to worry about the cost of future therapy and treatment, or maybe even additional educational needs.
Medical consultations can be expensive and treatment can last for years. The demands of school life increase with age and your child might need extra support in the classroom or a private tutor outside of school to help keep him or her on track. It would be hard enough for them to progress without having you by their side, let alone dealing with the stress of covering expenses as well.
A financial education
On a secondary note, most speech difficulties improve over time. However, there is a chance that your child will need to continue with speech therapy treatment into adulthood. According to the National Institute on Deafness and Other Communication Disorders, it is estimated that more than 3 million Americans stutter. Most are aged between two and six, but just under 1% of the adult population also suffer from the problem.
This is why including your child in the investment process and teaching them how to look after themselves financially is a good idea. Make sure they understand from an early age the importance of maintaining a nest egg, how the market peaks and falls, just how varied savings plans can be and the many ways in which you can prepare for emergencies.
The best investments for your child
One of the greatest worries we have as parents is not being around when our children are too young to take care of themselves. We also worry that any financial support we might leave for them won’t get used to cover the expenses we intended it for. The good news is that there are ways of safeguarding our investments.
For example, you could look into creating a special account that can only be used to cover medical expenses or treatment related to speech therapy needs. You could also choose to make a certain amount of money available each year so that you can be sure the nest egg lasts your child through to adulthood. Another idea is to leave a portion of the investment locked away in a plan that can only be accessed by your child when he or she turns 21. That way, not only are you able to look out for any immediate speech therapy requirements, but also give them the support they need when leaving their childhood life behind.
However you choose to manage the challenge, there can be no doubt that investing in your child is necessary. The future is so very uncertain and life as we know it can change radically in an instant. Having your child’s finances in order today means that he or she will be able to cope in the uncertainty of a life without you tomorrow.
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