Start saving for your child’s retirement early to make them a millionaire by age 67. Investing $13.47 per month at 10% interest would yield $1 million. Compound interest plays a key role in growing the portfolio, showcasing the benefits of consistent investing over time.

Teaching children about compound interest is essential for financial literacy. Start investing early, make savings a priority, and resist the urge to cut back on savings. Instilling good money habits can help children attain financial security, regardless of their retirement savings goal.

While $1 million may not hold the same value in 2092 due to inflation, the power of compound interest remains constant. By investing consistently over time, you can help secure your child’s financial future. Remember, it’s not about the amount you invest but the habit of investing regularly that matters most.

Read more at Yahoo Finance: How Much You Need To Invest From Birth To Make Your Kid Retire a Millionaire