Setting up Children for Financial Success
Besides a 529, we're looking into a whole life kids insurance policy ($25k or $50k most likely), and got the Trump account free $1000.
Any tips/tricks on what is worth it financial account wise, what isn't, and anything else to set her up for financial success? We're especially interested in any considerations for a kids life insurance policy that doesn't have burdensome premiums for her to take on after her teen years.
Also, once she's older and has earned income, we'll match her salary to the max Roth IRA and have term life insurance for ourselves to cover in case of untimely death (knock on wood doesn't happen). We'll also get her a bank account and credit card in her name to build her credit once eligible.
We're not super high net worth but have flexibility to fund these accounts / take on additional premiums/savings targets during the first 20 years and still meet our own personal financial goals.