Business Insider contributor Kevin L. Miller II has vowed to give his children a running start to their adult life, by building wealth for them as they age.<br />Within weeks of bringing each of his children home from the hospital, they all had a 529 college savings plan and a custodial account.<br />In fact, Miller says that by the time his son turns 18, he'll have 75 times more in savings than he had at that age.<br />To build generational wealth, Miller says it must start with communication. Speak with your children about saving, investing, and earning.<br />Start early. Assuming a 7% annual return, by investing just $100 per month when your child is one year old, he or she could be a millionaire at age 61.<br />But starting at age 25, Miller says, it takes $550 per month to hit the millionaire mark by 61, or $1,200 per month starting at age 35.<br />Finally, don't just 'set it and forget it.' Keep a close eye on your finances and do an annual update to account for your life changes.
