Make your child a millionaire: part 2

If you've read and understood part 1 you'll see how painless it can be to set your child up for university (or serious drug addiction - thank you zerobob for your comment, no we can't published it) by topping up and investing Government handouts for 18 years.

But if you're serious about this millionaire thing - that's nowhere near enough.

Good news is that you can use this next step as part of your inheritance tax planning, which allows you to 'gift' up to £3,000 a year to your child from birth. Bad news is that this plan means you need to give away £3,000 a year to your child from birth. Ugh.

Invested in an equity-based fund and assuming 6% annual growth, your £3,000 a year will be worth £409,2067 by the time your child reaches 38. Add that to the £40,025 and that's a cool half a mil' - £537,634 to be precise. Not bad for 38 years work.

Tasks this lunchtime

>> Get your free guide to inheritance tax
>> Visit the fund supermarket

Make your child a millionaire
Part 1 0-£40,025
Part 2 £40k-£500k
Part 3 £500k-£1m