Whether you like it or not, you wont be an employee forever. Life is going to force you to stop working at some point. My question is, are you going to be one those people that use their retirement funds to make business mistakes of a teenager because they have no business experience or are you going to make mistakes now and today when life still allows you to make them and recover financially?
How many great men and women do you know that once headed very rich families in their peak only to become very poor after retirement because they did not plan their lives after employment properly? The number one reason you should have a business is to have a system that makes money for you even when you cant work.
Your kids should grow up learning the ins and outs of business from their parents’ business so they know from a very early age that to make money they have to produce and sell something. They are more likely to go into business themselves as they grow older than kids that are raised in families where the only way to make money is to be someone’s employee.
Another thing, given the high unemployment rates around the world, rates that are only going to get worse as technology replaces stupid jobs, you should be thinking of investing in creating a job for your kids instead of just affording them good education because that cannot guarantee them a job.
Not only does your income shrink as a pensioner but your health requires more money than before so you either become a liability to your kids or a self sufficient parent that had the foresight to prepare finances for this time.
Business is a must rather than an option, start working on that future today when you still have the strength of youth and the brain power to deal with the challenges of raising a business to independence.