Now let’s tackle the burning question many of us have – why bother investing for your child when you could pop some cash into a savings account?

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Sure, regular deposits into a savings account are commendable. If you stash away $20 a week for 18 years, you’d accumulate an attractive $18,720. Not bad, right? Now, consider this: if you chose to invest that money, even with a conservative 5 per cent rate of return, you’d be looking at $29,306 after 18 years.

The magic ingredient here is compound interest, and trust me, it’s the financial equivalent of sliced bread – life-changing.

The path you choose depends on the time horizon and purpose of the investment. If you’re playing the long game with more than 10 years, you could…