About a year ago, I was toying with the idea that someone needs to find a way to encourage more parents to set up Junior ISAs and pensions for their children. Nowhere near enough people take advantage and fewer still understand the power of compound interest.
A small regular amount in a child's account, properly invested over 18 years, can produce a huge outcome that could change the course of that child’s life. If you let it run in a Junior SIPP until pensionable age, the additional compound effect can be staggering.
I was thinking about how to get more eyes onto this. I started a half-baked newsletter on investing. It had rubbish neon pink and navy branding and went nowhere.
Then I met Sophia, who was in the thick of building Mia Wealth.
Sophia had identified this gap but was applying a much deeper level of insight. She’d paired this concept of children not being invested early enough with the observation that at the same time, we create enormous physical waste by giving young children toys and stuff that they really don't need.
I'm about to start going through the ‘birthday party phase’. I've been shown, by friends already in it, entire rooms full of gifts that they’re very grateful for, from loving and well-intended friends and family, but which will hardly see the light of day. There is so much waste and it doesn’t really do much for children’s long-term wellbeing.
What if instead of another Spiderman or Lego set, a fraction of the monetary amount spent by even a few of that child’s benefactors was gifted directly into the child’s investment account and left to compound, tax free, over decades?
Mia allows that to happen seamlessly and classily. It’s an innovation which I really believe can positively change children’s futures, and our culture. I think you’ll be seeing and hearing about them a lot more.
I was sure that Sophia and team were onto something, so I invested in Mia a year ago and saved myself from the embarrassment of my floundering newsletter. Until now, the team has been deep in the weeds of the myriad challenges of building a regulated, working, trustworthy fintech with an impeccable brand.
On Friday, I was incredibly proud to be at their launch event.
🎁 Things are about to take off.
Mia Wealth will be all over your NCT, nursery and school WhatsApp groups before you know it and you saw it here first 🚀
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Not investment advice, views are my own, do your own research
📸 also I’m rubbish and never get any photos from these things with me in it. But a selfie on the way home with branded chocolate is as good as any.
Alma Angels