Today is the perfect day to set a plan to help you and your family prosper for years to come. Investing even small amounts today in solid, growing companies could help to develop a substantial pool of cash to help your children through their studies or get into their first home.
As Motley Fool Analyst Mike King points out, one of the biggest investing mistakes is starting too late.
My preferred companies for the long term are those which are set to profit from our changing world in the years to come and there is no shortage of great companies to pick from on the S&P/ASX 200 Index (Index: ^AXJO) (ASX: XJO).
So to get you started, here are five companies in growing industries to consider buying for your children today:
Funds management:
As populations age a growing wave of money is going to flood into funds management companies like Macquarie Group Ltd (ASX: MQG), who will be waiting with open arms and charging fees in the process. Macquarie Group increased full year 2014 net operating income by 22% over 2013 and lifted earnings per share by 53%.
Healthcare:
Demand for healthcare and aged care is also set to explode both in Australia and around the developed world over the next decade. Companies like ResMed Inc. (CHESS) (ASX: RMD) and Ramsay Health Care Limited (ASX: RHC) stand to win big as demand for their products and services pushes up volumes and margins.
Data usage:
Your children will grow up without ever knowing a world without mobile phones and consistent internet access. This rapidly evolving way of life will be a boon for companies including Vocus Communications Limited (ASX: VOC) and My Net Fone Limited (ASX: MNF) who specialise in internet data transfers and communications. This as the online reliance increases and the Internet of Everything becomes more common.
One more top pick to buy today
The prospects of these five companies in our changing world make them ideal candidates to buy and hold today for years of growth.
