<prompt> Human: Here is my situation: My wife and me are in our 30s and both scientists currently postdocs in the US with a J1 visa. By the end of the year we are expecting a baby. We dont have student loans to pay off and are completely debt free. However we have no idea whether we will stay in the US at least for a couple of more years or whether we will move back to Europe. We are paying into a Swiss retirement fund a leftover from our old jobs.In this kind of situation what would be a good way to preparetake care of the kids financial future? Especially considering that we are potentially leaving the US in the future. I was thinking about a life insurance but would like to hear your opinion. Thanks for your help.  <response>: Ages 0-5: just keep them alive. Keep working on contributing to your own retirement plan.Ages 6-18: teach personal finance concepts what a budget is, what a loan is, etc. Teaching this to them will help them financially long-term more than just giving them money. It helps if they have their own jobs at some point as teenagers, so they can see that money doesnt grow on trees. Also, set aside money for college if you want to do that. Start looking at how much college will cost them costs vary widely depending on which school they want to go to.Ages 18: Set yourself up so your kids wont have to financially support you when youre retired.If you want life insurance on the child, look at a term life insurance policy with around a 10K benefit or something like that. Generally whole life policies are not good investments. If you dont currently have a life insurance policy on yourself and your spouse, consider it if it would hurt financially if one of you died. Edit: added life insurance part 