If you have kids in your life, do your part to set them up for a bright financial future and help them get ahead. In this video, I'm going to cover the 4 types of accounts you can open for your kids, and the pros and cons of each. I'll also touch on tax considerations, plus how these accounts effect eligibility for financial aid to pay for college. Lastly, I'll share some tips on how to start educating and encouraging kids to invest in their future ***ATTENTION: I have a new Instagram and TikTok handle @itsrosehan *** That's my official account, and I will NEVER message you about investment schemes, so please be careful and block & report any scammers posing as me. TIMESTAMPS 0:01:24 - Terminology: Owner vs. Beneficiary vs. Custodian 0:03:28 - Roth IRAs for kids (aka custodial Roth IRA) 0:06:15 - 529 accounts 0:07:25 - Coverdell ESAs 0:09:45 - UGMA/UTMA brokerage accounts 0:11:40 - Pros & cons of each account 0:15:25 - Tips to encourage kids to save/invest __________ ***BOOKS I RECOMMEND 📚*** I Will Teach You to Be Rich (hilarious how-to book on personal finance for millennials) The Little Book of Common Sense Investing (Jack Bogle's classic advice on index funds) InvestED (step-by-step, millennial-friendly advice on how to pick stocks like Warren Buffett) Unshakeable (this book = courage. blast ALL the fears & misconceptions you have about investing) Rich Dad Poor Dad (#1 selling personal finance book of all time... need I say more?) Think and Grow Rich (the ultimate book on money mindset and wealth consciousness) ________ ***MY FAVORITE MONEY TOOLS 🖤*** YNAB (I literally can't live without this budgeting app, so obsessed) Wise (like Venmo but for international currencies - I use this app a LOT for my life in Mexico) High-Yield Savings Accounts (don't settle for 0% when you can get 3%+ on your savings) Ledger Nano S (crypto storage hardware wallet, because "Not Your Keys, Not Your Crypto"!): __________ DISCLAIMERS & DISCLOSURES ❤ This content is for education and entertainment purposes only. Rose does not provide tax or investment advice. The information is being presented without consideration of the investment objectives, risk tolerance, or financial circumstances of any specific investor and might not be suitable for all investors. Past performance is not indicative of future results. All investing involves risk, including the possible loss of principal. This description contains affiliate links that allow you to find the items mentioned in this video and support the channel at no cost to you. Investing With Rose is a participant in the Amazon Services LLC Associates Program, an affiliate advertising program designed to provide a means for sites to earn advertising fees by advertising and linking to www.amazon.com. Thank you for your support! __________ SAY HI ON SOCIAL! 👋🏼 Website: Instagram: TikTok: Pinterest: ...(read more)
LEARN MORE ABOUT: IRA Accounts
INVESTING IN A GOLD IRA: Gold IRA Account
INVESTING IN A SILVER IRA: Silver IRA Account
REVEALED: Best Gold Backed IRA
Investing For Kids: How to Give Them a Head Start Investing is an essential aspect of financial literacy that everyone should learn at an early age. Teaching kids about investing not only cultivates responsible financial habits but also helps to set them on a path to financial success in the future. By starting early, children have the advantage of time, which can significantly benefit their investments through compound interest and long-term growth. Here are some tips on how to give your kids a head start in investing. 1. Teach the basics: Begin by explaining the basic concepts of money, saving, and investing to your kids. Help them understand the difference between spending and saving money, and introduce them to the idea of making their money work for them through investments. 2. Set financial goals: Encourage your children to set financial goals they want to achieve. Whether it's saving for a new toy or a long-term goal like college tuition, teaching the importance of setting goals will instill a sense of purpose and direction in their financial decisions. 3. Start with a savings account: A simple way to introduce kids to investing is by opening a savings account in their name. This will teach them about earning interest and the idea of saving for the future while also cultivating good saving habits. 4. Show them real-life examples: Engage your children in discussions about investments by sharing real-life examples. Explain how stocks, bonds, or real estate work, and show them how investments can generate income over time. 5. Use technology and investment apps: In this digital age, there are various online platforms and mobile apps specifically designed to introduce children to investing. These platforms offer simulated investment experiences and teach kids about the stock market and financial decision-making in an interactive and engaging manner. 6. Involve them in family investments: If you have investments, involve your kids in discussions about them. Explain why you made certain investment decisions and how those investments are performing. This will help them understand the ups and downs of the financial markets and develop a practical understanding of investing. 7. Encourage savings and investment habits: Teach your kids the importance of saving and investing a portion of their income or allowance regularly. By developing a habit of saving and investing at an early age, they will be more likely to continue these habits into adulthood and benefit from the compounding effect of long-term investments. 8. Teach risk and reward: Explain to your children that investing comes with risks and that they need to be prepared for potential losses. Help them understand that smart investing involves diversification and being cautious with their money, while also highlighting the potential rewards when investments perform well. 9. Foster a growth mindset: Encourage your kids to adopt a growth mindset when it comes to money and investing. Teach them that learning and making mistakes are part of the process and that setbacks can be valuable learning experiences. This mindset will help them to persist and adapt in the face of challenges and ultimately become successful investors. 10. Be a role model: Perhaps the most important aspect of teaching kids about investing is being a good financial role model yourself. Practice what you preach by demonstrating responsible financial habits, saving and investing regularly, and showing discipline with your own spending. In conclusion, investing is a valuable skill that children can learn at an early age. By introducing them to the world of investing and providing them with the necessary knowledge and tools, we can give our kids a head start towards financial success in their adult lives. With time, patience, and the right guidance, they can develop a strong foundation for building wealth and making smart financial decisions. https://inflationprotection.org/starting-kids-on-the-path-to-investing-ensuring-a-promising-future/?feed_id=126638&_unique_id=64d75525e89b0 #Inflation #Retirement #GoldIRA #Wealth #Investing #529account #529accountsexplained #coverdelleducationsavingsaccount #coverdellesaexplained #coverdellesavs529 #custodialaccountsexplained #custodialaccountsforkids #custodialrothira #howtohelpkidsgetstartedinvesting #investingforkids #investingtopayforcollege #investingwithrose #rothiraforkids #utmaaccount #utmaaccountvs529plan #utmavs529 #utmaugmaaccount #VanguardIRA #529account #529accountsexplained #coverdelleducationsavingsaccount #coverdellesaexplained #coverdellesavs529 #custodialaccountsexplained #custodialaccountsforkids #custodialrothira #howtohelpkidsgetstartedinvesting #investingforkids #investingtopayforcollege #investingwithrose #rothiraforkids #utmaaccount #utmaaccountvs529plan #utmavs529 #utmaugmaaccount
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