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
Timothy Sumer is a philanthropist and motivational speaker empowering young entrepreneurs across the nation. He speaks on starting new businesses and the importance of branding in the digital age. Timothy Sumer has a BA in Accounting from NYU and a Masters in Information Technology from MIT. Tim enjoys traveling around the globe, driving exotic sports cars, molecular gastronomy, exploring new cultures, and keeping on top of the latest technology trends. Hope you enjoy Timothy Sumer's page :)