Learn how to build the ultimate financial legacy through compound interest, tax loopholes, credit hacks & more.
How do I make my kid a tax-free millionaire?
The first step is getting your child an income. They can scoop ice cream or caddy at a golf course, or if you have your own biz- HIRE THEM! But basically, we need a paper trail that shows they brought in money. Then, open a Custodial Roth IRA, which is like a regular Roth IRA except they’re for kids! Then fund & invest the account. The contribution limit for custodial Roth IRAs is $7,000 in 2024! I suggest buying low cost index funds that track the S&P 500 which historically have returned 8% annually. If you’re consistent and they contribute the max of 7000/year to that Custodial Roth from 0-18 and it compounds annually at an 8% return rate, by the time your child is 59.5 and able to withdraw, they will have $6.16 million TAX FREE DOLLARS (and have only put in 117k!)
What's the best way to save for a child’s education?
529 Funds or ESAs (Educational Savings Account) which are dedicated education savings plans that you can contribute to that also have tax advantages for school-related expenses. Do your research on which account fits your kids’ needs best.
Do I need a Will or Trust?
Absolutely. Kids or not, it’s the best way to ensure your assets end up where you intend. A will allows you to choose your kid’s guardians and how your belongings are distributed. A trust can provide even more control while offering tax benefits. We recommend discussing your options with an estate planning attorney so you have your bases covered ASAP. It’s not morbid, it’s just common sense.
How can I use my kids to save on taxes?
There’s lots of ways! From the Child and Dependent Care Tax Credit to the Child Tax Credit, Earned Income Tax Credit, Education Tax Credit, and 529 State Tax Plans- Uncle Sam encourages procreation by giving you tax breaks! And if you’re self-employed, the rewards are even BIGGER! Consult your accountant because from hiring your child at your company to deducting their health insurance costs, there’s many ways to use them to bring down your tax bill. Stay rich!
3 Ways to Build Wealth for Children in 2023
Here are 3 Ways To Build Wealth For Children in 2023
I don’t know if you’ve seen the NEPO baby craze- but famous actor parents usually have famous actor children. Their secret? Ryan Murphy! He loves to cast nepo babies in American Horror Story.
And if you’re a parent who wants to grow wealth for their children- I’m your Ryan Murphy! I rounded up the best ways to grow generational wealth in this video- use them wisely to set your child up for a great future. Oh- and a lot of them have tax benefits LOL so it’s a win win.
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