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Money Guy Show

Do You Really Need an Emergency Fund?

Money Guy Show

Brian Preston, CPA, CFP®, PFS and Bo Hanson, CFA, CFP® | Fee-Only Fiduciary Advisors

Education, Investing, Business

4.73.1K Ratings

🗓️ 9 August 2021

⏱️ 20 minutes

🧾️ Download transcript

Summary

If you have money saved in a taxable account, do you really need a 3-6 month emergency fund? And how do you start investing for your kids? We'll walk you through these questions and more in today's Q&A episode! Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

Click on a timestamp to play from that location

0:00.0

It's Brian Preston, the money guy, restoring order to your financial chaos, retirement,

0:07.0

investing, taxes.

0:09.0

You've got financial questions, he's got financial answers.

0:12.6

It's Brian Preston, the money guy.

0:16.4

Brian this next question is one, I don't know the normally I'd pick this, but man I'm

0:19.0

going to pick it because we've gotten this 15 times in the last two weeks.

0:22.0

I don't know why.

0:23.0

There's just people on people's minds.

0:24.5

This is from Reena.

0:26.4

If my 10 year old and I'm going to do this, I'm going to do air quotes.

0:29.7

If my 10 year old works and has $30 monthly to invest, parentheses, Roth IRA, is there an

0:36.8

age limit for kids to be able to open the account?

0:39.5

And is reading and recording books to audio for grandparents who have no time to read,

0:46.2

considered work?

0:48.2

So how do I employ young children?

0:52.8

What are the pitfalls and is this permissible?

0:55.9

And what is the answer that is yes or no?

0:57.4

What are some things I should think about before I go in that direction?

1:00.1

Well first, I want to get people excited about how, if you start super early, the opportunity,

1:06.0

if you got a money guy.com slash resources, we actually have some deliverables you can

1:11.3

download that show for a brand new newborn for a five year old, 10 year old, 15 year old,

1:16.7

what that money has the opportunity to become.

...

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