Set Your Kids Up for Life & Get a Tax Break! Roth IRA Secrets for Entrepreneurs
Earn Your Leisure
EYL Network
4.8 • 7.8K Ratings
🗓️ 19 March 2025
⏱️ 13 minutes
🧾️ Download transcript
Summary
Welcome to EYL's latest clip, where hosts Rashad Bilal and Troy Millings dive into smart financial strategies to ensure a financially secured future for you and your children. In this insightful discussion, they explore the power of Roth IRAs and how starting early can make your child a millionaire by the time they retire.
The clip kicks off with Rashad explaining the basics of individual retirement accounts (IRAs), focusing on the traditional IRA and the Roth IRA. A traditional IRA offers a tax deduction when you contribute, but it becomes taxable upon withdrawal during retirement. In contrast, the Roth IRA does not provide an immediate tax deduction but allows for tax-free withdrawals in retirement, making it an appealing option for long-term savings.
One of the key takeaways from this discussion is how entrepreneurs can create financial security for their children. Rashad emphasizes the importance of employing your children in your business or ensuring they have a job, allowing them to contribute to a Roth IRA. The benefit? A significant tax deduction for the parent and tax-free income for the child up to $14,300 per year.
By consistently contributing the maximum to a Roth IRA from ages 12 to 17, while investing in stock options like QQQ that have historically delivered impressive returns, you can set your child on a path to becoming a millionaire by retirement. Rashad explains that a seemingly small investment of $7,000 per year can grow to an astounding $3.5 million due to the power of compound interest.
Troy adds to the discussion by highlighting the importance of deferring gratification and understanding the wealth-building potential for your child's future. They also discuss the flexibility of accessing funds in a Roth IRA before retirement age, albeit with penalties and taxes, providing invaluable options for future endeavors like starting a business.
This clip offers invaluable insights into using Roth IRAs for generational wealth building and ensuring retirement doesn't become a looming concern. Through strategic planning and calculated investments, you can empower your children financially while securing tax benefits for yourself.
Join Rashad and Troy as they uncover the secrets to creating a solid financial foundation and ensuring generational security. Dive into the world of smart investing and discover how you can turn small, regular contributions into a multimillion-dollar future.
Hashtags: #EYL #RothIRA #FinancialSavvy #GenerationalWealth #InvestmentStrategy #FinancialFreedom #EntrepreneurLife #WealthBuilding
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Transcript
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| 0:54.4 | everything secure. So now let's go to number two. We want to start with this, the Roth IRA. |
| 1:01.6 | Now, this is your whale basket. I want you to cook and then I'm just going to like chef up with you. |
| 1:07.1 | So the Roth IRA is another one of these strategies that we talk about that can be |
| 1:12.0 | beneficial for not only for the adult but for the child. So there's a few types. There's the Roth |
| 1:16.8 | IRA and then we have. There's traditional IRA and then Roth IRA. So traditional IRA |
| 1:26.0 | is you put money into a retirement account and you get a tax deduction for |
| 1:30.8 | the money that you put in, but it's taxable in retirement. |
| 1:35.0 | So IRA stands for individual retirement account. |
| 1:36.9 | That's what it stands for. |
| 1:37.9 | Right. |
| 1:38.9 | So people are familiar with 401K. |
| 1:39.9 | That's what your job provides. |
| 1:41.0 | And a 403B if you work in some other, same thing. |
| 1:43.3 | Yeah. But if you want to do it for yourself, as a self-employee person or just a regular, you know, |
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