Smartest Financial Moves Every Parent Should Make to Secure Their Kid’s Future
Earn Your Leisure
iHeartPodcasts
4.8 • 7.8K Ratings
🗓️ 3 November 2024
⏱️ 13 minutes
🧾️ Download transcript
Summary
Welcome to another insightful clip of EYL! In this clip, hosted by Rashad Bilal and Troy Millings, we are joined by financial experts Carter Cofield and George Acheampong Jr. to discuss critical strategies in planning for your children's financial future.
Planning for your child's future is one of the essential responsibilities of parenthood. Whether you're looking to save for college, insurance, or other future investments, there are numerous ways to set up your children for success. Our guests break down these financial strategies into simpler terms, making it easier for you to understand and implement them.
*Key topics covered in this episode:*
1. **Custodial Accounts**: Discover how setting up custodial brokerage accounts can provide long-term benefits for your children and why starting from a young age offers a significant advantage due to the compounding effect over time.
2. **Life Insurance for Kids**: Learn about the benefits of taking life insurance policies on your kids while they are young and healthy. This approach could offer them financial stability early in life.
3. **529 Plans**: George and Carter discuss the advantages and limitations of 529 educational savings plans, including the latest updates that allow converting them to Roth IRAs.
4. **Hiring Your Kids**: Carter introduces a lesser-known but highly effective strategy of hiring your children in your business as a means of tax efficiency and skill education, setting them up with substantial sums in Roth IRAs by the time they turn 18.
5. **Asset Allocation**: Gain valuable insights into asset allocation, with recommendations on saving, spending, and investing percentages for different income brackets. George highlights the importance of increasing your Savings rate as your income grows to expedite your financial independence.
*Special Quotes from the Episode:*
- "The number one thing in investing that you have in your favor is time." - George Acheampong Jr.
- "Retirement is not an age, it is a number. The faster we get you there, the faster you can do whatever you want." - Carter Cofield
Tune in to this episode of EYL Medium to get comprehensive advice on setting your children up for a financially successful future. Whether you're a new parent or planning to be one, this episode is packed with expert advice and actionable insights that can help you make smarter financial decisions.
*Make sure to like, comment, and subscribe to stay updated with our latest content!*
Hashtags:
#EYLMedium #FinancialPlanning #ChildrensFuture #Investing #CustodialAccounts #LifeInsurance #529Plans #HiringYourKids #AssetAllocation #FinancialIndependence #MelaninMoney #TaxTips #BusinessStrategies #FinancialLiteracy
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Transcript
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| 1:29.8 | A big thing is people that want to plan for their kids. |
| 1:32.4 | Yeah. |
| 1:33.5 | Whether it's college savings. |
| 1:35.2 | Yeah. |
| 1:35.5 | Whether they put life insurance on their kids. |
... |
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