What Account Should I Open for My Newborn?

Ramsey Everyday Millionaires

Ramsey Network

Business, Careers, Investing

4.8 • 3.6K Ratings

🗓️ 19 June 2024

⏱️ 6 minutes

🔗️ Recording | iTunes | RSS

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Summary

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Transcript

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0:00.0	This episode is sponsored by SmartVester. Connect with an investing pro for free at Ramsey Solutions.
0:11.0	Com slash invest.
0:22.0	You're listening to Ramsey everyday millionaires where we talk investing, retirement, building wealth and outrageous generosity. Let's go to Julie.
0:23.0	She's in Dayton, Ohio.
0:25.0	What's going on, Julie?
0:26.0	How can we help?
0:27.0	Really, I called in for a question about my daughter.
0:30.0	She's one month old, but to be honest I've got other goals as well and I was kind of curious
0:36.4	about accounts that I could open up for her in the future like the 529 College or a custodial
0:41.6	Roth, just some investment opportunities for her in the future that I didn't have an opportunity for when I was growing up.
0:49.0	I love that question.
0:50.0	Go ahead, George.
0:51.0	So you're wanting to leave a legacy and there's a few options here.
0:53.8	Number one is you mentioned the 529 plan, which is going to be for college expenses.
0:59.0	And I think that's an account every parent should open when their child is born.
1:02.1	That was one of the first things I did
1:03.6	when my daughter was born nine months ago. So that's a great option. They're
1:07.8	state specific, but you can choose any state, which is really cool. And so you can
1:11.4	do some research on which one is the best for you.
1:13.7	You can reach out to a SmartVester Pro through our website who can help you navigate that.
1:18.4	Outside of college, the custodial Roth can be a great option as well where they'd have access to it once they turn you
1:24.7	know 18 that becomes their account and you have 18 years of growth on that money
	...

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