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Wanna learn how to grow generational wealth? It’s low-key easy!! Here are simple ways to make the kids in your life rich :) There’s three major ways to invest for minors. I broke down the pros and cons of each below. Choose your own adventure 👇 529 PLANS If you want to help a child pay for education- this plan is for you. There’s two types of accounts you can open- Education Savings Accounts (most popular) or a pre-paid tuition plan. The money inside either account can be used for school, tax free :) PROS: NO contribution limits! And you get a deduction for contributing. TAX-FREE withdrawals for qualified education expenses CONS: Limited investment choices 529 plan tax advantages differ greatly by state Can lower your college aid package CUSTODIAL ROTH IRA If your child is gonna be a model, this account may be for you. You can only qualify for a custodial Roth if you have a part time job :) PROS: Contribution limit of $6,000 OR total amount of money earned Can be converted to regular Roth IRA at legal age Funded by after-tax dollars & grows tax free CONS: Kids can only have one if they have a part-time job Low maximum contribution Contributions not tax-deductible CUSTODIAL BROKERAGE ACCOUNT These are my fav accounts. Anyone can contribute and there’s not strict rules on how you use the money. There’s two types of these accounts: UGMAs which includes stocks, bonds, etc. and UTMAs which allows more asset classes like real estate. PROS: Kids can use the money eventually for anything. Not just education. If you start one early for a child and automate your deposits- they will majorly benefit from compound interest. CONS: Financial Aid package will be reduced Deposits and beneficiary are irrevocable! So be certain! Beware of gift tax on over $16,000 a year contributed Now based on the above 3 adventures, what do you think you’ll choose? Comment below! #payattention #invest #profitability #time4change #believe #longterm #buildandgrow
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