Podcast Summary
Earning Extra Income and Saving for Kids' Future: Start earning extra income through side hustles like Airbnb and save for kids' future using custodial Roth IRAs when they start earning income
Everyone, regardless of their wealth, can set their children up for financial success through smart money moves. The host of this podcast, Nicole Lappin, shares her personal experience of earning extra income by hosting on Airbnb, emphasizing its ease and accessibility as a side hustle. Meanwhile, Kylie Jenner's story demonstrates an innovative way to start saving for children's future through a custodial Roth IRA, which can be opened when they earn income, such as from acting or modeling. This strategy does not require being a billionaire, and anyone can start making their kids millionaires with the right financial planning.
Setting up a custodial Roth IRA for a child: Families with higher incomes can help their children save and invest earned income tax-free via a custodial Roth IRA, potentially leading to substantial retirement savings
Setting up a custodial Roth IRA for a child is a smart financial move for families, especially those with higher incomes. This type of account allows children to save and invest their earned income tax-free, potentially resulting in substantial retirement savings. Celebrities like Kylie Jenner and Beyoncé have reportedly set up custodial Roth IRAs for their children, Stormi and Blue Ivy, respectively. The only requirement is that the child has earned income, which can come from various sources such as modeling, acting, or working for a family business. By taking advantage of this strategy, families can help their children build a solid financial foundation for the future.
Help kids start saving for retirement with a custodial Roth IRA: Encourage kids to earn money and invest it in a custodial Roth IRA for tax-free retirement savings and financial growth
Encouraging kids to earn money through simple jobs and then investing it in a custodial Roth IRA can set them up for a strong financial future. A Roth IRA is a type of retirement account where you contribute post-tax dollars and enjoy tax-free distributions in retirement. Eligibility depends on income limits, and setting up a custodial Roth IRA for a child involves designating a guardian to manage the account. The annual contribution limit for a Roth IRA is $6,000 or $7,000 if the account holder is over 50. By starting early, kids can take advantage of compound interest and build a substantial retirement fund over time.
Setting up a custodial Roth IRA for your child's future: Contribute to a custodial Roth IRA for your child's future financial growth. Use low-cost S&P 500 index funds for investment. Your child takes control at 18 or 21. Can be used for education expenses.
As a guardian, setting up a custodial Roth IRA for your child and contributing to it is a smart move for their future financial growth. However, it's essential to ensure the brokerage supports custodial Roth IRAs and actively invest the money. Low-cost S&P 500 index funds are a good investment choice due to the long-term nature of the account. When your child turns 18 or 21, depending on the state, they'll take control and can continue contributing. Additionally, the money in a Roth IRA can be used for education expenses, making it an excellent tool for funding college. Starting early, such as when a child is 2, can result in a substantial account balance by college age. LinkedIn jobs can help you find the perfect hire to manage the investments in the custodial Roth IRA.
Leverage LinkedIn jobs for hiring top talent and monetize your space on Airbnb: LinkedIn jobs offer access to a vast pool of potential candidates, while Airbnb allows you to monetize unused space. Utilizing both platforms can unlock significant financial benefits.
LinkedIn jobs offer access to a large pool of highly qualified candidates who may not be actively looking for new opportunities but are open to the right fit. With over 1 billion professionals on the platform, it's an excellent resource for businesses looking to hire top talent. Additionally, hosting on Airbnb is a smart side hustle that allows you to monetize what you already own. With the ease of listing your space for free on LinkedIn jobs and the potential earnings from Airbnb guests, these opportunities provide significant financial benefits. By utilizing both platforms, individuals and businesses can unlock hidden value and make the most of their resources.
Invest in your financial knowledge: Stay connected with Money News Network for financial advice and exclusive content, submit your money questions for a chance to be answered, and prioritize financial literacy for a better future.
Investing in your financial knowledge is the most valuable investment you can make. Money News Network encourages you to submit your money questions for a chance to be answered on their show or even receive a one-on-one intervention. Stay connected with them on Instagram and TikTok for exclusive video content. The hosts express their gratitude for your listening ears and your commitment to improving your financial literacy. So, don't hesitate to reach out and take the first step towards financial rehab. Remember, your financial future is worth the investment.