How To Help Your Child A Become A Millionaire At Retirement
Knowing how to spend, save and invest your money are very important things to know. But, if you are like me, you didn’t really learn much about the ins and out and what you should do in the future to unsure financial success.
Instead of learning what I should have about how to be smart with my money, I learned a lot about a, b and c, along with angles, degrees and formulas. Don’t know about you, but I haven’t used any of that stuff to get me through life.
I know a lot of people give Tik Tok a hard time, but I love the social media video platform. Not only does it make me laugh, it teaches me recipes and valuable information. I was this video and I’ve probably watched it twenty times now. This guy has a great financial idea to help you kids be comfortable in retirement, that starts now.
@loansbyjb#lifestyle#wealth#goals#motivation#money#success#entrepreneur#entrepreneurship#entrepreneurlife#cash#business#finance#businessowner#love♬ Somebody to love Basstrologe Bootleg - mthekyng
In case the information, in the video, popped up too fast, here are the steps @loansbyjb gives to allow your child to thrive and live large in retirement
- Open up a Custodial Roth IRA
- Deposit $100 per month into the IRA
- When your child turns 18, the IRA will be worth $60,000
- At 65, the IRA will be grow to be worth approximately $1.5 million
- The IRA grows tax-free
- Your child can use $10,000 of it to help purchase their first house with no penalty.
Even if you put half of that into an IRA, for your child, they would still have a pretty good retirement.
Obviously, this works best if you start the IRA when you have a baby. But, if your kids are little, or even teens, this is a great way to help them, whenever you start. You can even start with a higher dollar amount when you open up the account.
I try to have no regrets in life, but I DO regret no doing something like this for each of my kids. It would have been the gift that kept on giving even after I’m gone.
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