How to save money for your child!!!

[@AdventuresWithV]

"Once my kid is adopted or born" I love that. We need to normalize adoption by people who don't have fertility issues. All children deserve love

[@edrosales1520]

I've always wanted 3 kids, with the middle one being adopted so they feel like an integral part of the family

[@thed_ani]

All childern deserve parents, sadly not all parents deserve childern. With how rampant child abuse is with paternal childern, I can only imagine the living conditions for the wrong homes who’ve adopted childern

[@AdventuresWithV]

@@thed_ani I agree! I always say that not everyone deserves to have children

[@ana419]

I agree! Have always though that. There are children always in this world needing love. Even parents with natural children should be adopting. No child should be without a family or at least a parent. So many single people out there who would be happy to adopt, too, including older people who could adopt older kids. So many new adoption models to explore and encourage.

[@atlsongbyrd6084]

Yes we do💜

[@sheneedsme]

I opened a 529 plan for my daughter while she was still in the womb. It paid entirely for her triple major, although being the good Dad that I am I happily paid for her masters in management that helped her get her high paying tech job. With that she paid cash for her Tesla and down payment for her new construction house plus $50k emergency fund. She is only 27 and I have no doubt she will become a multimillionaire just like her old man. I told her that her job was to work hard and do her best at school and my job was to pay for it. We both held up our end of the deal.

[@KyComedyInc]

Legend 💪🏾

[@hxdcm]

You're doing it right, hopefully your wisdom is passed down for many generations to come in your family 🙏

[@Sandyyyyyyyyyy]

Question: how did you choose what to contribute each month? I have 529s for both my kids but I vacillate between knowing they'll have enough by the time they graduate and worry that I'll have underestimated rising tuition costs and the stock market.

[@jeniferjohnson374]

Your daughter is endlessly lucky/blessed to have you as a father and more. I know thousands including myself if we had a parent like you we’d all be doing far far better than even our dreams can take us. Hats off to you for your amazing endeavors in giving her the best start in life and security for her future.

[@sheneedsme]

@@Sandyyyyyyyyyy All you can do is make an educated guess based on average inflation rate and stock market returns. My goal was $100k and that was enough to pay for our in state University of Michigan tuition. To me the cost for her education at that school was an absolute bargain. One year after graduating she was making more than that at her job at Google.

[@jackbills]

Love your straightforwardness in the manner you show us the mix-ups as well as the triumphs. Your posts are genuinely uplifting, showing us all the significance of profit investing...my prompt for students is to assemble here and get an enduring answer for their effective financial planning nightmares...no information is a waste.

[@dannyscott1276]

Market is down actually, I've been looking into systems and evidently both bull and bear economic situation gives equivalent road to build enormous additions, I mean I've known about individuals making up to $300k during this accident and I might want to know how?

[@tblazegutt]

The ongoing business sector could give chances to expand benefit inside a present moment, however to execute such system , you should be a gifted professional

[@palmersolga]

Right, you can keep away from the entanglements related with way of life expansion by counseling an established counselor, to assist with arranging your short-and long haul objectives, everything relies upon legitimate direction. I've watched my pay produce abundance throughout recent years and a half year, I currently own a house completely paid, and with no less than $2.2m sitting in reserve funds hitherto. This is all a consequence of ensuing ventures, and following master prompt.

[@richiegiggs]

@@palmersolga i've really been considering arriving at a portfolio-consultant, my 401k and stocks been losing all that it's acquired beginning around 2019, mind assuming that I looked-into this one mentor you use?

[@palmersolga]

@@richiegiggs ...My specialist is Kimberly Jean Heavner I found her on a CNBC interview where she was highlighted and contacted her a while later. She has since give passage and leave focuses on the protections I center around. You can turn her upward on the web assuming you care oversight. I fundamentally follow her exchange design and haven't lamented doing as such.

[@spamh8r1007]

We opened up 529 Plan for our kids when they were born. First child graduating this year and we have no worries about his college tuition. I didn't know we can rollover the leftovers up to $35K to his Roth IRA!! Thanks, Viv!!

[@chanreka]

That new rule of rolling $35k into a Roth IRA is amazing

[@ericfine325]

Hi Vivian, maybe there are some nuances you can possibly look into. If people are starting late or do not have the ability to add enough that will clearly pay the full cost. If you expext that you will still need financial aid, perhaps it is better to leave the 529 in the parents name until after the child is accepted into the school and the institution determines how much financial aid they get. If the College sees that the child has $50k saved in their account then the college will subtract that entire amount from the financial aid package they would be willing to provide. At least for other financial savings of the parents, the college would assume/ calculate that only a portion would go to pay for that students tuition. This moght allow the college to allowcate more aid to the student. One could distribute funds from the parents account to the child as the bills com due.

[@jj3682]

When kids apply for school, they don't necessarily know what you have. We are going through this process now. Our kid will apply, get accepted or not and with that receive offers. Then, has until early spring to select a school. Our child is applying as soon as schools open applications- some as early as August 1st (early action). That is the best chance at getting offered the most.

[@AtomicAtom87]

I wish you taught my mom 😫😩 Thank you for teaching us 🙏🏽

[@Katstix]

Your advice is really cool. I'm in South Africa so we don't use the same financial jargon but I always look for the equivalent of your advice in my country

[@marcycarter1437]

Hey; Are you aware of a South African content creator who shares similar financial advice that applies in SA?

[@2-old-Forthischet]

Most working families are just trying to stay above water these days.

[@tawannasteele4534]

Dat part. I knew of 529 plan but I couldn’t afford squeezing out any EXTRA funds for it plus extra activities after school,gas,food costs…list goes on..on..on..

[@RachelDee]

Oh I didn't know the tax code changed! I was hesitating on a 529 because idk what kind of career and education paths my kids will pursue. But being able to roll the extra into a Roth now is great!

[@numeneebarclay5746]

Best KNOWLEDGE TO HAVE EVER!

[@jaxxon9]

Three questions: 1) 1.6m sounds wonderful, but it’s a guesstimate, based on what? 2) Can this be done by a grandparent? 3) How is a 529 managed if no Child is born or if the child chooses not to go to college? Can it then be rolled over into a Roth IRA for the child? Can it be used for a trade school?

[@foreversunseekers]

I'm not the OP, but wanted to answer your questions. 1. Based on the historical average rate of returns for the investments plus regular contributions to the account. 2. Yes. Account would be in your name and you would name your grandchild as the beneficiary. 3. You can use a 529 for trade schools, apprenticeships, community colleges, and even towards k-12 expenses too.

[@jaxxon9]

@@foreversunseekers thanks, for being a “Good Samaritan” and taking the time to answer my questions . Much appreciated!

[@melody_shmelody]

How much do you need to contribute each month to reach this figure?

[@cocot9414]

Girl you nailed this advice. THANKS

[@lifeisbutadreamm]

These videos seemed kinda gimmicky when I saw the first couple pop up on my feed, but I'm so glad I stuck around and listened because these tips are always really great, so thanks rich BFF!

[@shaunnaechols3647]

I literally just started this for my 5 year old niece for her Christmas gift.

[@sofondadavis5028]

So I can do this for my niece, nephew or grandkids.

[@shaunnaechols3647]

@@sofondadavis5028 Absolutely! You should check with your local fidelity in your area.

[@sofondadavis5028]

@@shaunnaechols3647 Thank you for helping me to find the next step

[@shaunnaechols3647]

@@sofondadavis5028 It's my pleasure.

[@jj3682]

We have one 529 that has made waaaaayyyyyy more than we contributed. But it's sooooo important to start early and front load it if you can.

[@fourcheesepasta9526]

Yes best mom ever

[@NotJessH]

My dad opened a 529 plan the day MY daughter was born. So it’ll be for college.

[@duskyman1]

If you have kids late in life you can pay for education with Roth IRA withdrawals.... 529 help but the bottom line is you still need to be able to pay for your kids. Both my kids were on Scholarships..... I still paid 50K per yr .. after taxes ..., Toward their living expenses combined in college. And that doesn't even count that i was also paying for their car insurance , and cars , and about $2000 /yr airline travel for one of them . Nor the travel to watch one of them play. If you live at home and go to small regional universities college can be dirt cheap. If you go away to Major private universities..... It's not so cheap.

[@ilenastarbreeze4978]

i wish my mom did that, she guilted me into taking out a 25k loan in my name that she never paid back

[@marymeeks6680]

You can't lend ppl money. Even relatives will stuff you and get mad at YOU if you dare to ask about repayment after they miss their promised re payment date. Anyway this is great advice about the 529.

[@nibabi]

Was it a loan for your college education?

[@ericfine325]

Why don‘t you pay it back? Then you don‘t have to feel guilty when your mom needs help in her old age. Just kidding you need to help her then also.

[@ojertycnan]

This be the reality for a lot of people. My parents also opened up credit cards in my name lol da fuck

[@ilenastarbreeze4978]

@@ericfine325 cuzz i was 20, had better credit then her because she gambled money away and couldnt stop buying things she didnt need and such,

[@Francois3k]

Wow wow Jesus this information is gold. I would never ever in my wildess dream know all these information for finance your the G.O.A.T

[@kishakisha17]

I wish someone would do these types of shorts for Canadians

[@ana419]

You could! There is your side hustle! In fact, every country needs these types of shorts.

[@joshjohnson6942]

It's called an RESP in Canada

[@tarawells1553]

Me too, I’m in England.

[@aleccino]

And Brits in the UK 🥲

[@PinkSparklerToontown]

​@@aleccino University is free in scotland and/or highly subsidised

[@lulimau8478]

Wow thank you for the info

[@702cody]

Vivian, I’m not sure what motivates you but I’m sure grateful for your wonderful insights. Thank you so much for all your amazing advice, it continues to enhance my life. ❤

[@sjdigitalsolutions]

Your content is always so informative. I appreciate the effort you put into sharing valuable advice.

[@veronicagraves5621]

Thank you xx.🙂❤️

[@RockSolid1023]

In theory sounds good but most people don’t have extra money to save .

[@rodneyshannon5759]

Didn't know that, that wonderful thank you for the education. Daddy got you.

[@sk.n.9302]

OMG thanks for this! I didn't know unused 529 money could go towards a ROTH! This is huge.

[@tramelparker2085]

This is your best advice ever!!!

[@TamagoHead]

Great advice! We’ve used UTMAs in the past. I’ll forward the info to my younger clan members. 😘👍

[@annak6970]

Thank you!

[@Koiva232]

I did not know about the Roth part...interesting!

[@jeaninemorgan9118]

Great video 1. You can also apply to FAFSA 2. Apply for all state grants 3. Good grades get $$$$ 4. Sports has grants FREE COLLEGE!!!

[@jcatastrophic1]

I didn't know this. Thank you!

[@luxliving3013]

Love Vivian she’s my rich bff

[@erickawilliams7660]

💯❤️👍 THANKS

[@Odello2701]

Thanks.

[@ponderosapondhomestead4344]

Thanks for the great advice! I knew it, just forgot it.

[@EmansReviews]

What if you want to just create ROTH IRAs for your kids instead?

[@juanguzman8034]

Thanks now am even more depressed I barely have enough to cover my debts.

[@didikwahyudi8270]

Yes...financial education for the parents-to-be..

[@Patrick__M]

Where was this when I needed it. 😂

[@Mztmac82]

Love you!!!

[@coast2coast8306]

So thankful for your advice and financial literacy but all these tax hacks really got me seeing how politicians only care to pass legislation for the rich to avoid paying taxes but don’t give a f about the poor 😢

[@TheeOnlyDerrick]

Thanks to my rich BFF I'm now RICH!!!

[@TheeOnlyDerrick]

Ok

[@chuvaam]

Adopt me please.🙏🏾

[@lauravalle3766]

Wish I knew you before I had a kid. I do have a 529 now but sadly didn’t know to start it until my son was about 5.

[@danger4939]

Thank you never heard of it, but now I know

[@nceguerra]

😊❤😊

[@thomassanfrancisco5850]

Brilliant

[@pro2firez]

#BestMom

[@Solo_Food]

Where do I open a 529 plan?

[@greatmystery11]

I know of two rich people that wouldn't pay for their kids schooling or their health needs. It's infuriating!

[@wyattshoemaker5403]

🎉

[@bijouxbijoux]

great advice.. can I add that this may affect financial aid if they qualify

[@lilomarie7313]

Also, if they do get a scholarship they can withdraw an equivalent amount tax and penalty free!

[@atlsongbyrd6084]

You were so cute as a little girl 🥰

[@ms.g.1189]

I have a kid can I do this now since she’s four years old?

[@shae1539]

Yeah just do same steps she said you still have ages to invest!

[@kamiifae]

Yes do it now!

[@AAllan-mo1ll]

I opened one when I was pregnant and I've put $10k in and the account is now worth about $10k, which is exciting because for years it was worth less than what I had contributed...

[@Lilsportygrl]

How old does the child have to be to roll over into the Roth IRA? Can it be done at 15/16 or whenever they start earning an income?

[@gemmm01]

Where is the best place to open a 529 account?

[@celieboo]

Get a financial planner. They can help walk you through it. There are also a lot of legit websites that can help you.

[@Sandyyyyyyyyyy]

It depends. Some states provide benefits to their citizens when opening a 529 in-state. IIRC some states also have restrictions as well Mine did not so I went with the one with the highest ROI for the last 10 years.

[@belindahawkins4083]

Good future parent

[@carefulconsumer8682]

Always great! I read the parents can also take the money out but they might have to pay taxes on it.

[@ana419]

Great information! Where did you learn this?

[@stinellipallesen2586]

University education should be free.

[@TheBreathingEnvironment]

Fantastic Advice! I will pay off some credit card debt them I will start 529 plan! Thanks for advoce!

[@TheBreathingEnvironment]

@whtsapme66 I got your number. I will call soon. Thanks for all your advise

[@knmonlinemedia]

DON'T REPLY TO THAT NUMBER IT IS SPAM SHE DOES NOT HAVE WHATSAPP

[@TheBreathingEnvironment]

@@knmonlinemedia Thanks for letting me know. Have a great day.

[@TheTV4me2]

Can we do this for grandchildren

[@kekebebe23]

Tax code allows the rollover for Federal purposes but the state rules are different, no?

[@curtisdavis8594]

🔥

[@hellokittydimaggio]

Lol I am from California my education was freeeeee… for the most part 😁

[@yvietran3739]

Is there a uk version of this?

[@angelchancey9039]

How do you start a 529 plan?

[@global001]

You’re brilliant. It’s just a shame that all the information only applies to the US. Would love it if you started a UK thread as well.

[@cerebrumexcrement]

u need a rich bff in the uk. we americans dont know the finer details of ur country's laws and stuff.

[@global001]

@@cerebrumexcrement there are American financial analysts working in London. Not all Americans never leave America.

[@BbCc-uf8fu]

In my community folks prefer Iul life insurance plan best thing is withdrawals and accumulation are tax free and funds are protected from Fafsa so kid can still get grants etc why give up on free money. Growth is better than Roth IRA plus death benefits too That what rich parents do in my community I am in one of the richest area in USA. And all the tax advantage on withdrawals and accumulation that Roth IRA will never have

[@deeelisa1890]

Our favorite Wall Street girly is Lauren Simmons, but thanks for the tips

[@satya-and-dean]

Is there Australian version of this?

[@SnowFamilyVacations]

Can you show options that are not exclusively for education expenses?

[@Jessy-ht2ll]

So isn't the money taxed to begin with? For example are we not taxed before this money goes into a Roth IRA? Our paychecks are already taxed. Or does the money come out first before taxes?

[@jaxxon9]

Are funds taxed when withdrawn to pay for educational expenses?

[@Mightyluna]

@JaxIn City, as long as the funds withdrawn are used for qualified educational expenses (tuition, books, room/board, for example) they are not taxed. For non qualified expenses, the earnings on the amount withdrawn are taxed and there may also be a 10% penalty assessed.

[@JovazPulse]

What happens to the 20k if you have $50,000 saved in 529, and you invest max into Roth??? 🤔 Assuming they all got scholarships and such

[@ivonahowell-hunte1818]

any information on scholarship, my daughter will be going to college in 2023. I dont have a 529 plan. She did get some scholarship through the College she will be attending but still about $10,000 short.

[@jonallynsantiago5844]

What is the best account for 529 plan?

[@juliager5702]

Imagine the luxury of planning decades ahead, and having a stable state and currency *sad Russian noises

[@namhamada3984]

Yeah mom ever!!!

[@Jazzygirl01]

What 529 plan should I go through? Like company.

[@rumple76]

Can you do this with a niece or nephew?

[@liaed3637]

So, does this apply only in America?

[@Mike-dm4ur]

I have a question: why are we not taught this type of financial freedom while in high school? "A few minutes into the video, it learnt me so much.

[@noahizzi3136]

If it was taught in school, everyone would be business owners, It would be impossible to start a business because there would be billions. Nobody would work so nothing could be produced

[@noahizzi3136]

I met Steiner Chiara Schmid at the crypto finance conference at CfC St. Moritz she was expectational.

[@sjboyer2536]

here, here.

[@seminajackson2902]

I need a uk version of you. Please 🙏 if anyone here is from the uk please suggest a uk account for me to follow too as good as this girl

[@1lexrose]

How does this affect free financial aid?

[@utoobia6872]

But what if the kid doesn't go to college and we don't want to transfer to a Roth IRA? Can I just pull out the money tax-free and close the account, or do I pay anything?

[@candiceshafer1940]

Can I create a 529 for myself and load that up to 35K and then roll it to my Roth that I contribute the max to yearly? Can I only do that once in a lifetime?

[@ashleymichelle0713]

Can you use the 529 plan to pay for your own education? Like if I want to finance or Spanish classes at a college can I use a 529 for this?

[@uhohotdog3483]

👍

[@livtru7303]

What about homeschooling? Does a 529 plan cover those costs as well?

[@The-Sentinel]

what happens to all the money beyond the 35k rollover IF the kid doesn't use it for education? where does that money go if it can't or isnt being used?

[@lyric8529]

Wonder if I can open one for a granchild???

[@terrelsimpson5309]

A true Baller