Do you want rich kids?

[@valk7229]

It's great to give your kids a leg up, but just make sure that they learn the true value of a dollar in sweat and tears. They should do chores, get a job, work at a charity ( not just give money), be responsible for a pet, and at times younger siblings. All of these things contribute to a well-rounded, down to earth, good human being.

[@asadb1990]

its good to cover them for basics and only fixed payouts

[@yes3443]

70% of Americans live paycheck to paycheck.

[@yurrgee]

!

[@higherspirit1]

Done done done, glad you are sharing these. But might want to challenge you on the $200 per month for Roth. You get hit with both employer and employee taxes (you and kids) if making $600 or more per year. So it is like being double taxed since you as a parent will be paying both sets of taxes. Start early but keep the roth to $599/yr.

[@AT-ov2wi]

Yes! I was wondering about that! If they begin earning income, what does that mean for both kids and parents as far as being taxpayers? And do the children HAVE to be earning income themselves before a Roth can be setup for them? Can’t parents just contribute to it? I’m so confused! I hope she makes a video about this!

[@higherspirit1]

@@AT-ov2wi kids can get paid as “employees” for filing papers etc but keep to less than $600/yr or parents will pay double taxes for kids and as employer. I don’t think you can just contribute to Roth unless they are earning it? But could stand corrected.

[@julietteoscaralphanovember2223]

If I only knew this before my kids were grown, they're all in their 40's now, but doing very well thankfully!

[@erikag7334]

It’s the opposite for me unfortunately, my sister and I are well off financially but my parents messed up terribly they have no money to their name and depend on my sister and I to support them financially. They made my sister go into debt. I’m better at putting my foot down so they haven’t been able to get me. I love my parents and they have supported us even through adulthood but they are a financial burden especially my dad 😭 he didn’t make wise financial choices and now he’s left with absolutely nothing

[@grapefruitpineapple7667]

Credit scores are so BS that if your parents pay their credit card on time while you're a baby, you can qualify for a loan. This is a great life hack, but it also reveals how stupid credit scores can be.

[@ebl36]

This is my plan. Also my plan for my grandchildren. I can guarantee my sister will be doing the same for her children, so we’ll get to compare ‘rich kid’ notes! 😆

[@LSgaming201]

Already did the first 2 but I've never heard of the 3rd. Good tip.

[@user-zj9cl6zz1y]

I know this all applies to the US only but just wondering if you could do a UK version of ways we can invest our money? I'd like to retire early and really want to start investing

[@emmaaroina5248]

Yes I agree, if you could do that Vivian that'd be awesome!

[@dawnvega383]

If you own a business you can pay your kids up to $ 12,000 a year and put 6,000 into trust, 401k or invest. Also can start paying into SS so they can get max benefits. Please refine this, I have brain deficits that affect memory, great idea about investing, using cc!

[@NamasteInYourLane]

Can I do this for my nieces and nephews and is there a limit to how many children you can have on a single account?

[@amymicik2521]

529s and IRAs (remember: INDIVIDUAL retirement accounts) are per person so there’d need to be one account for each niece or nephew.

[@shanecasler]

Pro tip If you're grew up on a farm, you can actually apply for grants at that you don't have to re pay back to the government. In your kids, can you go to college or trade school for a lower the cost Note that this only works in the US.

[@CynthiaCarolinaTellezBenigno]

College funds are a must for my family. Both my husband and I went to university thanks to our parents hard work. I am saving to give my son the same opportunity.

[@thelastminmom5251]

Damn man. I like your tips. This is exactly the kind of crap I wish my parents knew and could have taught me. Subscribed

[@nerdindaherd5907]

I had never noticed how cross-eyed she is. Dayuuum

[@halcyondays8945]

I wish there was a Canadian version of you!

[@thelko-LM]

100% agree

[@b.elizabethzermeno6339]

Love all ur the knowledge?

[@KlaudiaAF]

Yes, I’m Eastern European and my family was workers, never thought me to be a boss or even helped me in hard situations because they simply didn’t know anything. It’s sad

[@amberamber7814]

Thank you

[@DigitalDilemma]

I'm glad I came across this. I was already on top of the credit but didn't think about the other 2

[@happylife7542]

Started#2 for our 11 yr old last yr. Started # 3 for both my boys as soon as they received their social security number. Will start # 1 when they turn 18 i am thinking. Thank you so much for the good tips

[@SeniorSunday]

The age of your account has a moderate impact on credit, and it takes 9 years to get into the best category. If you put them on earlier than 18, you could just not give them an actual card and it won't impact your credit score at all (but it will help them have a much better credit score.)

[@happylife7542]

@@SeniorSunday thank you so much. We shall do that. Assuming its not too early to add him right now ? He is 11. I should call the card company to check .

[@SeniorSunday]

@@happylife7542 Generally the youngest is 13 years old, but it could be different based on the card issuer.

[@matthewm9261]

we're you worried about a market crash earlier this year when all the banks started failing? I got scared and bought my son gold coins instead of investing in the s&p 500. if the market crashed again I don't know how long the market would take to recover

[@karengong8309]

I added my girls to both of my credit cards and my husband’s too. Also have a 529 plans for each. Was just thinking to open a Roth IRA for them but not sure what to invest on? Stocks?

[@proverbskeepers]

That screenshot is so hard to take! Lol it’s like my 10th time watching the video so I can screenshot shot.

[@Elaine_S]

The best investment you can make for your children is teaching them about their Lord and Savior Jesus Christ. There is no way to know the future and markets but with 100% certainty your child will stand before God one day for Judgment. Invest in your children for that day!

[@MissChibiGodd]

Can you do a Canada version of this

[@thelko-LM]

Love this channel!! Thank you 😂

[@dancruz4901]

Foodie.

[@flowergirl1127]

I did one and three; not two. However, you can now convert part of their excess 529 funds into a Roth IRA for their benefit (new this year).

[@Simplelivingslowliving]

I want my kids to be kind, to know right from wrong , and to love God above all. Rich or not . All the richness you acquire here you won’t take it with you .

[@mflong100]

It’s not mutually exclusive. You can raise good people and teach them about money. We did.

[@Debsdoesstuff]

I’m waiting to be approved for disability. I have Crohn’s disease. My insurance is expensive. My doctors diet for me is expensive. I’m 40 and I don’t have any income currently. Is there any financial advice for someone like me?

[@chauchau7920]

I did all this

[@kristiangarcia3322]

No no and no only thing that guarantees wealth is real estate

[@dokessezeaka5159]

Could you please translate some of these investments for Canadians?

[@MaritsaDarman]

Yes I am

[@heavenlysamuraigirl]

Man I know quite a bit of people whose irresponsible or shady parents fucked up their credit as kids with the credit card thing.

[@kichiii_]

Okay can I have a UK version of this please

[@Cyranon.]

2 out of 3 isn't bad, neither of mine are working yet though, the oldest could if she wanted to. And, I'm not rich, in fact, I'm a struggling single mom.

[@mypov4347]

I've 2 gfs who were married and their spouses used or abused their children's names by running their credit high. Leaving them with horrible credit. Can anything be done to turn things around? 1 gf arrested her hubby once she found out.

[@allimarieRISING]

Just take their names off the credit cards and it should be fine.

[@ryuu5751]

I remember suggesting some of these kinda tips for before my youngest brother was born and got a "Why would I do that?" Type of response. Still kinda confuses me to this day tbh, something something growing up and dealing with it yourself? Idk I don’t know if it's about understanding the value of a dollar because chores and that are an essential part of my household.

[@zyrianaarenee453]

Example 529

[@Kelly-wj7xd]

Can you give some advice for us people who live in England and watch you please.

[@alexandragrace8164]

Your advice is awesome - but do you have any equivalent info for Australians?

[@michelekurlan2580]

Wow! this gal rivals Susie Orman .right?!

[@simonewright1120]

Let them earn their credit. I'd u give them everything they won't learn and kno how to manage their wealth. Makes them also appreciate it since it wasn't handed to them.

[@penelopesilver8509]

Sounds like you deliberately want to make it hard for your children. It's also your responsibility to teach them how to handle money responsively.

[@AltaicPride01]

Where did you get your necklace?

[@alexcamp4026]

BFF for ever thanks

[@vlad-igor]

❤❤❤ thanks!

[@superteck2213]

I love how you have "ballad of a homeschooled girl" in the background great song

[@knowthyself690]

I opened an UTMA account for my granddaughter, where the mother gave me $2k in January after receiving tax refund for 4 years. She now has over $22k even with the bad 2022 year. She just made 11years old last month. Parents and grandparents and uncles and aunts and big brothers, just start putting the money up for your love ones NOW. Stop with the life insurance jazz, just another excuse to not do TODAY. If your children and your children’s…children’s end up in a senior home or homeless, it will literally be because you had no vision or discipline or whatever… Don’t talk about it….Be about it, yadig. O’ and my 26 yr old Son has over $100k, in his IRA he started at 19 years of age. Like the Wise Sharing Woman said, I KNOW MY KIDS WILL BE MILLIONAIRES 😂. Much love 🌚

[@mynameisreallycool1]

Also, teaching your child about finances. I think parents who leave their children in the dark and don't bother teaching their kids anything are incredibly selfish and neglectful people, and those parents need to be called out as such so that they feel pressured to actually raise their own children. You don't need to make your kids fend for themselves and make them have a hard time as adults. It's been a problem for a while, but I'm glad that kids at least have the internet to help them out a little, and a lot of millennial parents are actually taking the time to help their kids learn how to make and handle money, unlike previous generations who slacked off and make excuses later on for not being a good parent.

[@lemonadewithniecey]

At what age are kids savings $200 a month to get to be $3 million. Sometimes you say numbers that make you seem very out of touch.

[@persephone2268]

Hope yr helping those in Maui

[@voicification]

Do you need to be a business owner to do a custodial Roth IRA?

[@ADR7707]

So if a parent can start their kids off with good credit, I guess they can ruin their credit as well. How is this fair to the kid?

[@MpcJ]

2 different sides of the spectrum. You comparing responsible parents to irresponsible ones…

[@michaelwou1667]

Yes Vivian, stay cheap and your kids will be rich also if you instill that same mentality into them.

[@TC-8789]

Im only going to be able to retire by Not having kids.

[@allimarieRISING]

I prefer an UGMA to a 529. College only makes sense in specific situations. He'll have to get scholarships or a job if he wants to go that route.

[@amymicik2521]

UTMAs become the property of the child when they reach the age of majority (18 or 21 in most states) so you lose control over how the money is spent then and it’s also taxable. (Just putting more info here for others who are interested)

[@mflong100]

You can use a 529 for most trade schools.

[@BigDaddy-vr2ut]

You had me until you said the first one, having good credit 😢😵

[@redonk1740]

just buy bitcoin for your kid, stick it in cold storage, set it so it won't unlock until their 18th birthday. done.

[@timmusician5060]

🔥🔥🔥👍🏽🙏🏽🙏🏽🙏🏽

[@eduardochavacano]

They dont give their kids religion, fact.

[@izelagutierrez7711]

Gosh I understood none of this😢

[@megmo3030]

What if you invest in the 529 and they decide not to go to college or a trade school at all?

[@mflong100]

You can transfer a good chunk to your Roth. You can transfer it to another child. You can cash it out and pay taxes on the growth. However, your child will most likely be able to use it on some kind of education as they will most likely want to up their skills or certifications at some point.

[@TheMamasita323]

I don’t get the ira part I need it explained slower or dummy version someone help I have 5 kids

[@mogrady3517]

Is there a age requirement to add kids to your credit card?

[@Cyranon.]

Nope! My youngest has been on mine since she was 10. I've had my card since 2000, she was born in 2011.

[@margaretesch1387]

Rich perants sende there kids in public schools.

[@juliet4429]

I was scammed with bitcoin😡

[@noneofurbusiness5223]

It'll help if father is good. Selfishness & stupidity from both sexes doesn't help!

[@gardenandcalico]

I'll do this for my kids but theyre not gonna know a damn thing about it until they've learned to make money the hard way

[@jilldawson89]

No, you are teaching parents to grow their children up to be entitled adults.

[@LadyAngela678]

No 😂

[@bhangra20001]

Disagree with the 529

[@ohnoitsthenoooo]

There's no way this woman wasn't born rich lol

[@temptaytion]

Authorized Users (AUs) aren't responsible for any of the debt, so nothing reports to their credit. Imagine the primary never paid? That means a child would start off with terrible credit. It doesn't make sense. So nothing bad and nothing good report to any AUs credit.

[@FlightX101]

well......make sure you pay the debt lol. Simply be responsible

[@leahmerchant1475]

Not true at all. If you pay the card late and it harms the kids score, it's a5 minute phone call to remove them as an auth user and then rescore their credit. And if you pay it on time it improves their credit score tremendously because length of credit history and balance vs credit limit are the two highest factors that determine credit score.

[@temptaytion]

@leahmerchant1475 I'm assuming this is the USA. Canadian banks don't report any AUs to the credit bureaus due to what I said above. We also use Equifax and TU. You would think they'd be the same in the US.

[@leahmerchant1475]

@@temptaytion in the US creditors do report the debts for auth users. I added my kids to my cards when they turned 16. It helps their scores tremendously to have the long history.

[@snpydhk]

I need to understand this BS "retirement math" because im not seeing it!! "Invest $200 today and you'll millions in so and so years" LIES!!!!!!!

[@thanosianthemadtitanic]

market isnt guaranteed...and doesnt cater to people who stay for only a week

[@Mijah-ff8ib]

It's for the long term.

[@soapydragon7898]

It's called compound interest and assumes market returns of around 10%

[@kellyjackson4973]

The best success that you can still in your kids is why teaching them about Jesus so they can choose the narrow path in life. This world is only but a moment in time Jesus Christ is eternal. There’s only one way to get to the father and that’s through the son SeekChrist do not seek material things. God bless and now I say goodbye to this channel.