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Ohan Kayikchyan PhD,CFP®


I teach you to build wealth 💸 www.ohanthemoneydoctor.com *Education-not advice

Wouldn't you like to have a peace of mind that your kid's education fee is covered? 📚💰 Or you've left them with a solid financial foundation for life? 🏦
I totally get you. 😌 As a parent myself, these thoughts are always on my mind. When I became a parent, everything changed, I mean literally everything, and first of all, my life priorities shifted. The well-being of my daughter has become one of the most urgent priorities for the present and for the future. And when I say well-being, I mean mental, emotional, physical, and, of course, financial health.💸
One of the best financial moves we can make for our kids is to save and invest money for their future and let it grow. Since our children are the youngest members of our families, TIME is on their side when it comes to investments. ⏳As time is the best asset, even more so than money when it comes to investing.
Now, you may ask: What type of account should I open to invest? Here are your options:
1️⃣ A regular brokerage account. Where? With some reputable brokerage firms such as Vanguard, Fidelity, and Charles Schwab. It's worth noting that I'm not affiliated with any of them; I just use them myself. 🏢
2️⃣ An UTMA/UGMA account. Different tax and withdrawal rules apply, and this is something to discuss with your tax advisor depending on your personal circumstances. 💼
3️⃣ A 529 plan/account. This account is designed for education savings, but what if your kid decides not to utilize it, aka not to go to college? In my opinion, this is a less flexible account unless the single goal is to save for your kid’s education. 🎓
💡 Also, there is a strategy that I don't use but many do, when you have a business and you employ your child as a model or a proofreader, or both. 👩‍💻 Now you can fund a Roth IRA account for the child. And guess what? All the growth in this account would be tax-free. Not bad at all, huh!!!
If you already have kids, you can start saving and investing right away to give all the dollars an opportunity to grow in the market for a longer time. If you want to start, I've designed a Free Guide to jump-start your investing and wealth-building that you can download from the link in my BIO. 🚀
*All the strategies presented above and all my content are for educational purposes only and do not provide tax, legal, financial, or investment advice.
#ohanthemoneydoctor #wealth #babymillionaire #momeytok #financialfreedom
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