#taxtips
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$6.9M retirement starter fund for your child 💰
Here’s how to do it…
1. Open a tax sheltered investment account for your child
2. Invest $250 at their birth (if you get any cash from relatives & friends you can always use some of that money as well)
3. Invest $200/month into the account
4. Each birthday contribute another $500. Again, any cash given by family and friends could also be directed to this account.
5. When they turn 18 the account will be worth $120k.
Now since they’re you’re child… you will have spent the last 18 years teaching them about sound money management skills. You’ve taught them that not touching the money is a value life skill to learn and you encourage them to keep it safe and earmarked for retirement. By age 65 it could be worth $6.9m. Of course inflation may reduce the buying power of the account, but it will be a nice nest egg.
Imagine what could happen if they contributed even more to it over the years!
#taxshelteraccounts #nontaxable #infinitemoneyglitch #generationalwealth #wealthcreation #beyourownbank #uninterruptedinterest #compoundingeffect #wealthcreation #taxfreeretirement #compoundinterest #financialliteracy #wealthbuilding #milliondollarbaby #passiveincome #taxtips
Here’s how to do it…
1. Open a tax sheltered investment account for your child
2. Invest $250 at their birth (if you get any cash from relatives & friends you can always use some of that money as well)
3. Invest $200/month into the account
4. Each birthday contribute another $500. Again, any cash given by family and friends could also be directed to this account.
5. When they turn 18 the account will be worth $120k.
Now since they’re you’re child… you will have spent the last 18 years teaching them about sound money management skills. You’ve taught them that not touching the money is a value life skill to learn and you encourage them to keep it safe and earmarked for retirement. By age 65 it could be worth $6.9m. Of course inflation may reduce the buying power of the account, but it will be a nice nest egg.
Imagine what could happen if they contributed even more to it over the years!
#taxshelteraccounts #nontaxable #infinitemoneyglitch #generationalwealth #wealthcreation #beyourownbank #uninterruptedinterest #compoundingeffect #wealthcreation #taxfreeretirement #compoundinterest #financialliteracy #wealthbuilding #milliondollarbaby #passiveincome #taxtips
IRS WARNS BIG CHANGES FOR VENMO, CASHAPP, PAYPAL, FACEBOOK MARKETPLACE USERS: YOURE GETTING A 1099K JANURARY 1ST 2024 #greenscreen #tax #business #advice #money #smart #IRS #taxtips #financialfreedom #finance #finance101 #businessowner #businessproposal #taxadvice #moneysmart #moneytok #financetiktok #financetok #accounting
📌! Word to my guy @kevinj.dolce for this dope breakdown 🔥🔥🔥. It’s a must that you build your business on a solid foundation and protect your assets 💯💯
With that said, If you’re just starting out you don’t need this type of complex structuring but once you have multiple businesses and start earning into the high 6 figures this structure can pay HUGE dividends.
If you want to get your business foundation together in 2023, DM me the word “mentor” to learn how you can work with me and my team 🙏🏾🙏🏾
#tax #taxdeductions #taxseason #taxtips #entrepreneurs #entrepreneurlife
With that said, If you’re just starting out you don’t need this type of complex structuring but once you have multiple businesses and start earning into the high 6 figures this structure can pay HUGE dividends.
If you want to get your business foundation together in 2023, DM me the word “mentor” to learn how you can work with me and my team 🙏🏾🙏🏾
#tax #taxdeductions #taxseason #taxtips #entrepreneurs #entrepreneurlife