Parents want to give their children a strong financial start, but deciding where to save can quickly become confusing. The right answer may involve several different accounts, each designed to serve a specific purpose. In Part 1 of this two-part series, Steve explores the technical side of creating a financial blueprint for children. Part 2 will turn to the behavioral lessons children need to use these financial tools responsibly, so stay tuned.
Here’s some of what we discuss in this episode:
🧰 Planning Tools: Match each account to its purpose
🇺🇸 Trump Accounts: Begin investing early for future needs
📈 Roth IRAs: Use earned income for tax-free growth
🎓 529 Plans: Save for education without overfunding
🧭 Future Planning: Pair financial tools with healthy behavior
0:00 – Kids’ Planning
2:20 – Trump Accounts
6:42 – Teen Years & Age 18
9:05 – Account Growth
12:06 – Roth IRAs
15:01 – 529 & Education Savings
18:46 – Set Up for Success
Get your copy of Power Up Your 401K in our toolkit: https://keap.page/ngt919/toolkit.html
Follow along on YouTube: https://www.youtube.com/channel/UCEE5ZkDedYTsKzkh2UxQ9Sg
Book your 401(k) Onboarding Meeting with Steve: https://calendly.com/steven-powerhouse-advisor/401-k-retirement-meeting-1-hour-clone?month=2024-12
Other ways to get in touch:
Phone: (775) 266-8867
Our website: https://powerhousefinancialadvisors.com/
LinkedIn: https://www.linkedin.com/company/powerhouse-financial-advisors/
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