Want to set your child up for financial success? In this episode of Earn Your Leisure, hosts Rashad Bilal and Troy Millings break down five key strategies to build generational wealth and help your child become a millionaire.
They discuss how life insurance can be used as a financial asset, allowing cash value to grow tax-free. A Roth IRA is another powerful tool, leveraging tax-free growth to turn early contributions into long-term wealth. Setting up a UTMA trust ensures assets like stocks, real estate, or cash are protected and managed responsibly. Real estate investing provides passive income and appreciation, creating a stable financial foundation. Lastly, stock gifting takes advantage of tax-free transfers to build a strong investment portfolio from an early age.
By implementing these strategies, parents can use compound interest, tax-free investments, and structured financial planning to secure their child’s financial future. The earlier you start, the greater the impact. Which strategy will you use first? Let us know in the comments!
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