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1015: Friday Q&A: Deleting a Social Security Number for your Child, UTMA Accounts, Sell Old House or Keep as Rental

Radical Personal Finance

CHAPTER

UTMA Accounts for Minors: A Tool for Financial Literacy

This chapter explores the advantages and drawbacks of UTMA accounts for minors, emphasizing the importance of introducing children to ownership and investing at a young age. The discussion centers on using UTMA accounts not to amass wealth, but to instill financial responsibility and literacy in children, highlighting the benefits over other types of accounts like 529 or Roth accounts.

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