Networth and Chill with Your Rich BFF How Parents Save, Invest & Build Wealth for Their Kids
19 snips
Jan 28, 2026 Practical strategies parents use to kickstart kids' financial lives, from credit-building tricks to tax-advantaged education saving. Age-tailored money lessons for toddlers through teens and tools like custodial Roth IRAs and trusts. Clear guidance on talking about family finances, inheritance, gifting limits, and protecting assets while teaching independence.
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Build Credit Early For Your Child
- Add your child as an authorized user on a credit card to transfer your positive payment history to them.
- Only do this if you consistently pay on time and control the physical card to avoid misuse.
Use 529s To Grow Education Money Tax-Free
- Open a 529 account early (even before birth) to let money grow tax-free for education and possibly get state tax benefits.
- Use a 529 to help kids graduate debt-free or roll leftover funds into a Roth IRA under limits.
Start A Custodial Roth IRA With First Earnings
- Set up a custodial Roth IRA as soon as a child earns income so they gain decades of tax-free compounding.
- Contributions (not earnings) can be withdrawn for early needs while earnings grow tax-free for retirement.
