Learn how to set your kids on the path to financial success through strategies like funding Roth IRAs and using HSAs for health expenses. Discover the advantages of employing your children in your business for tax benefits. Understand how to navigate savings accounts and the intricacies of retirement plan contributions. The conversation also touches on effective financial literacy practices to instill in the next generation. Plus, an inspiring message about recovery and community highlights the importance of support in the journey to financial wellness.
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volunteer_activism ADVICE
Optimize Cash with Brokerage Sweep
Use a brokerage account sweep or settlement fund for higher yield on cash versus a traditional savings account.
Beware of tax implications and kiddie tax rules on earnings for minor children in brokerage accounts.
volunteer_activism ADVICE
HSA Eligibility for Adult Kids
Children 19 to 26 can open their own HSAs if they are not claimed as dependents.
Parents can gift post-tax dollars for HSA contributions, but only the child gets the tax deduction.
volunteer_activism ADVICE
Kids' Roth IRA Contribution Rules
Kids do not need to do backdoor Roth IRAs if their income is below limits.
To contribute to a Roth IRA, kids must have documented earned income from legitimate work.
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Today on the podcast we are talking about how to help your kids build wealth by funding Roth IRAs, HSAs, 529s, and employing them in your business. We also tackle questions about using brokerage accounts to get an attractive yield on cash, cash management accounts, and how to make sure you get your full match when you have a mandatory 403b contribution.
Today’s episode is brought to you by SoFi, helping medical professionals like us bank, borrow, and invest to achieve financial wellness. SoFi offers up to 4.6% APY on their savings accounts, as well as an investment platform, financial planning, and student loan refinancing…featuring an exclusive rate discount for med professionals and $100/month payments for residents. Check out all that SoFi offers at https://www.whitecoatinvestor.com/Sofi *Loans originated by SoFi Bank, N.A., NMLS 696891. Advisory services by SoFi Wealth LLC. The brokerage product is offered by SoFi Securities LLC, Member FINRA/SIPC. Investing comes with risk including risk of loss. Additional terms and conditions may apply.
The White Coat Investor has been helping doctors with their money since 2011. Our free financial planning resource covers a variety of topics from doctor mortgage loans and refinancing medical school loans to physician disability insurance and malpractice insurance. Learn about loan refinancing or consolidation, explore new investment strategies, and discover loan programs specifically aimed at helping doctors. If you're a high-income professional and ready to get a "fair shake" on Wall Street, The White Coat Investor is for you!
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