Money Girl 5 Ways to Help Your Kids Become Rich (Reissue)
Sep 3, 2025
Discover five actionable strategies to empower your children financially. Learn how to use savings accounts and 529 plans to secure their educational futures. Explore the advantages of custodial accounts and life insurance in wealth building. Delve into the benefits of teaching kids about Roth IRAs and early investment. Cultivating a positive relationship with money early on sets the stage for their financial success!
AI Snips
Chapters
Books
Transcript
Episode notes
Put Your Retirement First
- Prioritize your own retirement before saving for your children; aim to save 10–15% of gross income for retirement first.
- If you're within 20 years of retirement and under 80% of your goal, focus exclusively on retirement, not child savings.
Use Safe Bank Accounts For Short-Term Savings
- Use FDIC-insured savings accounts, high-yield savings, or CDs to store child savings when you want safety over growth.
- Expect low returns compared with investing, so consider these for short-term or safety-focused savings.
Safety Trades Off With Long-Term Growth
- Safety-oriented accounts avoid investment risk but often leave significant growth on the table compared to investing.
- Balance safety and growth based on time horizon and the child's purpose for the funds.
