almost 30, no kids at the moment but in the process of finding out how to set up/provide a better financial life for my children. I really appreciate your video :D
@SchoolofPersonalFinance
7 ай бұрын
Thank you!
@DCODev
4 ай бұрын
Good afternoon sir, thank you for sharing such useful tips and information!
@hans5821
7 ай бұрын
Thank you. A great tip
@SchoolofPersonalFinance
7 ай бұрын
Thanks!
@krystalfinocchiaro2479
5 ай бұрын
I earn small income as a DBA for photography. I would have their income come from promotional material. How do I handle the taxes for them?
@averageguy1261
17 күн бұрын
Just to be clear, the child can contribute only the amount of money the child earns? So if they earned $1,000, they can only invest $1,000? And would they have to file taxes for the work they do?
@SchoolofPersonalFinance
16 күн бұрын
Yes, you are correct. They technically don’t have to file a return but that is the best proof they earned the money. It is typically free and easy to file.
@chris-zo4ql
7 ай бұрын
Thanks
@SchoolofPersonalFinance
7 ай бұрын
👍
@Val_tini.
6 ай бұрын
College Financial Aid (FAFSA) counts UTMA/UGMA but, not IRA. Can you confirm that Roth IRA for kids is NOT an UTMA/UGMA account?
@jayslayz8974
2 ай бұрын
It is not an UTMA/UGMA account 😊
@awilk07
7 ай бұрын
We have UGMAs set up for our kids, my oldest will start working later this year, can we set up both a UGMA and Roth IRA for them?
@SchoolofPersonalFinance
7 ай бұрын
Yes you can!
@gottech5601
Ай бұрын
I have small children can i open an roth ira for my children i have a 4 year old and a 6month old
@SchoolofPersonalFinance
Ай бұрын
No unless they have earned income of their own which is unlikely.
@gottech5601
Ай бұрын
@@SchoolofPersonalFinance that sucks what can I do to put my kids in position financially right now?
@AndBusinessIsGood
4 ай бұрын
I say this to everyone. Don’t start a Roth IRA or any financial account for your kids, wouldn’t you rather want them to make it themselves?
@SchoolofPersonalFinance
4 ай бұрын
In order for your kid to have a Roth IRA they need to earn the money. You are not giving them anything…just helping them make smart decisions with money they have earned.
@hugomoran6854
7 ай бұрын
So how old does the child have to be if they need " earned " income. If someone with a 2 or 3 year old wanted to do this then im assuming you cant since they wouldnt technically work
@SchoolofPersonalFinance
7 ай бұрын
No age requirements. For example, If your two old is a clothing model for Carter’s then they can have earned income and contribute to a Roth IRA.
@hugomoran6854
7 ай бұрын
@@SchoolofPersonalFinance oo ok but this isn't the norm though. I think most people would have to wait until their kid can actually work.
@SchoolofPersonalFinance
7 ай бұрын
Yes. Teenage years is more the norm. Self employed individuals will “hire” their kids for marketing (using their photos in ads) or have them do grunt work at younger ages.
@hugomoran6854
7 ай бұрын
@@SchoolofPersonalFinance thanks for the info . I have a 3 year old so this doesn't apply to me but on e they hit a certain age it will be done.
@Eclipce051
7 ай бұрын
can you do loans against it?
@SchoolofPersonalFinance
7 ай бұрын
No loans against IRAs.
@AndBusinessIsGood
4 ай бұрын
You don’t loan against an IRA, it’s a prohibited transaction.
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