5-Minute Savings for Kids

Many parents want to set their kids up for success and support them on their life journey. With the memory of establishing 529’s at the forefront, the thought of IRA’s and Roths can be overwhelming. Don’t get caught in the weeds.Join Matt and I this week to learn how you can take the 5-minute approach to giving a small, but meaningful, boost to your kids. The bottom line is: don’t over-complicate the saving. Open an additional brokerage account wherever you do your investing. Name the account something flashy like “For the Kids” or “Kids’ Savings.” Auto-transfer $20/$50 (whatever amount you want) to the account monthly. Let it grow (next week I’ll tell you how to invest it).This is a great way to give a little extra (if that’s your thing) toward college, a down payment on a house, backpacking in Europe… or something that will make a big difference to a young person.The account is in your name so there are no additional tax ramifications or extra hoops to jump through (vs. setting up IRA’s in your child’s name). Keeping it simple makes it easy to give a potentially life changing gift to your kids in the future.Learn more about Mike and my services at https://www.mortonfinancialadvice.com and connect at https://www.linkedin.com/in/mwsmorton/Are you ready to create your ideal lifestyle? Let’s Connect.