Navigating Kids' Accounts: A Parent's Guide to Smart Saving and Investing

Send a textIn this episode of Rooted in Abundance, Megan delves into the various types of financial accounts suitable for children. She breaks down how each account works, discusses their pros and cons, and shares her personal preferences.The accounts she covers in this episode include: High-yield savings accountsDependent care FSAs529 plans for college savingsCustodial brokerage accounts Custodial Roth IRAs Life insurance for kidsShe also provides insights into why different accounts may be better suited for specific financial goals, such as short-term expenses, long-term investments, and building generational wealth. Resources and Tools:Utah My529 Plan - low cost 529 Plan, consistently highly rated by Morningstar with flexible investment optionsStates that offer a state tax benefit for using their 529 plan (for residents): you can see a full list here. Only 4 states offer a state tax deduction for the full contribution amount (Colorado, New Mexico, South Carolina and West Virginia) - see the full list to see the limited deductions offered by other states.Jamie Trull, CPA - great resource for small business finance, including hiring your kidsRaising Generous Kids - 10 Bible lessons to help nurture a giving heart in your kids. This is a free resource created by Megan for moms who want to instill generosity in their kids early onConnect with me: Visit my website to learn more. Wondering how to make sure you're prepared financially for the life God is calling you towards? Grab my free 5-Step Guide here. Join my email community for financial tools, faith-based encouragement, and updates. A fresh newsletter goes out every Friday. Connect with me on Instagram and Facebook: @HerTrueWealth Disclaimer: The information provided in this podcast is for educational purposes only and should not be considered financial, tax, or legal advice. Please consult with a qualified professional regarding your specific situation.Disclosure: Some links mentioned may be affiliate links, meaning I may earn a small commission at no extra cost to you if you make a purchase through them. ​