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★ You Need a ROTH IRA – Here is WHY
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LEARN MORE ABOUT: IRA Accounts
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Thanks for watching everyone! If you found this video interesting, be sure to give this video a LIKE. I appreciate the support! Also check out my video about using a parent's Roth IRA to fund a child's higher education costs. https://youtu.be/nVEQzt6zLHg
Amazing knowledge!!! Thank you so much for sharing
That was very helpful. I grew up with no financial literacy and in sec 8 housing. I have a great job with a pension now and I want to plan for my 2 year olds success. Do you think doing a custodial AND a Roth is a good idea? One for retirement for him, and one for that down payment on a house and/or college is a solid idea?
I am 25 & my son is 3 I want to do this for him! Is it a good idea to start now or is it too soon?
just FYI, the first time home owner withdrawal is only up to 10K..
lolz.. i just started my Roth IRA 7 weeks ago at age 47… is it better late than never?
Can you outline the difference between a Custodial Roth IRA and a Custodial account (UGMA/UTMA) with Fidelity?
Hi there will this roth ira have to be reported in the fafsa when they apply for college ? thank you
So say they do want to use it to make a down payment on a house. Can they withdraw the contributions and the growth before they’re 60?
Does this count against them for FAFSA/Financial aid purposes ?
This was extremely informative. Other videos didn't explain if you have to file an income tax or to invest in s&p500. Thank you so much!
Gave you a thumbs up. Can i open kids roth ira for my 3 years old? Do we need to report any income/benefits on my tax returns since i claim him as dependent. Please let me know. Thanks
Great Video
Awesome video Jake! I was curious to know, why would there not be a tax or penalty to pay after withdrawing contributions and its growth before the age of 59?
They can pull it out to pay for education/ college?
Excellent video! Not many people know about this. Since my daughter was old enough to walk she collects coke cans. I drive her to a recycling center to turn them in and throw it into her Roth IRA. Aluminum is a metal you don’t need a drivers license to be paid.
Jake, i thought 7% when inflation is accounted for is pretty accurate, no? Even slightly optimistic
can a baby have this if hes only 1 year old?
Jake, Thanks for the video. Wanted to run an idea by you and see if my plan is sound. If myself or my in-laws gifted my two children money at birth and I have it in joint checking accounts in their names and then they use their money to partner with me in a side woodworking business that is set up to split profits 3 ways, they can consider that profit earned income even though they had no labor involved but were investors in said business correct? The reason I ask is because as I research and asked my advisor the main problem I see people running into is "Valid Earned Income" labor laws, fair compensation for household work and so on. But if they simply invest in my woodworking business, have all of the paperwork to prove it, and submit self employment taxes, then if my weekend woodworking shop profits 18k each year then they can max out their Roths even at 1 year old correct?
When the child turns 18 , does it get Cash/stocks…? Can you let me know… Thnxz
Can I get a rental property for my child in a roth ira?
If your saying my 20% plus per year is only achievable by following the S & P 500 you’d be mistaken. Good video tho, I’m looking to get all of my kids into Roth’s by the time they are 10
super great!!!!!! Thank you so much! i just wanted to show my friend what she can do for her kids with stocks and how to start teaching them paper stock trading, and found your video, which was a pleasant shocker bc/i didnt know kids can have roth IRA which i am a huge fan of and always preach that everyone should have one because its the greatest wealth creation tool! This is so cool, when i will have grandkids, i will definitely monetize their appearance into this world somehow and make this beautiful gift for each one. A Huge THANK YOU again!!!!
Hi Jake.
I’m following all your videos and every sentence is a point in my to do list. My question is Would a custodial brokerage earnings for a child count as earned income and could be put in custodial roth?
Thanks in advance
Any tax implications for the parents?
If you take pictures of your newborn and sell those pictures, can you claim that as the child income and add that and match it to an IRA for them?
Can the contributions to a child IRA be written off in taxes as a gift like with a 529?
Can you start once they born?
Just started one for my son…he's two
I just opened kid IRA through fidelity today. Started at 15 years old so she’ll be much better off then I. Thanks for this reassurance vid.
Hang in there,,,,I started in my thirty's and now 61 and with over 2 mil in my investments
IRA/401k/Reg
Review ASAN stock
if my daughter purchases a gumball vending machine and puts it in a location that generates revenue would that count as earned income?
This was great, thank you!
Really good video
Hey Jake, I’m currently 17 years old and want to open up a Roth IRA for myself under my name and info. However, I have no actual job right now but I do for example resell stuff online, make money by helping people (ex. chores), etc. Does this qualify me for one or should I wait to get an actual job and then sign up…or should I sign up for one under one of my parent’s info. Thanks in advance!
So if your child is mowing lawn, in order to show earned income, they have to pay FICA, about 15.3% then file a tax return. In addition, now that they are considered a sole proprietor, wouldn't we as parents LOSE THE ABILITY to deduct them as a dependent on our taxes?? If so, then it's not worth it…paying SS & medicare PLUS losing them as a dependent. Is this correct??