In today’s episode, I want to draw your attention to a topic that holds significant importance for parents – opening savings accounts or custodial investment accounts for your children. The landscape of the financial world has evolved since this episode was first recorded in 2021, but the strategies discussed still hold true.
I’ll address a common question I often receive: Should you opt for a savings account or an investment account for your child, or perhaps have both?
Listen in to hear me guide you through various ideas and strategies to help you make the best choices for your child’s financial future. Whether we’re in a high-interest rate environment or nearing the time when your child will need the funds, it’s essential to put the excess money to work.
Anna’s Takeaways:
- What is a Custodial Account? (1:26)
- How Do You Decide? (4:48)
- Taxes & Taxation (6:33)
- When They Turn 18 (7:50)
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Money Boss Parents! Welcome to Anna’s Money Boss Parent podcast, your go-to resource for mastering money management while raising a family. Join me as we explore practical tips, expert insights, and inspiring stories to help you achieve financial success and create a brighter future for your loved ones. Don’t forget to subscribe, rate, and review the show to support our mission of empowering parents like you to take charge of their finances and build a prosperous life for their families. Let’s thrive together on this incredible journey!
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