4 Ways You Can Make Your Children RICH - Investment Secrets for Generational Wealth | Your Rich BFF

Wealthy people love passing these money secrets onto their children, while working people find out too late. Not you though. @YourRichBFF is going to break down the ceiling to help you build generational wealth. We're going to go over trust funds, 529 Account Plans, Custodial Roth IRAs, and UTMAs.

Timestamps
0:00 - Intro
1:00 - Secret 1: How to Give Your Kid a Credit Score +700 Before Age 18
2:40 - Secret 2: The BEST Investment Account for to Fund College
4:27 - Secret 3: Why Your Kids Need a Roth IRA
5:45 - Secret 4: WTF is a Trust Fund?

[jcortes]

Thanks for saying when a child is born or adopted. I think this is the first time I've heard someone say "adopted" when talking about investing for your child. It's a small thing, but I think it can be very impactful. Especially for people that may are looking to adopt and didn't know that they could also do these things.

[KR-xvko]

I’ve been researching how to build generational wealth and nobody else mentions the ability to roll $35k of the 529 into a ROTH. That’s huge. Thank you!

[eliza_kai]

Parents, ONLY add them on if you’re great with finances. This worked when my kids were teens when I was much more financially stable.

[eliza_kai]

A trust fund isn’t just that. You need to have one for custody as well. People don’t know this but if both parents pass away or you’re even a single parent your children will go into foster care until a family member petitions the court to gain custody. Please make a video about that. It’s imperative. They won’t get anything if there’s not someone there to gain custody. Learned this with my dad when he passed. My sister and I lost everything. He was a single dad but recently married to a woman that had 5 kids of her own and she took everything and left my sister and I nothing. I tried suing her and it didn’t fly. He didn’t have a trust that we knew of. She may have trashed it when we gained access to his home but to our knowledge there was not a trust. Also, none of this is filed anywhere so you HAVE to tell your kids and the elected guardian where the trust is located. I suggest a lock box somewhere. Please please please don’t put this off parents.

[vc]

Thank you so much for the tips. Could you make a video going more in-depth about custodial Roth IRA and how that gets reported to the IRS?

[dianaruvalcaba]

Thank you my rich bff for this video! Because of you I recently added my son as a credit card authorized user and I'm so excited to help build his credit!

Can you please explain with a custodial Roth IRA how do you report your childs babysitting money so the IRS can pretax it?

Thank you ❤

[judemartin]

I agree with most info. What she didn’t mention is that you need to add to the 629 plan consistently in order for it to reach a million plus. So if let’s says a pandemic, you lost yr job or have difficulty making ends meet due to inflation. The 529 wil. Grow but not to what she is claiming. Yes, we can save for our kids and they have access to loans. Where are the loans for retirees? None . So remember to save for your retirement then yr child’s education.

[johnsagewilson]

Can’t wait for a video on all things trusts!!!

[FLking]

I’ve heard bad things about parents screwing there kids financial future by opening up a CC in their name. Glad you gave the warning on not to do it if you can’t pay them off.

[atachardware]

Can’t wait for the next video of what kind of trust and how it works. Thank you 🙏

[NHJDT]

I grew up at poverty level but as an adult I have done all these things for my kids.

[kristagmcg]

Please do one about the various Trust Funds. That is something that many people need to ask their Rich BFF about, because Average Janes/Joes have no clue about Trust Funds.

[lancecook]

Thanks BFF! I'm trying to set my newborn up now so I will follow your advice. 👍

[eggjewla]

“Adopted “, awww I love that you said that. I would love to adopt someday

[KikiIsBusy]

This came at the perfect time! I was just trying to find all your shorts on this subject!

[Lizz]

I tried to add my toddler to my credit cards but the credit card companies only allow for his name to be added not his social. Does that still help his credit score if they don’t have his social?

[LifeofPongo]

I need that video on trust funds👍🏻 great tips baby coming next week so this video help a lot getting the settle for success later in life🤙🏾🤙🏾

[vivz]

Curious what r the differences between setting up a trust fund vs a will? Thank you!

[christinak]

Love this topic. Can you please make more videos like this?❤

[kathyblakes]

Can I do 529 Plan for a potential grandchild and what happens if my daughter doesn’t have a child or adopt.