I opened a 529 for each of my kids as soon as they were born. I couldn’t really afford it and it was only a modest contribution, but I have made that consistently since the beginning (increasing as I could). That was almost 15 years ago, and while I don’t have enough for them to go to an Ivy school or something, it has turned into a significant savings. The best part is if they don’t use it all, eventually they can roll it into a Roth IRA. I don’t even know if my kids will want to go to college, so that’s a great plan B.
I love your generational thinking. I started some of these same accounts for my son when he was a teenager and it's already paying off. I plan to help him set them up for his kids when they are born if he ever has any.
Congratulations Erin!! What a beautiful baby. Yes, we can’t scream loud for new parents to start the kids’ 529 account as early as they were born. We set my kids accounts up as soon as we received their ssn. It has been a blessing, now that my kids graduated debt free and we still have leftover money now … be able to contribute to their Roth IRA starting 2024. The best gift we could give to our kids … and now twice as best!!!
529 plans suck. Big time. You are far better off putting your money into: 1. HSA 2. Roth IRA 3. Then 401K plans. Any money left over should go to regular brokerages, not 529 plans. Ask yourself: why are you allowed to contribute only $8300 per year to a family HSA account, but more than half a _MILLION_ dollars to a 529? Also ask yourself: why are so many governments involved with managing 529 plans, but almost none at all with HSA?
@@ArmageddonIsHeresome people max out all those things in addition to funding the 529. i personally only got an hsa offered in my employment insurance in 2011 or 2012. my son was born 2004. not paying tax on qualified withdrawals is a plus as well as state tax deductions for some. choosing a good 529 plan though is important to avoid those charging high fees and poor investment choices. if you overinvest then the main thing you deal with is the 10% penalty, the marginal tax is on earnings and not the principal. granted if it was in a taxable brokerage then the earnings would be subject to lower rates from the capital gains.
@@ArmageddonIsHere last i checked you can't use hsa funds to pay for education expenses and not everyone is eligible for HSA. Granted HSA is FAFSA blind, so you could game out getting more financial aid from stashing money in an HSA, if eligible. now, you could move money around to grandparents to open 529 to work the new grandparent loophole (the non--parent, non-child owned 529 loophole), since new fafsa rules no longer considers those distros up to a limit as income for FAFSA. Now that comes with added complexity in case grandparnt dies.
Hey, CONGRATS on the arrival of Jameson!!! Our 1st grandchild was born just before Jameson was, so we're enjoying him. As an idea for a future video, perhaps you'd consider covering a POT trust. Often they're done for children, but we're considering setting one up for our GRANDCHILDREN. It might last for 30 years, and would then be evenly distributed to grandkids, even though some may even be born after we're gone. The goal is to make sure they're all covered, all getting "the same", no matter when my wife and I pass away. Just something to think about. :-) Proverbs 13:22a: "A good man leaves an inheritance to his children’s children."
Beautiful baby. Good job setting him up. Early organizing is really all they need to be set on the right path because none of them really know where to start. May this be an example for future parents. It will save them a lot of headache later on in life.
I still have a credit union account that my parents opened when I was born. It's wonderful to meet Jameson (as well as see Steve's cameo😉). Happy Holidays!
Omg congratulations. He is too adorable. Totally agree with your approach. We started our 2 boys as soon as they were born on 529 accounts. Then brokerage accounts for both and we just put in couple hundred dollars per month for them, and has been paying off for the last 6, 7 yrs. Lastly we just opened a custodial Roth IRA account for our just turned 12 years old couple years ago, since he is able to baby set his brother and has been earning chore money since he was 6, but was just putting in regular saving until couple years ago. We will do the same for his younger brother. I think they are all set for now. 😅
Congrats, super cute kid, Merry Christmas, and nice video on getting young Jameson started financially! Even though we've got no kids, I'm so in agreement it's most important to teach them about money, not just provide it to them (the teach a man to fish adage). I've said it before, kid hit the parent lotto prize. Expect by the time he's a teenager, he can teach his classmates how to handle their money...lol.
Thank you for sharing this part of your family with us. You know, you could give part of the revenue generated from this video to Jameson as his first job (1:14 of a 11:43 minute video should be worth something). Then you could open the ROTH a bit earlier. Then if you show him in just one video a year, you could continue to contribute to his ROTH account each year! It's great to see that everything is going well for you and your family. Thank you for sharing your talent and the useful information. Merry Christmas and Happy New Year!
LOL, lobbying for Jameson to get a cut of every video should land you an agent's commission, so 2%? 😂 I'm sure you'll gladly donate it to the kid's education fund 😊
Congratulations on the addition of young Jameson to your clan! Thank you so so much for sharing these thoughts and ideas on introducing the children to the world of personal finance. I find myself playing the "Woulda...coulda... shoulda... thinking too often as I get ready to retire soon. I hope your husband plans to carry his military service through to a 20 year career. As a retired service member, I can honestly say that making my service a "career" was one of the smartest things that I did in my lifetime. All the best to you and your growing family in 2024 - thank you so much for the insightful content!
Jameson is adorable! Love those cheeks!! Nice to meet your husband also. I think we all wanted to meet the man that was smart enough and lucky enough to marry you. That young child is so blessed to have y’all for parents. My daughter has opened some accounts for her kids but I’m going to share this video with her to help her along on her journey with the grandkids. I think I told you I lost my father this year and received an inheritance, so now I know where to put some of it. A custodian brokerage account for each one of my grandkids. I have been contributing to their 509’s, but that is not enough. Anyway, Merry Christmas to you and your beautiful little family! You are so blessed!
Thanks so much David! Merry Christmas 🎄 One thing to keep in mind the brokerage accounts would have a bigger impact on their ability to receive financial aid (full video to come on that in the future). I don’t expect him to be eligible for financial aid so I don’t worry about this aspect of it personally. 529s are amazing for college.
Congratulations. Your video brought back a lot of memories with my parents opening a savings account when I was very young. I would deposit money that I earned with my paper route and cutting lawns. Since mutual funds were not very popular that long ago, my dad would buy all of the kids one share of shock for us to track and become familiar with the stock market. My stock was Greyhound Bus Lines! Needless to say, I didn't earn a fortune on this stock, but I did learn about stocks as I received the annual reports and penny dividends. I suspect that Greyhound lost a lot of money with me as a shareholder due to the cost of mailing all those annual reports over many years for only one share of stock. BTW, my savings account grew to $17k when I graduated from high school and helped pay for a lot of my engineering degree a long time ago.
I was started with individual stocks too….my stock was Campbell soup. Just like you said, I didn’t make a crazy amount of money - but I did learn a lot about investing from it!! Love that you shared your intro to finance 😊thanks!!!
Wow, its been a long time since I helped put a baby to sleep at night. He's a sweetheart. I presume the adult male unit is your husband. Good to see him as well. Excellent video. Just to let you know I forwarded this video to both my daughters for their consideration. Have a Merry Christmas and a Happy New Year.
What we did for our children was a reverse college loan. What that was, is we gave them all the procced from their UTMA accounts when they graduated university. Of course, the money was actually theres at that time, but they didn't really know that. And since we were able to pay for their school through cash flow, (by paying off the mortgage and then using that money for the tuition, we ended up with not needing to use the UTMA to pay for the school.) So while others were graduating with 10s of thousands, or more of debt, my kids were lucky and graduated with over $50K each. (and a lesson about investing, compounding, and what not to do with the funds.) One use it to start a business, the other kept it, and I guess we could say it helped his and his wife pay for their house. When people tell me they wish they had or could do that. I tell them if they have young children they can too! Just try and make sure by the time they are entering university you no longer have a mortgage. (So perhaps you get a 15 year one, or what we did, is pay it off on an accelerated basis. (And did not go house poor.)
Oh they both went to large public state universities. One Univ of Utah, the other Univ of Maryland. I doubt this plan would work, on a 50,000 per year school (I didnt have THAT much cash flow)
Jamison is beautiful! May little guy bring both you and your husband many, many years of happiness. P.S. I bet Jamison will be, no doubt, the most financially literate kid where ever he goes!
FANTASTIC!! I was going to email you soon to see if the little one had arrived. Great decision too in terms of introducing all of us to Jameson on Christmas Day! PS - You missed one very special account you should have also signed him up for. And that is for a RUclips account so he can SUBSCRIBE to Mommy's channel. Lori and I hope you and Steve enjoyed your first Christmas with little Jameson. Merry Christmas!
Merry Christmas Erin! Jameson is soo cute 🥰 Congratulations! And those 5 accounts are a great way to get your son off on the right foot to the path to financial freedom. You are going to be a fantastic mother ❤ Thank you for your hard work on your channel and for introducing your son to your subscribers and fans. Have a Merry Christmas and a blessed new year! 😊
Fun video Erin, Jameson looks healthy and happy! I did get all three of my boy's credit cards when they were in 9th grade. And I took them away after college. They had to endure the pain every month of me going over their spending and listening to me explain why I pay them off every month but they are good responsible credit card holders now. I wish I had them work in my business and start their IRA accounts like you did, that's a great idea. Happy Holidays to your family.
😱OMG! What a charismatic and beautiful baby, just like her mom congratulations, so happy for you! Wishing you and your family a healthy and successful 2024 🥳
This is probably the best approach to sustained generational wealth; lot of other cases where the money just being handed over ends up with disastrous results by third generation. Also, I doubt credit card companies hate people who they never get to charge interest...they still profit off of the nominal 20 cents or whatever per swipe transaction fee.
I'm glad you seem to realize how incredibly lucky you were to have parents that took the time and had the interest in educating you on finance. My parents did all of 0 and I suffered heavily for it. I'm so happy to see your son is already getting the head start he deserves. Good job and keep it up.
Adorable. Congratulations and enjoy every second, they grow up so fast. I remember my son was that age and he was also born in September, just 2 days before my birthday. Yup, we're both NYE babies.
Great video thank you so much. As an Accredited Financial Counselor for the military I get asked all the time about this from new parents. Thank you for sharing what you do.
Congrats again on the little guy! One point on the 529 plan. While it is a great tool for saving for college, there are other things to consider. If there is a choice between contributing to a child's 529 plan or paying off a mortgage, pay the mortgage first. When it comes to applying for financial aid for college, the 529 is an asset that is considered for aid, whereas your home's equity is not.
Thanks for the introduction to Jameson! Such a cutie! I’m not sure how anyone could resist his request to like this. Congratulations on the baby!! Great head of hair too!
Erin, I love this!!! Love it. Jameson is too cute so when he asked to Subscribe, I just had to. lol. Loving your content, keep this up!! So real, down to earth, and just great quality content. thanks!!!
I LOVE the idea of opening a brokerage account for kids. My husband and I plan on doing that for our kids once we are in that stage of life. Thanks for the video!
I would like to set up a Trust that would take care of My Daughter’s Retirement (at 60!) as well as other Kids (my Daughter’s kids, and their kids, and their kids, and so on and so on)! With Compounding I don’t think it will be a problem! (I can look a lot Richer than I am with Compounding! Especially Compounding that goes on after I’m dead! All those years are Huge!) I don’t want my Kids or my Kids, Kids to have crazy money, just enough to Retire! I really think this can be done and with as much Compounding as we have we don’t have to be filthy rich!
For the 529, I heard they updated it so that you can now also use any unused money to roll over into their Roth IRA, which is awesome because one of the biggest downside was not knowing what to do with the money if they don't go to school or no one to transfer it to.
Up to a _LIFETIME_ limit of 35,000! That's the max they will let you get out of their grasp. 529 plans weren't made for your benefit; like most lotteries they benefit the _administrators_ of the plan. That's why there are so many governments involved in administering them. Like lotteries. And about as useful to you.
529 accounts suck: BAD! There is a reason why the limits on how much money you can put into them are so INSANELY high - $529,000 _PER YEAR_ ! Coz they suck! 1. The tax treatment sucks. No Federal tax deductions. Only some state deductions 2. The investment options suck: poor returns. 3. The usability of those accounts suck: you can only use them for education expenses. And if you live in California, not even those state deductions are allowed. There is a reason why you are allowed to put only $8300 or thereabouts a year into an HSA and more than _SIXTY_ times that into a 529 per family! Because HSA has real advantages to us taxpayers and 529 plans are advantageous to governments only. That's why there are so many 529 plans administered by governments and almost none for HSA plans.
@ArmageddonIsHere I think if you estimate it quite off, I could see that, but I don't expect over $35k off of its use, so I'm totally happy with this tool. Also, cost to administer it is fraction of pennies. In my account, for $35k, it takes $52 a year on admin fees. Good Luck!
@ArmageddonIsHere I have both HSA and 529, both have its purpose. But for purpose of paying for education, I think 529s are Great! Idk about your experience, maybe you're just unlucky, but for me, great investment choices, low fees, grows tax free, it's awesome! (HSAs are awesome too, triple tax benefit, just used for different purposes). Good Luck!!
Okay first of all, congratulations on Jameson! He’s a gorgeous little boy. Wishing you and your family all the best. But here’s the thing - what I’d really like to know is how you manage to care for an infant, run your own business and never skip a video. THAT is what I want your next video to be about!
Very little sleep 😂 I spend as much time as humanly possible with Jameson, work my day job during the day…then do RUclips once Jameson and my husband go to sleep.
Congratulations 🎉. You are an amazing parent. But are you not worried he might have too much money at 18. I am sure you will raise him responsible, but I always have this dilemma. What is the correct age to pass money on and how much is too much
Not really - I think it comes down to teaching him about money. Knowing how to manage money is more important than the amount. And let’s be honest- I don’t have millions to give him haha
Haha 😂 my face got pretty round during the final leg of pregnancy - I actually have one last video to release that I filmed when I was 9.5 months pregnant - I bet you will know when one it is when you see it. Look at the face haha
We have three grandkids, a six year old and five year old twins. We started a 529 and a brokerage account for each of them as soon as we had their SSA numbers. The 529 accounts are already approaching six figures. We only contribute $100/month to the brokerage accounts, but may soon decrease the 529 contributions (currently $500/mo) and increase the brokerage account contributions. It grows fast!
529 accounts suck. There is a reason why the limits on how much money you can put into them are so INSANELY high - $529,000 _PER YEAR_ ! Coz they suck! 1. The tax treatment sucks. No Federal tax deductions. Only some state deductions 2. The investment options suck: poor returns. 3. The usability of those accounts suck: you can only use them for education expenses. And if you live in California, not even those state deductions. There is a reason why you are allowed to put only $8300 or thereabouts a year into an HSA and more than _SIXTY_ times that into a 529 per family! Because HSA has real advantages to us taxpayers and 529 plan are advantageous to governments only. That's why there are so many 529 plans administered by governments and almost none for HSA plans.
Thank you for sharing the joy of your life with Jameson and husband! That was a cool post-Christmas present. Keep up giving us insights in managing finances!
I was thinking of a 529 plan or I-Bond (Treasury Direct) for the little tyke. High-Yield Savings might be the only thing besides direct stocks & bonds I would consider. Leave the credit card and stock investment speculations to adulthood. Piggy banks are good money keepers and teachers with coins specifically. Cash can be laid out later or deposited in a children's bank account as needed.
This baby already has a crazy head start in life with parents like you guys. Congratulations!
Yeah,Why would you leave home?I'd live in the basement till retirement.
He will be a millionaire from compound interest at age 12 😅
Congrats and appreciate you introducing us to Jameson. Wishing you and your family the best in 2024.
Thank you so much! 😊
I wish all parents were this forward-thinking. Jameson will have a good start in life before he's old enough to be aware.
I opened a 529 for each of my kids as soon as they were born. I couldn’t really afford it and it was only a modest contribution, but I have made that consistently since the beginning (increasing as I could).
That was almost 15 years ago, and while I don’t have enough for them to go to an Ivy school or something, it has turned into a significant savings.
The best part is if they don’t use it all, eventually they can roll it into a Roth IRA. I don’t even know if my kids will want to go to college, so that’s a great plan B.
What a cutie. He is rockin that Mohawk!
The Mohawk is the best 💙
Stevie Jr. is going to be set for LIFE ! We loved seeing the baby Erin.
I love your generational thinking. I started some of these same accounts for my son when he was a teenager and it's already paying off. I plan to help him set them up for his kids when they are born if he ever has any.
I love to hear that!!
He's adorable! Thank you for sharing your little Jameson!! ♥
Thank you! 😊
Nice to meet you Jameson. You will be so fortunate to grow up with your parents
Congratulations Erin!! What a beautiful baby. Yes, we can’t scream loud for new parents to start the kids’ 529 account as early as they were born. We set my kids accounts up as soon as we received their ssn. It has been a blessing, now that my kids graduated debt free and we still have leftover money now … be able to contribute to their Roth IRA starting 2024. The best gift we could give to our kids … and now twice as best!!!
Love it!!
529 plans suck. Big time.
You are far better off putting your money into:
1. HSA
2. Roth IRA
3. Then 401K plans.
Any money left over should go to regular brokerages, not 529 plans.
Ask yourself: why are you allowed to contribute only $8300 per year to a family HSA account, but more than half a _MILLION_ dollars to a 529?
Also ask yourself: why are so many governments involved with managing 529 plans, but almost none at all with HSA?
@@ArmageddonIsHeresome people max out all those things in addition to funding the 529. i personally only got an hsa offered in my employment insurance in 2011 or 2012. my son was born 2004. not paying tax on qualified withdrawals is a plus as well as state tax deductions for some. choosing a good 529 plan though is important to avoid those charging high fees and poor investment choices. if you overinvest then the main thing you deal with is the 10% penalty, the marginal tax is on earnings and not the principal. granted if it was in a taxable brokerage then the earnings would be subject to lower rates from the capital gains.
@@ArmageddonIsHere last i checked you can't use hsa funds to pay for education expenses and not everyone is eligible for HSA. Granted HSA is FAFSA blind, so you could game out getting more financial aid from stashing money in an HSA, if eligible. now, you could move money around to grandparents to open 529 to work the new grandparent loophole (the non--parent, non-child owned 529 loophole), since new fafsa rules no longer considers those distros up to a limit as income for FAFSA. Now that comes with added complexity in case grandparnt dies.
Hey, CONGRATS on the arrival of Jameson!!! Our 1st grandchild was born just before Jameson was, so we're enjoying him. As an idea for a future video, perhaps you'd consider covering a POT trust. Often they're done for children, but we're considering setting one up for our GRANDCHILDREN. It might last for 30 years, and would then be evenly distributed to grandkids, even though some may even be born after we're gone. The goal is to make sure they're all covered, all getting "the same", no matter when my wife and I pass away. Just something to think about. :-) Proverbs 13:22a: "A good man leaves an inheritance to his children’s children."
Beautiful baby. Good job setting him up. Early organizing is really all they need to be set on the right path because none of them really know where to start. May this be an example for future parents. It will save them a lot of headache later on in life.
Such a cute baby! He's going to grow up fast, enjoy each age!
I still have a credit union account that my parents opened when I was born.
It's wonderful to meet Jameson (as well as see Steve's cameo😉). Happy Holidays!
That's awesome!
Omg congratulations. He is too adorable. Totally agree with your approach. We started our 2 boys as soon as they were born on 529 accounts. Then brokerage accounts for both and we just put in couple hundred dollars per month for them, and has been paying off for the last 6, 7 yrs. Lastly we just opened a custodial Roth IRA account for our just turned 12 years old couple years ago, since he is able to baby set his brother and has been earning chore money since he was 6, but was just putting in regular saving until couple years ago. We will do the same for his younger brother. I think they are all set for now. 😅
Love it!
Congrats to you and your husband on a healthy baby !
Congrats, super cute kid, Merry Christmas, and nice video on getting young Jameson started financially! Even though we've got no kids, I'm so in agreement it's most important to teach them about money, not just provide it to them (the teach a man to fish adage). I've said it before, kid hit the parent lotto prize. Expect by the time he's a teenager, he can teach his classmates how to handle their money...lol.
Congratulations on your beautiful bundle of joy. You have a magical journey ahead of you with your precious baby!
Merry Christmas to you and your family!
Same to you!
I hadn't subscribed yet, but since Jameson requested it I am now a subscriber. He is adorable. You are so lucky. Merry Christmas!
😂 awesome! Jameson and I thank you 🙏 Merry Christmas and welcome to the channel!!
Thank you for sharing this part of your family with us. You know, you could give part of the revenue generated from this video to Jameson as his first job (1:14 of a 11:43 minute video should be worth something). Then you could open the ROTH a bit earlier. Then if you show him in just one video a year, you could continue to contribute to his ROTH account each year!
It's great to see that everything is going well for you and your family. Thank you for sharing your talent and the useful information. Merry Christmas and Happy New Year!
Exactly …looks like he’s already started working! 😉
LOL, lobbying for Jameson to get a cut of every video should land you an agent's commission, so 2%? 😂 I'm sure you'll gladly donate it to the kid's education fund 😊
You bet I would! @@dstevens518
So excited to meet Jameson! This is going to be the most financially literate kid of all time!
Sweet little man. Congratulations
Congratulations He is so precious!🥰
🥰 So special. Merry First Christmas to you a new mom and dad as well as baby's first!
Merry Christmas!!
Congratulations on the addition of young Jameson to your clan! Thank you so so much for sharing these thoughts and ideas on introducing the children to the world of personal finance. I find myself playing the "Woulda...coulda... shoulda... thinking too often as I get ready to retire soon. I hope your husband plans to carry his military service through to a 20 year career. As a retired service member, I can honestly say that making my service a "career" was one of the smartest things that I did in my lifetime. All the best to you and your growing family in 2024 - thank you so much for the insightful content!
Steve has 6 years left in the service to hit 20 years…he’s going to finish those 6 years for sure!!
Thank you for your service and Merry Christmas!!
He's very lucky to have you as a mom. Could be fun to have him pick his first stock.
Jameson is adorable! Love those cheeks!! Nice to meet your husband also. I think we all wanted to meet the man that was smart enough and lucky enough to marry you. That young child is so blessed to have y’all for parents. My daughter has opened some accounts for her kids but I’m going to share this video with her to help her along on her journey with the grandkids. I think I told you I
lost my father this year and received an inheritance, so now I know where to put some of it. A custodian brokerage account for each one of my grandkids. I have been contributing to their 509’s, but that is not enough. Anyway, Merry Christmas to you and your beautiful little family! You are so blessed!
Thanks so much David! Merry Christmas 🎄
One thing to keep in mind the brokerage accounts would have a bigger impact on their ability to receive financial aid (full video to come on that in the future). I don’t expect him to be eligible for financial aid so I don’t worry about this aspect of it personally.
529s are amazing for college.
Congratulations. Your video brought back a lot of memories with my parents opening a savings account when I was very young. I would deposit money that I earned with my paper route and cutting lawns. Since mutual funds were not very popular that long ago, my dad would buy all of the kids one share of shock for us to track and become familiar with the stock market. My stock was Greyhound Bus Lines! Needless to say, I didn't earn a fortune on this stock, but I did learn about stocks as I received the annual reports and penny dividends. I suspect that Greyhound lost a lot of money with me as a shareholder due to the cost of mailing all those annual reports over many years for only one share of stock. BTW, my savings account grew to $17k when I graduated from high school and helped pay for a lot of my engineering degree a long time ago.
I was started with individual stocks too….my stock was Campbell soup. Just like you said, I didn’t make a crazy amount of money - but I did learn a lot about investing from it!!
Love that you shared your intro to finance 😊thanks!!!
Wow, its been a long time since I helped put a baby to sleep at night. He's a sweetheart. I presume the adult male unit is your husband. Good to see him as well. Excellent video. Just to let you know I forwarded this video to both my daughters for their consideration.
Have a Merry Christmas and a Happy New Year.
Thanks Bryan!! I hope you are having a nice warm Christmas 🎄
Hi little Jameson. I love your hair, and have a merry first Christmas.
Thank you for sharing your little angel!
God Bless, happy holidays and Merry Christmas to you and you and your listeners!🌲🙏🏽
Thanks 🙏 so much! happy holidays!!
Excellent info Erin! Beautiful baby as well! Looking forward to the Roth IRA video as we would like to start one for our grandkids. Thank you!
Congratulations on the wonderful new addition to your family! Your kid is no doubt going to be Warren Buffet 2.0!
The runner up name was Charlie after Charlie Munger!
Fantastic intro to Jameson! Blessings to you and your family 🙏
Thanks so much
Omg he’s so cute! Congratulations on your precious bundle of joy, Erin.🤍
He is beautiful Erin 💗
Thanks Steve!
What we did for our children was a reverse college loan. What that was, is we gave them all the procced from their UTMA accounts when they graduated university. Of course, the money was actually theres at that time, but they didn't really know that. And since we were able to pay for their school through cash flow, (by paying off the mortgage and then using that money for the tuition, we ended up with not needing to use the UTMA to pay for the school.) So while others were graduating with 10s of thousands, or more of debt, my kids were lucky and graduated with over $50K each. (and a lesson about investing, compounding, and what not to do with the funds.) One use it to start a business, the other kept it, and I guess we could say it helped his and his wife pay for their house. When people tell me they wish they had or could do that. I tell them if they have young children they can too! Just try and make sure by the time they are entering university you no longer have a mortgage. (So perhaps you get a 15 year one, or what we did, is pay it off on an accelerated basis. (And did not go house poor.)
Oh they both went to large public state universities. One Univ of Utah, the other Univ of Maryland. I doubt this plan would work, on a 50,000 per year school (I didnt have THAT much cash flow)
Erin, thanks for introducing us to your future baby model Jameson. Congratulations on your baby and 50,000 subscribers.
Thanks Tony!! Merry Christmas!
Jamison is beautiful! May little guy bring both you and your husband many, many years of happiness.
P.S. I bet Jamison will be, no doubt, the most financially literate kid where ever he goes!
Thanks so much!! 🙏
FANTASTIC!! I was going to email you soon to see if the little one had arrived. Great decision too in terms of introducing all of us to Jameson on Christmas Day! PS - You missed one very special account you should have also signed him up for. And that is for a RUclips account so he can SUBSCRIBE to Mommy's channel. Lori and I hope you and Steve enjoyed your first Christmas with little Jameson. Merry Christmas!
😂 yes, he needs one of those! Merry Christmas John!! I hope you and Lori get to spend the day with your family!!
Congratulations He is beautiful. So much happiness to come.
Merry Christmas Erin! Jameson is soo cute 🥰 Congratulations! And those 5 accounts are a great way to get your son off on the right foot to the path to financial freedom. You are going to be a fantastic mother ❤ Thank you for your hard work on your channel and for introducing your son to your subscribers and fans. Have a Merry Christmas and a blessed new year! 😊
Fun video Erin, Jameson looks healthy and happy! I did get all three of my boy's credit cards when they were in 9th grade. And I took them away after college. They had to endure the pain every month of me going over their spending and listening to me explain why I pay them off every month but they are good responsible credit card holders now. I wish I had them work in my business and start their IRA accounts like you did, that's a great idea. Happy Holidays to your family.
Happy holidays!! I’m sure your boys are in a fantastic position!! You taught them about money….thats what matters most!!
He’s so cute! I think the current 529 rules is that $36,000.00 can be moved to an IRA, if it isn’t used for education.
yes but those year the baby converts 529 to ira the baby (future adult) cant put money in the ira that year
@@KS-cl8br yes because it’s from the 529, so that’s just more disposable income then for those years.
😱OMG! What a charismatic and beautiful baby, just like her mom congratulations, so happy for you! Wishing you and your family a healthy and successful 2024 🥳
Have a great Christmas to all of you.
Merry Christmas
Love your channel ❤. Congratulations on a happy and blessed family.
This is probably the best approach to sustained generational wealth; lot of other cases where the money just being handed over ends up with disastrous results by third generation.
Also, I doubt credit card companies hate people who they never get to charge interest...they still profit off of the nominal 20 cents or whatever per swipe transaction fee.
I'm glad you seem to realize how incredibly lucky you were to have parents that took the time and had the interest in educating you on finance. My parents did all of 0 and I suffered heavily for it. I'm so happy to see your son is already getting the head start he deserves. Good job and keep it up.
Adorable. Congratulations and enjoy every second, they grow up so fast. I remember my son was that age and he was also born in September, just 2 days before my birthday. Yup, we're both NYE babies.
He’s already growing up too fast 😭
Congratulations to you all! I look forward to seeing your next video in 18 yrs…..LOL
So much congratulations from our family to yours! Try to enjoy each stage of Jamesons growth. Being a father has been one of my best joys in my life 😁
Kiddos are pretty darn amazing!! 💙
Great video thank you so much. As an Accredited Financial Counselor for the military I get asked all the time about this from new parents. Thank you for sharing what you do.
So glad to finally meet Jamison. What a cute baby! You are blessed! Wishing you and your family a happy new year!
Congratulations and Merry Christmas.
PS. I love the Mohawk 👍
Congratulations on little slugger! He looks good and so do you. 👍👍
Engagement for Jameson. Keep up the great work.
😂 yes, it’s not Jameson’s world, I just live in it
529s are now convertible to Roth IRAs!
I'd love to see a reply to this. Just to increase my knowledge.
Sure are! Full video to come on it in the future
@@jong7753I’m pretty sure it changed after the secure act 2.0 but I’m not 100%. It is true, however, with limitations. Just do your research first! 👍
Cute kid congratulations😁
Hello Jameson nice to meet you young man well come to world. Finally we met.😃😃😎 your friend from Istanbul-TURKEY
Hello to Turkey!! 👋
Congrats again on the little guy! One point on the 529 plan. While it is a great tool for saving for college, there are other things to consider. If there is a choice between contributing to a child's 529 plan or paying off a mortgage, pay the mortgage first. When it comes to applying for financial aid for college, the 529 is an asset that is considered for aid, whereas your home's equity is not.
Congratulations. I am so happy for you and your husband
Thanks 🙏
Congrats! I love Jameson's mohawk!
Awwww....what a cutie! Love the hair 😊 merry Christmas 🎄
He is so cute! I love him! Merry Christmas!
Congratulations! Jameson is adorable!
Thanks for the introduction to Jameson! Such a cutie! I’m not sure how anyone could resist his request to like this. Congratulations on the baby!! Great head of hair too!
Erin, I love this!!! Love it. Jameson is too cute so when he asked to Subscribe, I just had to. lol. Loving your content, keep this up!! So real, down to earth, and just great quality content. thanks!!!
Thanks for subbing! Welcome to the channel!! 😊
I LOVE the idea of opening a brokerage account for kids. My husband and I plan on doing that for our kids once we are in that stage of life. Thanks for the video!
Very smart 🎉
I would like to set up a Trust that would take care of My Daughter’s Retirement (at 60!) as well as other Kids (my Daughter’s kids, and their kids, and their kids, and so on and so on)!
With Compounding I don’t think it will be a problem!
(I can look a lot Richer than I am with Compounding! Especially Compounding that goes on after I’m dead! All those years are Huge!)
I don’t want my Kids or my Kids, Kids to have crazy money, just enough to Retire!
I really think this can be done and with as much Compounding as we have we don’t have to be filthy rich!
Congrats, I open a few accounts already.
Your son is adorable. Congratulations
Great video. Surprised you didn’t talk about how 529s can be transferred to a RothIRA in the future. Huge new perk!
Congratulations - really enjoy your channel and love seeing the little one.
Thank you so much!
My credit history is 3y older than I am since my mom added me to her oldest card when I was a teenager. Luckily she’s always been very responsible!
Merry Christmas to you and your beautiful family. Jameson is a cutie. 💕💕💕🎄🎄🎄🎁🎁🎁
For the 529, I heard they updated it so that you can now also use any unused money to roll over into their Roth IRA, which is awesome because one of the biggest downside was not knowing what to do with the money if they don't go to school or no one to transfer it to.
Absolutely!
Up to a _LIFETIME_ limit of 35,000! That's the max they will let you get out of their grasp.
529 plans weren't made for your benefit; like most lotteries they benefit the _administrators_ of the plan. That's why there are so many governments involved in administering them. Like lotteries. And about as useful to you.
529 accounts suck: BAD! There is a reason why the limits on how much money you can put into them are so INSANELY high - $529,000 _PER YEAR_ !
Coz they suck!
1. The tax treatment sucks. No Federal tax deductions. Only some state deductions
2. The investment options suck: poor returns.
3. The usability of those accounts suck: you can only use them for education expenses.
And if you live in California, not even those state deductions are allowed.
There is a reason why you are allowed to put only $8300 or thereabouts a year into an HSA and more than _SIXTY_ times that into a 529 per family!
Because HSA has real advantages to us taxpayers and 529 plans are advantageous to governments only. That's why there are so many 529 plans administered by governments and almost none for HSA plans.
@ArmageddonIsHere I think if you estimate it quite off, I could see that, but I don't expect over $35k off of its use, so I'm totally happy with this tool. Also, cost to administer it is fraction of pennies. In my account, for $35k, it takes $52 a year on admin fees. Good Luck!
@ArmageddonIsHere I have both HSA and 529, both have its purpose. But for purpose of paying for education, I think 529s are Great! Idk about your experience, maybe you're just unlucky, but for me, great investment choices, low fees, grows tax free, it's awesome! (HSAs are awesome too, triple tax benefit, just used for different purposes). Good Luck!!
For children with disabilities an ABLE account is really powerful
Very true!!
Congratulations on your baby!
Congrats and Merry Christmas!
Congratulations On Your New Born,
And Hope You & Family Have A Merry Christmas & Happy New Year 😊🎉
Okay first of all, congratulations on Jameson! He’s a gorgeous little boy. Wishing you and your family all the best.
But here’s the thing - what I’d really like to know is how you manage to care for an infant, run your own business and never skip a video. THAT is what I want your next video to be about!
Very little sleep 😂 I spend as much time as humanly possible with Jameson, work my day job during the day…then do RUclips once Jameson and my husband go to sleep.
Beautiful baby. Congratulations! ❤️
Congratulations 🎉. You are an amazing parent. But are you not worried he might have too much money at 18. I am sure you will raise him responsible, but I always have this dilemma. What is the correct age to pass money on and how much is too much
Not really - I think it comes down to teaching him about money. Knowing how to manage money is more important than the amount. And let’s be honest- I don’t have millions to give him haha
So beautiful. Merry Christmas.
He is precious ❤. He has a cute little Mohawk
Oh how beautiful- well done!
Congratulations!
Wow, I totally missed the part where you were pregnant for nine months. Congrats!
Haha 😂 my face got pretty round during the final leg of pregnancy - I actually have one last video to release that I filmed when I was 9.5 months pregnant - I bet you will know when one it is when you see it. Look at the face haha
We have three grandkids, a six year old and five year old twins. We started a 529 and a brokerage account for each of them as soon as we had their SSA numbers. The 529 accounts are already approaching six figures. We only contribute $100/month to the brokerage accounts, but may soon decrease the 529 contributions (currently $500/mo) and increase the brokerage account contributions. It grows fast!
Exactly - small amounts over those 18 years add up!!
529 accounts suck. There is a reason why the limits on how much money you can put into them are so INSANELY high - $529,000 _PER YEAR_ !
Coz they suck!
1. The tax treatment sucks. No Federal tax deductions. Only some state deductions
2. The investment options suck: poor returns.
3. The usability of those accounts suck: you can only use them for education expenses.
And if you live in California, not even those state deductions.
There is a reason why you are allowed to put only $8300 or thereabouts a year into an HSA and more than _SIXTY_ times that into a 529 per family!
Because HSA has real advantages to us taxpayers and 529 plan are advantageous to governments only. That's why there are so many 529 plans administered by governments and almost none for HSA plans.
Thank you for sharing the joy of your life with Jameson and husband! That was a cool post-Christmas present. Keep up giving us insights in managing finances!
Jameson is very cute!! Congrats!!
Congrats to a healthy baby to you and your family!
I was thinking of a 529 plan or I-Bond (Treasury Direct) for the little tyke. High-Yield Savings might be the only thing besides direct stocks & bonds I would consider. Leave the credit card and stock investment speculations to adulthood. Piggy banks are good money keepers and teachers with coins specifically. Cash can be laid out later or deposited in a children's bank account as needed.
Love the baby mohawk!
Oh my goodness, me too 🥰
Congrats on your Beautiful Baby boy!! He is a handsome fellow
Absolutely beautiful!
Thanks for introducing us to Jameson!! He's adorable!!