I started investing in dividends with my taxable account. I used the buy and hold strategy in my Roth, adding some Berkshire B stock, SCHD, and an S&P 500 and total market exchange-traded fund.
When I started investing last year, I avoided significant mistakes. I've focused on investing modest sums in stable businesses for the long term. If stocks perform well, I hold onto them; otherwise, I reinvest losses into profits. Recently, I made $9.5k from a $4k investment in NVIDIA.
Exactly, a good number of people discredit the effectiveness of financial advisor, but over the past 10years, I’ve had a financial advisor consistently restructure and diversify my portfolio/expenses and I’ve made over $3million in gains… might not be a lot but i'm financially secure and that's fine by me.
I can't divulge much but Diana Casteel Lynch is the asset manager I work with you, you can do your due diligence as she's very much accessible to the public
I just googled her and I'm really impressed with her credentials; I reached out to her since I need all the assistance I can get. I just scheduled a caII.
Investing in a Roth IRA is a great option because it's funded with after-tax dollars, allowing your contributions to grow tax-free over time. When you retire and start taking money out, you won’t owe taxes on your withdrawals, helping you hold onto more of your savings. I personally retired with $5 million.
If you’re new to investing or have a more complex financial situation, It can be helpful to work with a financial advisor who can provide personalized guidance and help you make informed investment decisions.
On the contrary, even if you’re not skilled, it is still possible to hire one. I am a project manager and my personal port-folio of approximately $750k took a big hit in April due to the crash. I quickly got in touch with a financial-planner that devised a defensive strategy to protect and profit from my port-folio this red season. I’ve made over $150k since then
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.
Ok, I think I got it! Open and build up your kid's credit card history, open a 529 College account, open a Custodial ROTH IRA, and set up a Trust Fund. Thank you Vivian!!
Creating wealth requires cultivating positive habits, such as consistently saving money at regular intervals for worthwhile investments. Managing finances is an essential subject that many people often avoid, which can lead to challenges later on. I hope that anyone who comes across this message achieves great success in life.
Investing in alternative income streams that are independent of the government should definitely be a top priority for everyone right now, especially with the ongoing global economic crisis. Stocks, gold, silver, and virtual currencies remain appealing investment options at this time.
I thought about investing in the real estate market, I heard that people make millions, but I lack good knowledge and a strategy to outperform the market and generate good yields. I have about 300k but it's hard to bite the bullet and do it. Money is hard to come by
Having an investment advisor is the best way to go. Based on a direct encounter with my CFA, Benjamin Todd Glenn, I can say with certainty that his skills are excellent. He helped raise over 580k in 14 months from an initially stagnant portfolio of $70,000
For my 10 yrs old son, Im encouraging him to read business book at his early age, and start his business… soon he will start a smoothie drink shop. We’ll support him.
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!
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.
I'm sorry for what happened to you and your sister. I hope justice is done on your behalf, truly unfair and insidious. This is why it's so important for parents to appoint a legal guardian and custodian on a will. That's the only way to prevent the courts out and ensure that the children go to someone their parents choose. It is imperative to also specify how the funds should be distributed and used. Thank you for your advice.
If your father had a trust, his next step would have been to register his assets in the name of the trust. If his accounts, home, etc. were held in his individual name, then a trust document would not have done anything for you.
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 ❤
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.
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.
Not only that but I’m worried about my kid turning 18 and being able to get a credit card with a $20k or more limit so I’d probably help them open one at 16 and they can start small and get into the habit of paying it off every month. Then when they turn 18 they’ll have a larger limit and keep working at it by themselves.
I am a big fan of a Generational Skipping trust due to it having a bullet proof prenup attached to it. There are many kinds of trusts. Estate Attorneys are worth the cost to get a trust set up.
The future belongs to those who believe in the beauty of their dreams. Success is a state of mind. I think I'm blessed because if not I wouldn't have met someone who is as spectacular as Expert Mrs HESTER PEIRCE
I'm glad I was introduced to forex trading and got the best teacher and mentor who helped me understand the financial market I'm grateful to Mrs HESTER PEIRCE 🙏
Thanks for continuing updates I'd rather trade the stock market as it's more profitable. I make an average of $34,500 per week even though I barely trade myself
I have broken through 45k, 72k and got my eyes on 150k USD! Champagne stays popping, she is too awesome.people prefer to spend money on liabilities rather than investing in assets and be very profitable
Hallelujah!!!!!!!!!!! The daily Jesus devotion has been a huge part of my transformation. God is Good 🙌🙌🙌🙌🙌🙌🙌🙌🙌was owing a loan of £47k to the bank for my son's brain surgery(Samuel). Now I am no longer owning after I invested £6500 and got my payout of £290k every month, God bless HESTER PEIRCE 🇺🇸🇺🇸🇺🇸
I have a Gucci Horsebit Mini but almost bought the Jackie instead. The reason I didn't was because it's open ended and the Hosebit has a flap. It always baffles me why so many luxury bags don't have a safety clasp? Definitely a deal breaker in my opinion! So while I still love the shape of the Jackie, this is further proof that I made the right choice buying in *unidups* . ❤
I have an UTMA and Custodial Roth for my granddaughter. I am liking the 529 now. Thanks a million. Sending this to some newlyweds and some relatives now. They are way behind me, but like many when it comes to advice, they see someone else say the same thing and then it is valid :-)
Your children are so blessed! My mom grew up with 8 siblings in the projects of Newark, NJ (1960s-1970s) Fast forward, I’m her only child (i’m 41h and she has given me the world because she wanted me to have a completely opposite childhood🥰 God bless you and your children🙏🏾
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.
is the other way around. Your retirement won't be enough if you end up sick and need to go to a memory care home or respite care. Your child's education is a priority since they will be taking care of you if you don't have enough retirement to help yourself in old age. My ex just had this happen to him and now they are both in financial ruin. Kids are the priority otherwise don't have them.
I disagree…Children arent a financial safety net. You can have children but it does not guarantee that you will be taken care financially. The 529 plan she talks about is good but u have to put money into all the time. If you lose yr job it may not grow to the point where it will cover your child’s needs.
@@SaintsandSushino guarantee your kids can take care of you. What if THEY are sick, disabled, a stay at home parent, lose their job, need to provide for their OWN family, etc. What if your kid has 6 kids of their own that they need to provide for? I don't care how good of a parent you are, there's always a chance your kids will move away and become distant from you as well. You are shaming people by saying kids are the priority or don't have them. Yes, kids are the priority, but you aren't treating them as such if you expect them to carry you.
@@a1cwillette who says you should depend on your kids to take care of you. I'm saying is your responsability to make sure they are taken car of first. Because chances are if you werent wise enough to plan for old age when you were young then you will be leaving your kids with a heavy financial burden by making them take care of you in old age. Kids well being come first at all times,
Thanks Vivian, I followed some of your early tips about credit with my kids. They are adults now, but I have shared this video with them. I wish I knew some of the other things you mentioned when I started off with a young family, but I think they are set, but your tips will help them even more. Thanks again.
As an investment enthusiast, I often wonder how top level investors are able to become financially stable, I do have a significant amount of capital that is required to start up but I have no idea what strategies and direction I need to approach to help me make over $400k like some people are this season.
I believe the safest approach is to diversify investments especially under professional; guide. You can mitigate the effects of a market meltdown by diversifying their investments across different asset classes such as stocks, ETFs etc It is important to seek the advice of an expert.
On the contrary, even if you’re not skilled, it is still possible to hire one. I am a project manager and my personal port-folio of approximately $750k took a big hit in April due to the crash. I quickly got in touch with a financial-planner that devised a defensive strategy to protect and profit from my port-folio this red season. I’ve made over $350k since then
‘Grace Adams Cook’ is the licensed advisor I use. Just research the name, you’d find necessary details to work with a correspondence to set up an appointment.
Thank you for sharing, I must say, She appears to be quite knowledgeable. After coming across her web page, I went through her resume and it was quite impressive.
The simplest way I can explain it is that a trust fund is an extension of a will, providing tax benefits and protections for your beneficiaries. Hiring a trust attorney to initiate the process is advisable. The cost isn't high, and your beneficiaries will benefit significantly.
Big fan of the show. Aside from watching alot of fights from RUclips, just had a child and just want them to have a better future then I did, great video and great content. Subscribed. ❤
Anyone, including a minor child, who has self-employment income of $400 or more has to file a Form 1040 and a Schedule SE, and pay self-employment tax at the rate of of 15.3%. Anyone who has self-employment income of $399 or less does not have to file a Schedule SE, and does not have to pay self-employment tax. The standard deduction for 2023 for a dependent minor is earned income plus $350, up to a maximum of $13,850. A dependent minor could earn up to $13,850 and not owe any *income* tax, although he would still have to pay *self-employment* tax. The maximum amount that can be contributed to a Roth IRA for 2023 is $6500. Thus, a dependent minor who has self-employment income of $399 or less could contribute (or his parent could) all of the earnings to a Roth IRA (for Junior), would not have to pay any tax at all, and would not even have to file a return, since no tax is due or refund is owed. It's probably a good idea to file a Form 1040 though, so that you can document how much money Junior earned in what years to show that he was allowed to make the contributions.
@@ryanwood8529 To be fair, Vivian did say that the child has to pay taxes on earned income. She just didn't/couldn't get into the weeds about it. If she had, the video would have been much longer, and a lot fewer people would watch it. The items Vivian covered in this video share the feature of creating high asymmetrical benefits at low cost and effort for people with long time perspectives. Perhaps a better solution would be to cover the topics one at a time as a series, and do a deeper dive on each individual topic. Vivian is an up-and-comer who has to master material that is new to her, figure out how to share it with people in a way that will benefit them, and be able to do so while maintaining a steady stream of posted videos. In my case, I'm approaching the end of my working career, and for me a lot, but not all, of topics are "Been there, done that, bought the T-Shirt." There's a quote attributed to Yogi Berra that may apply to Vivian's situation: "In theory there is no difference between theory and practice. In practice there is."
This is some information that I did not share earlier, for the sake of brevity. I've changed my mind. Parents whose business is, I think, an S corporation or an LLC (if you're interested, research the specifics of your situation) get an additional benefit. There is an exclusion from Social Security tax for their children that are employed in their business. You are required to pay a reasonable wage and to keep a record of the hours that they worked. But the upshot is that a dependent minor could earn $6500 working or his parent's business, owe no income or social security tax, and make the maximum contribution to a Roth IRA account.
@@brucestiles6477 Vivian’s approach caters to the algorithm, which seems to prefer numbered lists. I would love to see her release the detailed videos first (e.g., going into depth on a custodial Roth) and then use the recap video to point to the more detailed videos. Even with that approach, the algorithm may not like the more detailed videos and, we have to admit, Vivian is success because she knows how to work the algorithm.
I work at a credit union and adding someone as an authorized user doesn't build them credit unless they're a coborrower. Maybe it's different at banks 🤷🏾♀️
I believe every Investor should start with ETFs for a solid foundation, then diversify across asset classes and maintain disciplined, regular investing to minimize risks and maximize growth.
You don't need to find the next NVDA to succeed in investing. Just choose top-notch ETFs and partner with a financial advisor like I did. I turned $90k into $54,000 in annual dividends-a significant milestone for me today.
Open up the brokerage account and buy SPY. It is the ETF which tracks top 50 shares of S&P500 and historically it has never failed. Look up and research yourself. Good practice is to invest regularly, whether it is up or down and you see long term gain. You don’t need any Financial Adviser who will sell what makes most commission to them. After all they need to earn money too.
OMG I didn't know you could roll into a Roth IRA ok I'm game !!!! Yes!!! My parents made it a requirement for me to go to college and also to pay for it 😂 but I've got 3 so Ive got to be savvy
She's not giving you the full story. There are MANY rules to this rollover: 1. The lifetime transfer is 35,000 out of the 529 account 2. You can only rollover the annual limit for ROTH contributions (6500 currently). 3. The child must have earned taxable income before the rollover can take place 4. The child who you're rolling over is still subject to income limits for Roth contributions. 5. In order to rollover for each child, you must change the beneficiary on the 529 which you have to get approval from the state plan first. She's just another ill-informed influencer. Seek out professional advise and assistance for these things.
I have a few questions about the Roth IRA. To be able to have one, the kid needs to have income, therefore, pay taxes. Is it smart? I thought about a custodial investment account, however, I heard it can compromise the financial aid when applying to college. BTW, I have a 529 on my name and another on my son’s name to get the maximum tax benefit on my state.
Great video! What are your thoughts on opening a life insurance policy for kids so premiums and dividends grow tax free and can be withdrawn or borrowed from tax free in the future. There is also a death benefit that comes with that policy.
Would it make better sense to just get a specially designed and engineered Whole Life for your child rather than a 529plan ?529 can only be used for educational related expenses and if they’ll get scholarships as you said only 30-35% can be rolled over. But if you get a Whole Life (that’s front loading or most often the premium goes to the cash value), your child will not only achieve that investment growth like 529 but it can also have death benefits and by the time they are ready for college they’ll have a chunk of money which they or you can loan against to spend not just for educational expenses but for car loans or house downpayment. . Let me know if I miss spending between the two
But the 529 plan is just for education and they wont have to touch the whole life until emergencies like after college and they cant find a job plus md 529 rolls over into retirement also
Hi I didn’t catch your name my name is antwane, but I like the way you think and would like to see if we could get to know one another to bounce off ideas and energy
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?
I was told that not all credit card companies will report on authorized users’ credit reports. It sounds like yours may not be, but you can request your toddler’s credit reports to check. You can also ask the credit card company if they report on authorized users. Some do and some don’t.
I think I agree with most of this except the credit card. I want them to build their own credit. Having a crappy credit score is good at the start and you can start to build bit by bit. You get used to it and start small. I'm not a fan of consumer debt.
The majority of people I know who are rich all made a business and worked very hard to get the the level of success they have. They dont have to work as hard as they now manage but make a lot of money. All of them came from poverty. However, I do agree with the rest of what you're saying.
In Canada, you can't add a child to as an authorized user at least till they are 13 years old. Even then, that does nothing for their credit history. I think this works only in the US.
Could you please share some credit card companies that allow to add children as authorized users on your instagram? My capital one says they don't need the social security number.. so how does it go to the credit bureau for credit reporting? 🤔
First step is to build their credit score? So they can effectively borrow more money? Awesome! But my little mind thinks, if they have no debt and generational wealth, why do they need to borrow money?
Hi. I just found your amazing videos today. Could you please make detailed videos on gold IRA's and Self directed IRA's? As a Muslim I'm really interested in the best and most trustworthy interest free retirement plans.
Planning ahead can really minimize taxes! I've made a smart reinvestments, especially with some great guidance from a pro for a half year now, and it's been a game changer. I was able to reinvest my RMD strategically, and I'm now pulling in about $25k a week, despite doing very little trading myself. It's a nice cushion against financial stress. Best of luck with your RMD decisions!
If my child chooses not to go to college, But wants to take a different approach to education, could that still be covered by a 529 plan? Or is it Strictly only college? If not, is there a plan that can offer any type of education and still be covered?
Unless it makes an interest rate difference, do 4 separate accounts. If anything was to happen to you, it would go to the one kid whose name is on it instead of distributed amongst the 4. Unless of course you had the account in your name with all 4 kids as benes or the account was in a trust with you as a trustee and kids as benes.
I have a question. I wanted to add my niece as authorized user to my credit card but it doesn’t ask for her SNN , if that so how can she build credit history?
They will use her name, address, and DOB to link that account to her. SSN is not required unless it's an AMEX card. You can always visit the bank with her IDs and her to update her profile to include the SSN if you really want it and it's a bank card instead of discover or capital one or something. Chase does a good job with that.
While these strategies are excellent for wealthy families, they often feel out of reach for the average working-class household struggling with day-to-day expenses. It's a great breakdown, but could you also address how someone with limited resources can take small steps toward building generational wealth?
I started investing in dividends with my taxable account. I used the buy and hold strategy in my Roth, adding some Berkshire B stock, SCHD, and an S&P 500 and total market exchange-traded fund.
When I started investing last year, I avoided significant mistakes. I've focused on investing modest sums in stable businesses for the long term. If stocks perform well, I hold onto them; otherwise, I reinvest losses into profits. Recently, I made $9.5k from a $4k investment in NVIDIA.
Exactly, a good number of people discredit the effectiveness of financial advisor, but over the past 10years, I’ve had a financial advisor consistently restructure and diversify my portfolio/expenses and I’ve made over $3million in gains… might not be a lot but i'm financially secure and that's fine by me.
Please who is the consultant that assist you with your investment and if you don't mind, how do I get in touch if you don't mind
I can't divulge much but Diana Casteel Lynch is the asset manager I work with you, you can do your due diligence as she's very much accessible to the public
I just googled her and I'm really impressed with her credentials; I reached out to her since I need all the assistance I can get. I just scheduled a caII.
Investing in a Roth IRA is a great option because it's funded with after-tax dollars, allowing your contributions to grow tax-free over time. When you retire and start taking money out, you won’t owe taxes on your withdrawals, helping you hold onto more of your savings. I personally retired with $5 million.
If you’re new to investing or have a more complex financial situation, It can be helpful to work with a financial advisor who can provide personalized guidance and help you make informed investment decisions.
On the contrary, even if you’re not skilled, it is still possible to hire one. I am a project manager and my personal port-folio of approximately $750k took a big hit in April due to the crash. I quickly got in touch with a financial-planner that devised a defensive strategy to protect and profit from my port-folio this red season. I’ve made over $150k since then
Your advisor must be really good. How I can get in touch? My retirement portfolio's decline is a concern, and I could use some guidance.
Her name is Rebecca Nassar Dunne can't divulge much. Most likely, the internet should have her basic info, you can research if you like.
I searched for her name on the internet, found her page, and reached out via email to schedule a conversation. Thank you.
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.
My favorite part as well ❤
Thank you for this video ❤love your channel
Beautiful collection love *suluxy* channel ❤
Ok, I think I got it! Open and build up your kid's credit card history, open a 529 College account, open a Custodial ROTH IRA, and set up a Trust Fund. Thank you Vivian!!
Creating wealth requires cultivating positive habits, such as consistently saving money at regular intervals for worthwhile investments. Managing finances is an essential subject that many people often avoid, which can lead to challenges later on. I hope that anyone who comes across this message achieves great success in life.
Investing in alternative income streams that are independent of the government should definitely be a top priority for everyone right now, especially with the ongoing global economic crisis. Stocks, gold, silver, and virtual currencies remain appealing investment options at this time.
I thought about investing in the real estate market, I heard that people make millions, but I lack good knowledge and a strategy to outperform the market and generate good yields. I have about 300k but it's hard to bite the bullet and do it. Money is hard to come by
Having an investment advisor is the best way to go. Based on a direct encounter with my CFA, Benjamin Todd Glenn, I can say with certainty that his skills are excellent. He helped raise over 580k in 14 months from an initially stagnant portfolio of $70,000
For more details, just search for him on the internet.
Once more, you can find more information about him by looking him up online.
For my 10 yrs old son, Im encouraging him to read business book at his early age, and start his business… soon he will start a smoothie drink shop. We’ll support him.
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!
Idea maybe, setup one 529 for their education. And a second for their retirement.
This is nice as I have over $100,000 leftover in my 529 plan. My daughter received a full scholarship so we only had to pay for my son’s college.
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.
I'm sorry for what happened to you and your sister. I hope justice is done on your behalf, truly unfair and insidious. This is why it's so important for parents to appoint a legal guardian and custodian on a will. That's the only way to prevent the courts out and ensure that the children go to someone their parents choose. It is imperative to also specify how the funds should be distributed and used. Thank you for your advice.
If your father had a trust, his next step would have been to register his assets in the name of the trust. If his accounts, home, etc. were held in his individual name, then a trust document would not have done anything for you.
Thank you for sharing!
“Adopted “ , awww I love that you said that. I would love to adopt someday
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 ❤
How can I make good profit as a beginner starting with $6,000 ~iq8
As a beginner, it's essential for you to have a guardian to keep you accountable. I'm guided by Amanda Katherine Nakitare
Don't rush in rather seek expertise like Amanda Katherine. Growing a port-folio is complex
I racked up so much losses trying it on my own. Amanda really saved me from myself
Finding someone truly skillful is hard. I'm happy to see that a lot of people found Amanda
Same here. Amanda managing myportfolio was my best decision. Gotten more than half a million since
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.
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.
Common sense
Not only that but I’m worried about my kid turning 18 and being able to get a credit card with a $20k or more limit so I’d probably help them open one at 16 and they can start small and get into the habit of paying it off every month. Then when they turn 18 they’ll have a larger limit and keep working at it by themselves.
Can’t wait for a video on all things trusts!!!
Yes!
same here
This came at the perfect time! I was just trying to find all your shorts on this subject!
Thanks BFF! I'm trying to set my newborn up now so I will follow your advice. 👍
Can’t wait for the next video of what kind of trust and how it works. Thank you 🙏
I am a big fan of a Generational Skipping trust due to it having a bullet proof prenup attached to it. There are many kinds of trusts. Estate Attorneys are worth the cost to get a trust set up.
@@humm23 thank you for the heads up!
The future belongs to those who believe in the beauty of their dreams. Success is a state of mind. I think I'm blessed because if not I wouldn't have met someone who is as spectacular as Expert Mrs HESTER PEIRCE
I'm glad I was introduced to forex trading and got the best teacher and mentor who helped me understand the financial market I'm grateful to Mrs HESTER PEIRCE 🙏
Thanks for continuing updates I'd rather trade the stock market as it's more profitable. I make an average of $34,500 per week even though I barely trade myself
Thank you HESTER PEIRCE, $45,000 weekly Profit regardless of how bad it gets on the economy.
I have broken through 45k, 72k and got my eyes on 150k USD! Champagne stays popping, she is too awesome.people prefer to spend money on liabilities rather than investing in assets and be very profitable
Hallelujah!!!!!!!!!!! The daily Jesus devotion has been a huge part of my transformation. God is Good 🙌🙌🙌🙌🙌🙌🙌🙌🙌was owing a loan of £47k to the bank for my son's brain surgery(Samuel). Now I am no longer owning after I invested £6500 and got my payout of £290k every month, God bless HESTER PEIRCE 🇺🇸🇺🇸🇺🇸
I have a Gucci Horsebit Mini but almost bought the Jackie instead. The reason I didn't was because it's open ended and the Hosebit has a flap. It always baffles me why so many luxury bags don't have a safety clasp? Definitely a deal breaker in my opinion! So while I still love the shape of the Jackie, this is further proof that I made the right choice buying in *unidups* . ❤
I have an UTMA and Custodial Roth for my granddaughter. I am liking the 529 now. Thanks a million. Sending this to some newlyweds and some relatives now. They are way behind me, but like many when it comes to advice, they see someone else say the same thing and then it is valid :-)
Beautiful collection love *suluxy* channel ❤
I grew up at poverty level but as an adult I have done all these things for my kids.
Your children are so blessed! My mom grew up with 8 siblings in the projects of Newark, NJ (1960s-1970s)
Fast forward, I’m her only child (i’m 41h and she has given me the world because she wanted me to have a completely opposite childhood🥰
God bless you and your children🙏🏾
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.
is the other way around. Your retirement won't be enough if you end up sick and need to go to a memory care home or respite care. Your child's education is a priority since they will be taking care of you if you don't have enough retirement to help yourself in old age. My ex just had this happen to him and now they are both in financial ruin. Kids are the priority otherwise don't have them.
I disagree…Children arent a financial safety net. You can have children but it does not guarantee that you will be taken care financially. The 529 plan she talks about is good but u have to put money into all the time. If you lose yr job it may not grow to the point where it will cover your child’s needs.
@@SaintsandSushino guarantee your kids can take care of you. What if THEY are sick, disabled, a stay at home parent, lose their job, need to provide for their OWN family, etc. What if your kid has 6 kids of their own that they need to provide for? I don't care how good of a parent you are, there's always a chance your kids will move away and become distant from you as well. You are shaming people by saying kids are the priority or don't have them. Yes, kids are the priority, but you aren't treating them as such if you expect them to carry you.
@@a1cwillette who says you should depend on your kids to take care of you. I'm saying is your responsability to make sure they are taken car of first. Because chances are if you werent wise enough to plan for old age when you were young then you will be leaving your kids with a heavy financial burden by making them take care of you in old age. Kids well being come first at all times,
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?
This is so awesome thank you thank you thank you Vivian ❤
Thanks Vivian, I followed some of your early tips about credit with my kids. They are adults now, but I have shared this video with them. I wish I knew some of the other things you mentioned when I started off with a young family, but I think they are set, but your tips will help them even more. Thanks again.
As an investment enthusiast, I often wonder how top level investors are able to become financially stable, I do have a significant amount of capital that is required to start up but I have no idea what strategies and direction I need to approach to help me make over $400k like some people are this season.
I believe the safest approach is to diversify investments especially under professional; guide. You can mitigate the effects of a market meltdown by diversifying their investments across different asset classes such as stocks, ETFs etc It is important to seek the advice of an expert.
On the contrary, even if you’re not skilled, it is still possible to hire one. I am a project manager and my personal port-folio of approximately $750k took a big hit in April due to the crash. I quickly got in touch with a financial-planner that devised a defensive strategy to protect and profit from my port-folio this red season. I’ve made over $350k since then
Due to the market falls, I need advice on how to rebuild my portfolio and develop more successful tactics. Where can I find this financial planner?
‘Grace Adams Cook’ is the licensed advisor I use. Just research the name, you’d find necessary details to work with a correspondence to set up an appointment.
Thank you for sharing, I must say, She appears to be quite knowledgeable. After coming across her web page, I went through her resume and it was quite impressive.
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.
This is great. I’ll open up a 529.
I love all your videos & new podcast! Thank you!
Curious what r the differences between setting up a trust fund vs a will? Thank you!
The simplest way I can explain it is that a trust fund is an extension of a will, providing tax benefits and protections for your beneficiaries. Hiring a trust attorney to initiate the process is advisable. The cost isn't high, and your beneficiaries will benefit significantly.
Love this topic. Can you please make more videos like this?❤
Just subbed! We just had our 4th baby and need to get them set up financially. Thank you so much for this video!
Big fan of the show. Aside from watching alot of fights from RUclips, just had a child and just want them to have a better future then I did, great video and great content. Subscribed. ❤
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🤙🏾🤙🏾
Great info. Thanks for sharing!
I absolutely need this for my girls
Great advice 👍🏽
Thank you!!
Thank you so much my kids deserve so much more great video
EXCELLENT advice.
Can I do 529 Plan for a potential grandchild and what happens if my daughter doesn’t have a child or adopt.
Thank you so much for sharing this info ❤
Anyone, including a minor child, who has self-employment income of $400 or more has to file a Form 1040 and a Schedule SE, and pay self-employment tax at the rate of of 15.3%. Anyone who has self-employment income of $399 or less does not have to file a Schedule SE, and does not have to pay self-employment tax. The standard deduction for 2023 for a dependent minor is earned income plus $350, up to a maximum of $13,850. A dependent minor could earn up to $13,850 and not owe any *income* tax, although he would still have to pay *self-employment* tax. The maximum amount that can be contributed to a Roth IRA for 2023 is $6500.
Thus, a dependent minor who has self-employment income of $399 or less could contribute (or his parent could) all of the earnings to a Roth IRA (for Junior), would not have to pay any tax at all, and would not even have to file a return, since no tax is due or refund is owed. It's probably a good idea to file a Form 1040 though, so that you can document how much money Junior earned in what years to show that he was allowed to make the contributions.
Finally someone who knows what they're talking about. I'm sick of these influencers thinking they are clever
@@ryanwood8529 To be fair, Vivian did say that the child has to pay taxes on earned income. She just didn't/couldn't get into the weeds about it. If she had, the video would have been much longer, and a lot fewer people would watch it. The items Vivian covered in this video share the feature of creating high asymmetrical benefits at low cost and effort for people with long time perspectives. Perhaps a better solution would be to cover the topics one at a time as a series, and do a deeper dive on each individual topic. Vivian is an up-and-comer who has to master material that is new to her, figure out how to share it with people in a way that will benefit them, and be able to do so while maintaining a steady stream of posted videos. In my case, I'm approaching the end of my working career, and for me a lot, but not all, of topics are "Been there, done that, bought the T-Shirt." There's a quote attributed to Yogi Berra that may apply to Vivian's situation: "In theory there is no difference between theory and practice. In practice there is."
This is some information that I did not share earlier, for the sake of brevity. I've changed my mind.
Parents whose business is, I think, an S corporation or an LLC (if you're interested, research the specifics of your situation) get an additional benefit. There is an exclusion from Social Security tax for their children that are employed in their business. You are required to pay a reasonable wage and to keep a record of the hours that they worked. But the upshot is that a dependent minor could earn $6500 working or his parent's business, owe no income or social security tax, and make the maximum contribution to a Roth IRA account.
@@brucestiles6477 Vivian’s approach caters to the algorithm, which seems to prefer numbered lists. I would love to see her release the detailed videos first (e.g., going into depth on a custodial Roth) and then use the recap video to point to the more detailed videos. Even with that approach, the algorithm may not like the more detailed videos and, we have to admit, Vivian is success because she knows how to work the algorithm.
Thank you for this information!
Love ya girlie❤ have learned so much from you. Thank youuuu👏👏
This video is very informative!!
Excellent advice, all of it.
Thank you for all of your tips! 😊✍🏾📝
Can you talk more about roth IRA account for kid? What do we need to contribute to the account as i do not have a company
if you put your son/ daughter as an authorize user on your credit card even if you dont have an annual fee do they still still build up credit?
Nice info. Still for wealthy families.
Excellent video!
Thank you.
Ohh girl. Your awesome and beautiful 😍. Thanks for the info!
I work at a credit union and adding someone as an authorized user doesn't build them credit unless they're a coborrower. Maybe it's different at banks 🤷🏾♀️
I can’t wait to start
I'm 47, my kids are in college, and I can finally afford to invest. I just opened a Brokerage Account. If I have $80k to invest, how should I begin?
I believe every Investor should start with ETFs for a solid foundation, then diversify across asset classes and maintain disciplined, regular investing to minimize risks and maximize growth.
You don't need to find the next NVDA to succeed in investing. Just choose top-notch ETFs and partner with a financial advisor like I did. I turned $90k into $54,000 in annual dividends-a significant milestone for me today.
@@UncleSoapz How can I consult your advisor? Looking to get some help on retirement planning and portfolio management.
"Melissa Elise Robinson" is the licensed advisor I use. Just research the name. You’d find necessary details to work with to set up an appointment.
Open up the brokerage account and buy SPY. It is the ETF which tracks top 50 shares of S&P500 and historically it has never failed. Look up and research yourself.
Good practice is to invest regularly, whether it is up or down and you see long term gain. You don’t need any Financial Adviser who will sell what makes most commission to them. After all they need to earn money too.
I loved the advice on the crédit card, i found out that this is valid in My country 😊
OMG I didn't know you could roll into a Roth IRA ok I'm game !!!! Yes!!! My parents made it a requirement for me to go to college and also to pay for it 😂 but I've got 3 so Ive got to be savvy
She's not giving you the full story. There are MANY rules to this rollover:
1. The lifetime transfer is 35,000 out of the 529 account
2. You can only rollover the annual limit for ROTH contributions (6500 currently).
3. The child must have earned taxable income before the rollover can take place
4. The child who you're rolling over is still subject to income limits for Roth contributions.
5. In order to rollover for each child, you must change the beneficiary on the 529 which you have to get approval from the state plan first.
She's just another ill-informed influencer. Seek out professional advise and assistance for these things.
I have a few questions about the Roth IRA. To be able to have one, the kid needs to have income, therefore, pay taxes. Is it smart? I thought about a custodial investment account, however, I heard it can compromise the financial aid when applying to college. BTW, I have a 529 on my name and another on my son’s name to get the maximum tax benefit on my state.
Thanks amazing tips!!!! On my way to be a billionaire.
Great video! What are your thoughts on opening a life insurance policy for kids so premiums and dividends grow tax free and can be withdrawn or borrowed from tax free in the future. There is also a death benefit that comes with that policy.
good job🤗
Would it make better sense to just get a specially designed and engineered Whole Life for your child rather than a 529plan ?529 can only be used for educational related expenses and if they’ll get scholarships as you said only 30-35% can be rolled over. But if you get a Whole Life (that’s front loading or most often the premium goes to the cash value), your child will not only achieve that investment growth like 529 but it can also have death benefits and by the time they are ready for college they’ll have a chunk of money which they or you can loan against to spend not just for educational expenses but for car loans or house downpayment. . Let me know if I miss spending between the two
But the 529 plan is just for education and they wont have to touch the whole life until emergencies like after college and they cant find a job plus md 529 rolls over into retirement also
Hi I didn’t catch your name my name is antwane, but I like the way you think and would like to see if we could get to know one another to bounce off ideas and energy
How about us on the other side of the pond in the UK?
Can you do a video on the different types of trusts???
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?
I was told that not all credit card companies will report on authorized users’ credit reports. It sounds like yours may not be, but you can request your toddler’s credit reports to check. You can also ask the credit card company if they report on authorized users. Some do and some don’t.
I think I agree with most of this except the credit card. I want them to build their own credit. Having a crappy credit score is good at the start and you can start to build bit by bit. You get used to it and start small. I'm not a fan of consumer debt.
The majority of people I know who are rich all made a business and worked very hard to get the the level of success they have. They dont have to work as hard as they now manage but make a lot of money. All of them came from poverty. However, I do agree with the rest of what you're saying.
No background music please. Good program
In Canada, you can't add a child to as an authorized user at least till they are 13 years old. Even then, that does nothing for their credit history. I think this works only in the US.
what do you think about of utma instead of 529?
the 35k that can be rolled into a roth ira...is it 35k per year or total?
You didn't mention Roth IRA early withdrawals are heavily taxed
Do you have to use the card for it to stay active
Could you please share some credit card companies that allow to add children as authorized users on your instagram? My capital one says they don't need the social security number.. so how does it go to the credit bureau for credit reporting? 🤔
I added my kids to a chase card (sapphire) and it did require SSN…. Maybe that’s one that could work?
My credit card 💳 company said i have to wait until my child is 15 until i can add them on... 😢. Check with your credit card organization.
How do you feel about dividend investing?
First step is to build their credit score? So they can effectively borrow more money? Awesome! But my little mind thinks, if they have no debt and generational wealth, why do they need to borrow money?
We need a bc rich BFF in Canada too!
Hi. I just found your amazing videos today. Could you please make detailed videos on gold IRA's and Self directed IRA's? As a Muslim I'm really interested in the best and most trustworthy interest free retirement plans.
How about life insurance for baby?
Will 529 effects getting federal or private scholarship
I called my bank and i could add her as a Authorize user but it wont build her credit. How can i help her ?
With #1 you can't do this in many countries, including Australia where you must be 16 to have any credit, even if it's in your parents name
how can you open a bank account for them when they are not born yet and when they don't have a SSN yet ??
Planning ahead can really minimize taxes! I've made a smart reinvestments, especially with some great guidance from a pro for a half year now, and it's been a game changer. I was able to reinvest my RMD strategically, and I'm now pulling in about $25k a week, despite doing very little trading myself. It's a nice cushion against financial stress. Best of luck with your RMD decisions!
Building your kids a good credit score so they can get into debt sounds like great advice 😂😂😂
If my child chooses not to go to college, But wants to take a different approach to education, could that still be covered by a 529 plan? Or is it Strictly only college? If not, is there a plan that can offer any type of education and still be covered?
When we add kids as an authorize user, does it matter if the credit card was never activated?
I have four children. Should I do one account and let the compound grow or have four accounts with lower balances? Thanks for help
Unless it makes an interest rate difference, do 4 separate accounts. If anything was to happen to you, it would go to the one kid whose name is on it instead of distributed amongst the 4. Unless of course you had the account in your name with all 4 kids as benes or the account was in a trust with you as a trustee and kids as benes.
Your video is very good, how to participate in this video?
I have a question. I wanted to add my niece as authorized user to my credit card but it doesn’t ask for her SNN , if that so how can she build credit history?
They will use her name, address, and DOB to link that account to her. SSN is not required unless it's an AMEX card. You can always visit the bank with her IDs and her to update her profile to include the SSN if you really want it and it's a bank card instead of discover or capital one or something. Chase does a good job with that.
What about UTMA
While these strategies are excellent for wealthy families, they often feel out of reach for the average working-class household struggling with day-to-day expenses. It's a great breakdown, but could you also address how someone with limited resources can take small steps toward building generational wealth?
Nice video but the music is to loud
What’s the limit on a 529 plan?
I added a teen to my CC and within a year the teens credit shot to 740. Why do we have to have 18 years of history then ?
Question about the credit card
Can it be more than one user
For example add both of my kids
Or it's only one child?
You can add both kids