Manish Jain, CFA’s Post

🌟 Want to give your child or grandchild a financial head start? Consider opening a Roth IRA! 🌟 A Roth IRA for your teen can set them up for future financial success. If your child has earned income, they can start saving now and benefit from compound interest. Imagine them having a solid foundation for their first home, college tuition, or future retirement. Here are some key benefits: No tax penalties for first home purchase 🏡 Potential for college tuition savings 🎓 Long-term retirement growth 🌳 Starting a Roth IRA is a great way to introduce your teen to basic financial concepts and help them develop healthy financial habits. You act as the custodian until they are old enough to take over the account. Consult a tax professional to ensure you follow all regulations and make the most of this opportunity. Give your teen the gift of a secure financial future today! 🌟 #FinancialFreedom #RothIRA #TeenInvesting #FuturePlanning #CompoundInterest

👨👩👦 𝗜𝘁'𝘀 𝘀𝗼 𝗶𝗺𝗽𝗼𝗿𝘁𝗮𝗻𝘁 𝘄𝗵𝗲𝗻 𝗽𝗹𝗮𝗻𝗻𝗶𝗻𝗴 𝗳𝗶𝗻𝗮𝗻𝗰𝗶𝗮𝗹𝗹𝘆 𝗳𝗼𝗿 𝘆𝗼𝘂𝗿 𝗳𝘂𝘁𝘂𝗿𝗲 𝘆𝗼𝘂 𝗮𝗿𝗲 𝗻𝗼𝘁 𝘀𝗮𝗰𝗿𝗶𝗳𝗶𝗰𝗶𝗻𝗴 𝘆𝗼𝘂𝗿 𝘀𝘁𝗮𝗻𝗱𝗮𝗿𝗱 𝗼𝗳 𝗹𝗶𝘃𝗶𝗻𝗴 𝗶𝗻 𝗹𝗮𝘁𝗲𝗿 𝗹𝗶𝗳𝗲. It’s understandable that parents and grandparents might want to help their family financially, perhaps by helping the younger generation to get a foot on the property ladder, but passing on money through an inheritance can be unpredictable. However, people need to be mindful about not sacrificing their own standard of living in later life by doing so. Achieving that balance is vitally important. Standing on your own two feet when thinking about how to fund your own retirement is often the best policy, whatever the future holds. We can help with financial planning. Get in touch, We can help you plan financially for the future. 🌐 https://lnkd.in/engBrhRY #inheritance #financialadviser #financialplanning

🌟 Are you Investing in Your Child's Future 🌟 Working at a young age is a longstanding American tradition. But did you know kids can also contribute to their own Roth IRA? Here’s why it’s a fantastic idea: 🔹 Roth IRA Basics for Kids - Eligibility: The only requirement is having earned income. Age doesn’t matter. - Contribution Limit for 2024: The lesser of earned income or $7,000. - Deadline: Contributions for the 2023 tax year can be made until April 15, 2024. 🔹 Why a Roth IRA? - Tax-Free Growth: Roth IRAs grow tax-free, making them a great option for young investors. - Long-Term Benefits: Even modest contributions can grow substantially by retirement age. Encourage your working child to invest in their future with a Roth IRA. It’s a simple step with potentially big rewards! 💰✨ #FinancialLiteracy #RothIRA #InvestInTheFuture #KidsAndMoney #WBCEnterprises #YoungInvestors #FinancialEducation #MoneyManagement #FuturePlanning

Investing in a Roth IRA for your kids can grow their wealth over time. Here’s how it works: 1. Tax-Free Growth📈: Contributions grow tax-free, and time allows the power of compounding to work. For example, if you contribute $100 every month starting at age 10 until your child is 18 (a total of $9,600), and the account earns 7% annually, by the time your child turns 65, that $9,600 could grow to over $160,000—completely tax-free! 2. Tax-Free Withdrawals💵: All qualified withdrawals in retirement are tax-free, allowing your child to keep more of what they’ve earned. 3. Flexible Access🔓: Contributions can be withdrawn anytime, penalty-free, for things like college or a first home, providing flexibility while still building retirement savings. 4. No Required Withdrawals🚫: Unlike traditional IRAs, Roth IRAs don’t require mandatory distributions, allowing more time for tax-free growth. 5. Build Financial Responsibility💡: Early investing teaches kids the value of saving and the benefits of compounding over time. 6. Legacy Planning🏡: The funds can be passed down to future generations if unused. By contributing regularly to a Roth IRA for your child, you’re giving them a major head start with tax-free compounding growth and financial flexibility! Follow along for more: @themortgagenurse_mike #RothIRA #InvestingInKids #FinancialFreedom #WealthBuilding #CompoundInterest #SmartMoneyMoves #EarlyInvesting #GenerationalWealth #FinancialLiteracy #TaxFreeGrowth #MoneyTips #FuturePlanning #FamilyWealth #KidsAndMoney #PersonalFinance #MoneyManagement #FinancialGoals #BuildYourFuture #RetirementPlanning #MillennialMoney #SecureTheBag #InvestInYourFuture #FinancialIndependence #StartYoung

Life Hack! 💥 Bringing efficiency into your money strategy is so powerful. Here's one example: Instead of putting money aside for your child in custodial accounts or locking it up in a 529 college savings plan, get a real bang for your buck and use the Infinite Banking Concept to turbo-charge your money's efficiency. Parents need to realize they have the power to create tax-free retirement income for their kids. Additionally, this money can be accessed penalty- and tax-free throughout their lifetime for anything at any time. Mmmmmh, sooooo good! #FinancialHacks #WealthStrategies #InfiniteBanking #MoneyEfficiency #TaxFreeIncome #SmartParenting #InvestmentTips #FinancialFreedom #MoneyManagement #WealthBuilding

🔑 Understanding how to use your Registered Retirement Savings Plan (RRSP) effectively in estate planning is essential to safeguarding your financial legacy. In this video, we break down the importance of designating a beneficiary—whether it’s your spouse, children, or estate—and explore how these choices impact taxes and the inheritance your loved ones receive. Want to learn how to minimize taxes, protect your assets, and ensure your estate plan reflects your wishes? The video in the comments has you covered. 💼 #EstatePlanning #RRSP #WealthManagement #FinancialLegacy #TaxPlanning #Inheritance

As Financial Advisers, one of our most important roles is educating our clients. In fact, we don't just educate our clients, but their families too!! We often sit down with our client's kids to chat about: 🔸 Cashflow - getting control of their money 🔸Investing - how to start on their investing journey 🔸Security - making sure they have sufficient protection in place so they don't have to rely on Mum and Dad So, if you want an Adviser who is willing to educate your kids about money so you can go enjoy your 'go go years' like Andrew and Michele, reach out to us here at Unite Wealth +++++++++++++++++++++++++++++++++++++++ This information is general in nature and does not consider your personal objectives, financial situation or needs. Because of this, you should, before acting on the information, consider its appropriateness, having regard to your personal objectives, financial situation and needs. #financialadvice #investment #taxefficiency #super #superannuation #financialplanning #retirement #australia

It’s nice when you see that tax return hit your account, we all love it! With extra money, you may want to splurge a bit and yes of course, treat yourself, but take some time to consider active ways you can use that money to fuel your financial future.  💰 Contributing to your retirement savings is an awesome way to set yourself up for financial gain! You’re not attached to this money yet, so think about the best ways to support your future self—putting your tax return money into a retirement account (such as a Roth IRA) is helping to build that financial security blanket. 💰 Saving for a goal is huge! Whether you want to take that sunny beach vacation or buy something nice for yourself, put some of your tax return away specifically to pay for that leisure. 💰 A lump sum of cash can easily be contributed to paying down some of the debt you may owe. Again, it sort of feels like surprise money anyway, before you get attached to it, pay that bill to ease future stress.

As parents, we want to give our children the best start, including setting them up for financial success. ✅ In my latest op-ed for CNBC, I explore strategies to help kids start saving for retirement through a Roth IRA. From offering matching contributions to teaching them about compound interest, these steps can impact their future. 🔮 Read more to see how you can make saving rewarding and fun for your kids! Thank you #CNBC for everything! https://lnkd.in/gTWBXpds #FinancialLiteracy #ParentingTips #RothIRA #InvestInYourFuture

Can you relate to the increasing trend of parents supporting adult children financially? 🤔 There has recently been a significant shift: many parents are dipping into their savings and retirement funds to help their adult children. From covering daily expenses to assisting with major milestones, the financial burden is real and growing. This raises an important question: How prepared are you for this scenario? Balancing support for your children while safeguarding your financial future requires careful planning. At Massie Financial Planning, we understand the complexities of family finances. Whether you're helping your children navigate through life or planning for your own retirement, we're here to guide you in creating a strategy that supports both your family's needs and your financial goals. Let's discuss how to find that balance without compromising your retirement dreams. Weigh in below! #FamilyFinances #RetirementPlanning #MassieInsights