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.

@Robiecolazo

Ай бұрын

My favorite part as well ❤

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.

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?

@VirgilDickerson-yk8hy

Ай бұрын

Mi neniam estis seniluziigita kun *esluxscom* bags tote. ?iufoje kiam mi uzas mansakon, mi sentas, ke mi posedas arta?on.

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.

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.

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 ❤

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

@bhs4430

3 ай бұрын

Yes!

Thank you for all of your tips! 😊✍🏾📝

I love all your videos & new podcast! Thank you!

Great info. Thanks for sharing!

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?

Thank you so much for sharing this info ❤

Love ya girlie❤ have learned so much from you. Thank youuuu👏👏

This is so awesome thank you thank you thank you Vivian ❤

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

Excellent video!

This video is very informative!!

EXCELLENT advice.

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

@humm23

Жыл бұрын

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.

@lancecook7225

Жыл бұрын

​@@humm23 thank you for the heads up!

Thank you.

I can’t wait to start

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

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

@VirgilDickerson-yk8hy

Ай бұрын

I from *esluxscom* bought a Birkin and I went into Louis Vuitton at South Coast Plaza with a friend who wanted to buy a card case and we received great customer service. They offered us water..LOL I would never buy authentic knowing that are just as good.

good job🤗

This is great. I’ll open up a 529.

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🤙🏾🤙🏾

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

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

@VirgilDickerson-yk8hy

Ай бұрын

I bought a replica of a Chanel brooch for $20 to compare materials etc. The real brooch cost $800 and was made of the exact same materials - brass, synthetic pearls, glass. The other one is a $40 one *esluxscom* Backpack Replica - also works for Compare - I can't find any difference and still use it for the gym yt

Thanks amazing tips!!!! On my way to be a billionaire.

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

@Mykidsarethebest.223

4 ай бұрын

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.

I loved the advice on the crédit card, i found out that this is valid in My country 😊

They’ll get everything in my trust. 💪🏼✝️📈

We need a bc rich BFF in Canada too!

Can you do a video on the different types of trusts???

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 🤷🏾‍♀️

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.

I have four children. Should I do one account and let the compound grow or have four accounts with lower balances? Thanks for help

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?

When we add kids as an authorize user, does it matter if the credit card was never activated?

Your video is very good, how to participate in this video?

Great tips. Could you recommend credit cards that allow young children as authorized users. I have tried Discover, diners club, Amex, chase bank, Wells Fargo and all have told me the child needs to be at least 16 to be added as an authorized user. Could you share which credit cards/ bank issuers allow for babies to be authorized users? Thanks so much!!

@JENNIFERLE2012

4 ай бұрын

I heard the children have to be 13 to be added as authorized users. I heard it from other KZreadrs a few years ago and remembered telling myself it would be the first thing I do when my child turns 13. I wonder if the banks raised the minimum age requirement now?

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

Жыл бұрын

Finally someone who knows what they're talking about. I'm sick of these influencers thinking they are clever

@brucestiles6477

Жыл бұрын

@@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."

@brucestiles6477

Жыл бұрын

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.

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

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

I have a 92.86% Win Rate as of 04/04/23... I want to create, monetize, and market my own ETF... can you help me?🤔

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

@ryanwood8529

Жыл бұрын

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.

the 35k that can be rolled into a roth ira...is it 35k per year or total?

The whole point of wealth for me is freedom. My magic number in my mind is 5 million needed at 65 to not worry about anything. Am i better off investing a good portion of my income into stocks or saving my earnings to achieve this goal?

I keep hearing how inherited wealth can ruin the life of a kid/young adult.

I’m happily child-free but want to help my best friend’s kids. I have a UTMA for her existing child (I set it up before the change in tax law for 529s). She wants to adopt or have one more kid. Can I set up a 529 for them before they’re born/adopted? And should I switch the UTMA for the existing child to a 529?

@mariapalos6101

4 ай бұрын

Excuse my ignorance, what is a UTMA? Thanks in advance!

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? 🤔

@chrissywaffles

4 ай бұрын

I added my kids to a chase card (sapphire) and it did require SSN…. Maybe that’s one that could work?

Can we make them rich either getting them any account or investments plan but actually showing them.

You forgot to mention UTMAs :). Start investing for your kid at birth.

@anniehernandezlovee

Жыл бұрын

What’s that

@beautywinsfails8867

Жыл бұрын

Isn’t that a type of trust fund? She mentioned trust funds, she just didn’t go into the various types.

@livingunashamed4869

Жыл бұрын

@@beautywinsfails8867 More like a brokerage account for your child that they can't have till they are at least 18.

I researched so many banks here in the UK but none will allow me to add my child as an authorised person to my credit card unless they're 18 years old. Any ideas of such which do? Thanks.

@founderedmoney

Жыл бұрын

Don’t think this is possible at all in the UK. The best we can do is Junior ISAs, Junior SIPPs and educating out kids on good financial planning.

@yordankavalkova5947

Жыл бұрын

One thing I don't know about Trust - want happens if the Trust goes bankrupt or any other closure?

@founderedmoney

Жыл бұрын

@@yordankavalkova5947 Honestly no idea - the trust is just shares held on behalf of the kids, so if they were in an index fund, it’s unlikely they’d go bust. The fees for managing the trust might dwindle a small trust, but if you’re looking at a sizeable sum, then its best to speak to a tax advisor. For smaller amounts, ISAs and SIPPs pass over to the child at 18 and pension age, so its already in their control (one day).

What’s the limit on a 529 plan?

Wouldn’t a Roth be just as the 529? I have six kids so I can’t do both

Anybody knows how someone can be a tax preparer? Plz give me an suggestion and clue Thanks

This is good advice but the background music is too loud and distracting!

@Your Rich BFF, Who Offers The 529 Account? Banks? Government?

So sah that ee do not have such an advisor in Germany or Portugal. Some of this Tips doesnt work in Europe

ALSO you can use the 529 for yourself. maybe you want to learn something in your old age

It stuns me enormously the way that I go from carrying on with a typical way of life to making over 63k each month I've gleaned some useful knowledge throughout recent years that there are a lot of plenty opportunities in the financial markets;all it takes is just to focus on the right thing. Credits to Gregory Thomas Patchak

@AnnaKrueger809

Жыл бұрын

__Having a good instructor is fundamental for portfolio broadening. Gregory Thomas Patchak has always been that FA who is effectively accessible and has broad information on the monetary business sectors.

@AmandaRae757

Жыл бұрын

Gregory Thomas Patchak is a very knowledgeable person. I've known him for years, and reading through his qualifications, educational background, and resume is always impressive.

@Bradleyschaeffer376

Жыл бұрын

Search his full name online

@AdelinaLanoszka1299

Жыл бұрын

Sir Gregory Thomas Patchak is great at his skill for a while now he has been my advisor and I make good profits weekly

@SierraLeighanne

11 ай бұрын

Thank you for the tip. I quickly looked him up on Google and found his website at the top. I sent him an email about my desire to create a varied portfolio, and weeks later, Gregory has paid me twice. Not all comments are scammers, and I am profiting from it.

I wish I had found you when my child was pre 1 instead of 4. Four years of investment income would have been huge for her. Nevertheless

1:19 Vivian is expecting a child?

@YourRichBFF

Жыл бұрын

Oh my god no - I am the child. HAHA this is all hypothetical. I am not nearly responsible enough yet to care for my own child HAHA. But in the future hopefully!

@pax0r32

Жыл бұрын

​@@YourRichBFF Thank you for the clarification!

My parents kicked me out after college

Great advice but can we get a UK version please

@everythingispolitics6526

4 ай бұрын

She's not British? 🤣

My parents just paid for my education out right and I’m going to inherit after death all this other stuff is unecessary

Anyone actually start building a good amount of wealth, aka a millionaire or more, from following this channel? I would like to know if the advice she gives is actually sound.

Need to lower the damn background music man.. Holy shit

"The number 1 indicator of whether or not you will be rich is whether your parents were"... Yeah no... 80% of millionaires are first generation. Generational wealth is statistically gone after 3 generations.

I don't think you have a good frame of reference for what is money 💰. It's created in this country by the people who created this country. From there, they share it with who they want to have it. But you are never actually richer than them, and if you are, you are the exception and your experience by default is not scalable. The lineage of families who started this country and control wealth, its creation and distribution, will never relinquish control. Never. No KZread videos change this reality. In reality, you accept what you are given, express gratitude, and give the extra to others who are less fortunate. That is all you can do.

@economicdevelopmentplannin8715

Жыл бұрын

You may have more "money" or net worth than the majority of people who are not in the lineage of families of the founders of this country, but you are not richer than the founding families. The fact that they let you have some of their money is a reflection of America's elitist ideology. Frankly, elitism is a global language. Nearly every country has their equivalent of a royal family. The closer you are to these families, the more money you will have. Period.

Good and informative video, but my choice was always KKUWAN PS: I love your videos

Seeing this just rubs me the wrong way. Im a damn failure

@YourRichBFF What top 5 529 account plans do you suggest? (State run, Vangaurd?)