Making My Son a Millionaire 💪🏼💸

Setting up your kids is crucial… And I’m not saying spoil them by giving them gifts. You can save money by depositing $ in a high yield savings account. 529 plan grows tax-free money for college. Easy transfer to a Roth IRA if your kids don’t end up going to college. You won’t feel $150/mo but after 15 yrs at 5% return = $36K. You can gift your kids up to $17K in cash or stocks without paying taxes on it. Put your property in an irrevocable trust and make your kid a beneficiary so they avoid capital gains when you pass away one day. Teach them about money and investing so they do something with the money when they’re older. Give them a little push in the right direction but don’t make life too easy for them. Make sure all of the profit is reinvested back into the business and not spent on nonsense. That’s how I plan to instill a good habit into my kid. We should all help our children as much as we can. Check out my page if you liked this video for more!

“The best get-rich scheme ever”

If you pay him $12,000/year, it doesn’t reduce your taxes by 12k, just your taxable income. Also, you would have to 1099 your son so you don’t have to pay employment taxes.

Step 1 to becoming a millionaire: Have a million dollars given to you by your parents.

Love this content please put out more stuff about generational wealth 🙏🏼 please

Parenting while having s ton of money must be very hard. All my parents ever wanted for me is to be happy and thats the lesson I pass to you, teach your kids how to be rich in life 😉

omg this boy already richer than my all family

That voice crack was brutal😭

Love the information thank you

Federal child labor law generally prohibits the employment of minors in nonagricultural occupations under the age of 14, restricts the hours and types of work that can be performed by minors under 16, and prohibits the employment of minors under the age of 18 in any hazardous occupation.

Hi, thanks for the great information. How old does he have to be to be paid?

God bless him

What a cutie!

The son will blow it faster than you can say peppa pig 😅

Until you tank his credit and cause bankruptcy twice before 18

Are you going to be around the Houston area for a conference any time in the near future?

My son turned 1 a few weeks ago and already has over 1k in his high yield savings account. No one has an excuse, but everyone does have priorities.

“Anyone can be rich, just do this”

U r a great father ❤

Since you’ve hired your son, you need to pay the social security and Medicare portions. So 6.2 percent for his portion and 6.2 for employer portion. You’d also need to do the same for Medicare. These videos could get people in tax trouble…