A listener named Lauren DMed Nicole with a simple question: what is she doing to make sure her daughter has more money than she did growing up? Today, Nicole answers in full, walking through the exact accounts, strategies, and tax moves she is using to build wealth for her toddler from day one.
Nicole breaks down the three accounts she opened for her daughter (a 529, a custodial Roth IRA, and a custodial brokerage account), why she gifts directly into the 529 for every holiday, and how she is legally paying her daughter through her business to shift income into a lower tax bracket. Tax strategist Carlton Dennis joins with a clip explaining the rules around paying your kids: what counts as reasonable compensation, how the standard deduction plays into it, and why starting a custodial Roth IRA early can turn a few thousand dollars into over a million by retirement.
Nicole also gets into the life insurance decision every parent needs to make. She explains the real difference between term and whole life insurance, why she chose term for her family, and when whole life actually does make sense.
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https://themoneyschool.com
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Nicole brings the same sharp, practical money insight that powers Money Rehab to television, podcasts, keynote speaking, and corporate events.