I have 3 kids (13,10, 1) yes, he turns 1 next week so there’s a 9 year gap 😂 I constantly think about setting them up financially for the future. AI scares the hell out of me.
I have a UTMA brokerage account for the 3 of them. The two oldest have $3k each and the $1k for the baby. I never started a 529 Plan but now with the $35k Roth rollover I wish I had. Im going to sell their brokerage and move the money into some place else.
I’m looking to contribute $5k a year to each of them.
13 year old (5 years left of school and will likely go to college): probably too late to start a 529 plan and when he turns 14 and starts working I can contribute $5k to his Roth.
10 year old (8 years left and no clue what she wants to do): not sure if I should get $35k into a 529 plan so she can pay off school or roll over to a Roth? She can start earning income in 4 years so I can contribute to her Roth and in the meantime contribute to her Trump account which can get turned into a Roth after paying taxes later on.
1 year old I’m definitely starting a 529 plan and getting it to $35k. I also want to contribute to his Trump account until he starts working.