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💰Money Monday: Financial gift ideas for kids during the holidays

Let’s do a gift-giving Money Monday for the kids. Mine and my husband’s goal is to have generational wealth. We have the knowledge to do it and the ambition and we intend to set our son up for financial freedom.

Here are some 💰 money ideas for kids during the holidays!

🎁529 contribution- This is our preferred strategy and what my husband and I use for Colton. It’s a great way for relatives to help contribute to college. Grandpa, grandma, aunts, and uncles can contribute to your child’s account. The assets grow tax deferred and the donor gets a tax deduction. It’s beneficial to do this because your child can use the funds for college, the government doesn’t ding them for having these assets, and you as the parent still control how the assets are used.

🎁UTMA- You can move funds into your child’s UTMA/UGMA instead of a savings account. Using index strategies these funds grow around 9% for your child’s future wealth. These are great in concept but your child will have access to these funds at a young age (18-25) and can do whatever they want with this money.

🎁Gift stocks and print out the certificate. My Grandaddy did this for me with @cocacola stock and we loved to watch it grow.

💰While your kids are at home, give them “jobs” around the house and actually pay them. Telling your child they can play after chores are done works, but paying them to do a job gives them greater incentive to work and help out to get the tasks completed. Start teaching them about money early. You can even ask them if they’d rather take the $1 now or $5 tomorrow.

💰Get your kid(s) a credit card. Add them to your account or get a secured credit card. This one might be a little over the top but it will help them build credit. Make purchases together and pay them off every month together. By the time they need to make a big purchase they’ll have great credit and understand credit cards, preventing misuse.

Studies show that kids no longer see actual money, as in cash, so they don’t understand the value of $20 or $50 anymore.

You can start with a card like @greenlightcard to give your child a debit card or visit your bank to see if they are old enough to be eligible for one. It teaches them that the value of their bank account is affected by each purchase. They can track balances and use the card when out and about shopping with you.

🏦If you need help building wealth and investing email my husband [email protected] for a free consultation.