My daughter is just a toddler, but she is on her way to being a millionaire by the age of 30
ACCORDING to one dad, the responsibility of parenthood includes financial planning for the future – and it starts now.
His young daughter doesn't know it yet, but she's already on her way to amassing some serious wealth.
“My daughters will be millionaires by the time they're 30,” Brennan said (@budgetdog_).
The girl father of a toddler and baby wanted everyone to participate in his money-making method.
His strategy, designed to set his children up for success, included putting $250 into a 529 plan that they could use for college.
He and his wife also put this same amount into a parental tax brokerage so they could learn how to best invest.
He was also the first employer of his children.
“They are paid by BudgetDog LLC to be in these types of roles. Fifty dollars an hour goes into their Roth IRA,” he said.
And he believed that the skill rather than the stash of cash was the most important of all.
“They learn about compound interest at a young age. One dollar at their age is more than $148 when they reach retirement age,” he said.
This will create a large couch for these babies.
'A one-off ten thousand dollars gives them a pension of $1.48 million. It is time to take our children's future into our own hands.'
To help other parents achieve their investing goals, he even hosts free investing workshops for kids.
Brennan convinced his fans that anyone could give their children a healthy financial future.
“I wish I had extra money at the end of the month after rent, groceries, car payments, etc.”, said one follower.
“You can. Check out my free training,” he replied.
“Time is your biggest factor in building wealth,” he said in one second video where he also expanded his money saving tips.
His tutorial for giving your child a head start on success included his simple 529 savings plan for college, which helped you accumulate money while stuck at home.
By automatically investing $250 per month, the project total at age 18 will be $120,000.
“With grants, scholarships and those working, this will cover their state school,” he said.
A 529 college savings plan is a state-sponsored investment plan that allows you to save money for a beneficiary and pay for education costs.
You can withdraw money tax-free to cover almost any type of college expense.
With another $250 automatically invested through the parent's taxable brokerage, the projection was a maximum of $400,000 by age 30.
By investing through a Roth IRA with as much as they can make through BudgetDog with more modeling and content projects, he predicted his children could also earn another $697,000 by age 30.
His toddler may have seemed preoccupied with her playtime, but one day she will be quite sitting on a pile of well-deserved income.
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