That Financial Guy
That Financial Guy is a podcast dedicated to making financial planning and investing easy to understand and to implement. Keith and Jack Wilson are practicing financial advisors who own a financial planning firm, Wilson Financial Advisors. They are a father and son team "spreading a wealth of information" helping you along your personal finance journey. Whether its personal finance including investments, retirement planning, estate planning, financial planning, college funding, budgeting and more you will find it here! Securities and Advisory Services offered through LPL Financial, a Registered Investment Advisor. Member FINRA/SIPC.
That Financial Guy
EP# 26 Accounts For Kids
In this episode of That Financial Guy, I break down the various investment accounts available for kids and how they can set the foundation for a strong financial future. From saving for college to teaching them about investing early, I will explore the key differences between:
- 529 Plans – The go-to option for education savings with tax advantages, but with restrictions on how the funds can be used.
- UTMA Accounts – A flexible way to gift assets to minors, but control shifts to the child at a certain age.
- Custodial Roth IRAs – A powerful, tax-free growth opportunity for kids with earned income, setting them up for long-term wealth.
- Regular Brokerage Accounts – A simple and flexible way to invest, but with flexibility
I will discuss the benefits, limitations, and tax implications of each, helping you decide which account is the best fit for your child’s future goals. Whether you're saving for college, building generational wealth, or just looking for a smart way to introduce investing, this episode covers what you need to know.
Helping you to be wise with your money!
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