Baby Bieber is officially here.
And this is what I would do if I was the Bieber’s money manager
to set Jack up for financial success.
And what you can do if you have your own kids or planning to have them.
I’m Vivian, your rich BFF and your favorite Wall Street girly,
and I’m teaching you all the personal finance you didn’t get in school.
First up, we’d open up a custodial Roth IRA.
When Jack makes money as a child star
or your kid makes money mowing lawns or babysitting,
this money can be invested in this tax advantaged account.
Why should they do that?
Cause $200 invested into this account every single month
works out to be about $3 million in retirement,
not taking into account any other savings.
Or investing 2.
We’d open up a 5 2 9 account to start investing for Jack’s education.
Jack will probably have to go to private school,
and then he might want to go to music school or art school
or even a traditional college.
And a 5 2 9 can help with those expenses.
Best part,
mom and dad might be eligible for a state tax benefit for doing so.
And if he doesn’t need the money,
they can actually roll up to $35,000 of it
into a retirement account for him.
And last,
we make Jack an authorized user on one of his parents credit card
so he can start building his credit now
so one day he can Get a car or mansion of his own, with the best terms