My daughter’s only a toddler but she’s on track to be a millionaire by the time she’s 30 – it’s easy once you know how
ACCORDING to one dad, parenting responsibility 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 reaping some serious riches.
“My daughters will be millionaires by 30,” said Brennan (@budgetdog_).
The girl dad of a toddler and baby wanted everyone to get in on his money-making method.
His strategy, intended to set his children up for success, included putting $250 into a 529 plan that they could use for college.
He and his wife were also putting this same amount into a parent taxable brokerage so they could learn how to best invest.
He was also his kids’ first employer.
“They get paid by BudgetDog LLC to be in reels like this. Fifty-dollars an hour goes to their Roth IRA,” he said.
And he believed it was the skill more so than the stash of cash that was the most important part of all.
“They’re learning about compound interest when they’re young. One dollar at their age is over $148 when they turn retirement age,” he said.
This will lead to some big bank for these babies.
“Ten thousand dollars one time gives them a $1.48 million retirement. It’s time to take control of our kids’ future.”
To help other parents achieve their investing goals, he even hosts free child investing workshops.
Brennan convinced his fans that anyone was able to set their kids up for a healthy financial future.
“If only I had extra money at the end of the month after rent, groceries, car payment, etc.,” said one follower.
“You can. Check out my free training,” he replied.
“Time is your biggest wealth-building factor,” he said in a second video where he also expanded on his money-saving tips.
His tutorial for giving your kid a head start at success included his easy 529 college savings plan that accumulated money while you sat at home.
By having $250 a month automatically invested, the project total by the age of 18 is $120,000.
“With scholarships, grants, them working, this will cover their in state school,” he said.
A 529 college savings plan is a state-sponsored investment plan that enables you to save money for a beneficiary and pay for education expenses.
You can withdraw funds tax-free to cover nearly any type of college expense.
With another $250 automatically invested through parent taxable brokerage, the projection by the age of 30 was up to $400,000.
By investing through a Roth IRA with as much as they can earn through BudgetDog with more modeling and content projects, he projected his kids could earn another $697,000 also by 30.
His toddler might have seemed preoccupied with her playtime, but one day she will be sitting pretty on a pile of well-earned income.