About this episode
In this impactful clip of Market Mondays, hosts Rashad Bilal, Troy Millings, and Ian Dunlap share their expertise on financial planning for your child's future. Rashad discusses the power of compounding interest and the long-term benefits of investing in a Roth IRA for your child. With as little as $8,000 invested between the ages of 14 to 17, Rashad illustrates how this can potentially grow to a whopping $325,000 by the time they reach retirement, all tax-free and with a staggering 3968% rate of return. He emphasizes the idea that this is not just money for the sake of money; it's about securing your child's financial future and providing a stable foundation they can rely on as they age. Alongside Rashad's insights, Ian stresses the importance of long-term investment and planning for family succession, while Troy highlights the need to prepare for the future responsibilities that come with retirement, including caring for older generations. They all agree that the early start in savings is a gift that can help your child with major life milestones like buying a home or supporting their descendants. Whether you're an entrepreneur with the ability to start saving earlier than the typical working age or a regular employee, Rashad, Ian, and Troy advise that it's never too soon to plan ahead. The clip isn't just financial guidance; it's a plan for generational wealth building that every parent should consider. #marketmondays #RothIRA #ChildRetirementFund #CompoundingInterest #FinancialPlanning #GenerationalWealth #Investment #RetirementSavings #TaxFreeGrowth #FamilyPlanning Our Sponsors: * Check out PNC Bank: https://www.pnc.com * Check out Square: https://square.com/go/eyl Advertising Inquiries: https://redcircle.com/brands Privacy & Opt-Out: https://redcircle.com/privacy See omnystudio.com/listener for privacy information.