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Wealth Tips: Making Kids Rich - Episode 565

The Prosperity Podcast

Release Date: 04/30/2024

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Unveil the millionaires' playbook! In this episode of the Prosperity Podcast, expert Kim delves into 9+ strategies on how wealthy families build and shield their wealth—and their kids' future. From tax-savvy trusts to the controversial 529 plans, discover actionable methods to enhance financial literacy and capability in your household. Bonus: Kim reveals a "silver bullet" often missed by many! Perfect for parents & future planners. Tune in now!


Prosperity Thinkers is proud to be an affiliate of the transformative Gravy Stack movement, helping individuals around the world unlock their potential and achieve financial freedom. By providing resources, tools, and mentorship, we contribute to creating a culture of abundance, possibility, and growth. Please note, that as an affiliate, we may receive compensation for our efforts. Our collaboration, however, goes beyond financial arrangements; we truly believe in the power of the Gravy Stack movement to change lives and foster prosperity.


Best-selling author Kim Butler and Spencer Shaw show you how to take more control of your finances. Tune in to The Prosperity Podcast to learn more about Prosperity Thinkers' thinking and strategies today!


Do you have a question you would like answered on the show? Please send it to us at [email protected] and we may answer it in an upcoming episode.

 

Links and Resources from this Episode

Show Notes

  • Tax strategy: Follow or not follow the tax code?
  • Trusts for wealth protection and tax benefits.
  • The pitfalls of irrevocable trusts.
  • Custodial Roth IRAs and their limitations.
  • Taxable brokerage accounts and gift tax exemptions.
  • Why to avoid 529 plans.
  • Hiring kids legally for tax benefits and life skills.
  • The need for a business for tax advantages.
  • Financial literacy vs. financial capability for kids.
  • The truth about compound interest and taxes.
  • Addressing misconceptions about investing in the S&P 500 for children's wealth.
  • The crucial role of whole life insurance in wealth growth and protection.


Special Listener Gift
Free eBook: Activating Your Prosperity Guide.

Kim Butler's groundbreaking eBook/ audiobook explains why typical financial advice may be sabotaging your wealth... and what to do instead! 

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