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Speaker 1: Welcome to another episode of the Chicks on the Right

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podcast where we talked to our friend and sponsor of

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the show, Zach Abraham from Bulwark Capital Management. And today

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we have a question about finances and kiddos, because there

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are lots of people out there who have questions about

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when and if they should start saving or investing for

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their kids. Now, granted, that's not something everybody can do,

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and I would think that the right thing to do

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is the mask and the airplane, right, Like, you make

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sure your own needs are taken care of, your own

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retirements taken care of before you even think about helping

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out the kiddos. But is that right or should everybody

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be maybe investing a little bit in their kids, whether

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it's education or whether it's retirement for their kids.

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Speaker 2: Well, so it's funny we were talking offline.

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Speaker 3: I was actually engaged in a conversation about this today.

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I was responding to a tweet where another financial guy

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CPA know any manager type put out a guideline a

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thread on how to build your child's UH trust fund? Right, so,

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how to accumulate enough money to where your kid doesn't

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need to work or something like that. Yeah, And well,

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my first response is was, like, guys, the only person

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out there that would want to create a trust fund

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for their child is somebody that has never been around

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people that were trust fund based.

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Speaker 2: Not how they're not happy. Suicide rates are.

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Speaker 3: Yeah, addiction rates are higher, Divorce rates are like double

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or triples. It's not good, right, Like everybody should know that.

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So now, but what I am going to do. There's

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a there's a there's a hack out there that I

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that I want to I'm gonna give to everybody free

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of charge. It's one of my favorites. But but it's

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for and I'll get to it just after this. But

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should you be saving for college if you can? Absolutely?

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The other thing too, is is you know, I think

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that you should be having conversations about what you expect

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as far as college goes, like.

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Speaker 2: What are we saving for? You know?

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Speaker 3: I think that there is incredible ways to do college,

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unlike so many people are doing it today, where you

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can get an excellent degree and not go massively into debt.

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Community college is one of those things. Yeah, I don't

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want to go to union college. Okay, Well, you don't

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want to be a quarter of a million in debt.

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I can tell you that, right, But yeah, should you know,

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so should you start saving for those kinds of things? Yeah,

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if you can. But you said it perfectly, which is

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should you right? Well, should you if you are taken

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care of first, right, Like you're you're not working so

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your kids don't have to work someday. Right, We're working

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so your kids don't have to pay for you someday.

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Speaker 2: Right.

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Speaker 3: So that's the break you're going to give the kids.

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But as far as saving for the kids goes, this

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is something that people can take advantage of. You need

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to tack talk to your your own tax person, okay,

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But it's much easier to take advantage of this if

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you own a business.

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Speaker 2: But it's not the only.

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Speaker 3: Way to take advantage of this. So one of the

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great my favorite thing for my kids planning. So I'm

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a guy that mans money for a living. The only

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accounts I have opened for my kids are individual brokerage

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accounts where they're involved with me. We'll pick out some

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stocks things like that, and then they're wroth iras.

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Speaker 2: Okay.

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Speaker 3: And why do I say wroth Because for me, the

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wroth is the best education funding tool for me and

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my family in my situation.

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Speaker 2: What is the drawback to a wrath.

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Speaker 3: If you go into some of these five twenty nine

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probably called savings accounts that are designed for that you

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can have higher contributions per year, the wroth is going

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to limit you do I believe seven thousand year, Okay,

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so you can get up to I think twenty five

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thousand and some of these other colled savings accounts, but

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some serious drawbacks. So a most of these college savings

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accounts will require you to spend the money down at

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some point in the not too distant future. The money

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can be applied only to education purposes, and I think

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they I think you can use it to first first

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time home purchases as well. But if you don't use it,

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you're going to have to take it and pay taxes

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on it. It's it's one of those deals, right. The

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other thing I don't like about those accounts is they

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have predetermined allocations, meaning they tell you what you can

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invest in. Okay, So for somebody that manages money, obviously

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that makes them unattractive to me. I would much rather

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and I am very confident that we will generate significantly

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better results than the prepackaged portfolio they put inside them.

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And one of the reasons I say that is because

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all of those prepackaged portfolios come with a secure part

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like bonds in them. Okay, so if you flip over

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to a WROTH account, you can put in less, but

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a WROTH account gives you all of this. You can

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use wrath money without penalty, without taxes or college. You

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can use WROTH money for first time home purchases. But

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here's the difference. You don't have to run it down,

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and you guys can play with the numbers yourself. Look

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at Now, maybe you can't do this much, but just

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go look at seven thousand a year over the course.

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Speaker 2: Of your child's life.

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Speaker 3: Okay, up, and let's say they continue putting that money

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into the wrath. And if you run that putting in

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seven thousand dollars a year and assume a ten percent

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interest game right, just less than the stock market is paid.

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The amount of money that you will generate that kid

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that is tax free, is going to be incredible. And

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that money can be used for education, can be used

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for a first time home purchase, but doesn't have to

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be Now here's the catch.

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Speaker 2: Here's where it gets really interesting.

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Speaker 3: The bummer about a wroth is you don't get a

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tax right off.

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Speaker 2: Okay, but there is a right because you.

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Speaker 1: Use there is a putting it in after taxes.

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Speaker 3: Yeah, yes, it has to be off earned income. But

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here's a little catch. Now again, run this by your

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tax person. What I can promise you is I've gone

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over with my tax people. This is one hundred percent legal.

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I don't mess with the irs. Okay, but still even

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though just it's it's bad business, right, but it's it's

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like messing with the sec. You just don't want any

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of that, right, But this is completely legal, and you

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got to deal with your own tax person. But there

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is a way to get the deduction and the WROTH okay,

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which is really sweet because and this is the only

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legal way I know how to do this where you

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can get a tax deduction, putting the money, the WROTH

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money into your kids accounts and the money will forever

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be tax free. And remember with the WROTH here's the

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other reason why I like ROTH. If you need to

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pull the money out, you can always pull out your

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principle penalty free.

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Speaker 2: So this is why it's great for small business owners. Right.

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Speaker 3: And if I'm doing good, I can contribute to the

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kids WROTH and all that kind of stuff.

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Speaker 2: But if I run into a tough.

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Speaker 3: Year, I like, I don't want to raid the kids accounts,

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but if I have to, I put it in there, right, like,

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if I keep the business opening money, and I can

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pull the principle out without any penalties. But here's how

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you can do it. So, especially if you own your

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own business, you can hire your children to work part

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time at your business.

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Speaker 2: And that is whatever.

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Speaker 3: Maybe that's them sweeping the fact, maybe that's them sweeping

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out the garage of the business. Maybe that's them working

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in my office space. Whatever that is. As long as

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they do not make more than ten thousand dollars in

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the year, they don't have to pay income tax. Okay,

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ten thousand or below, you don't owny income tax, okay.

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But I'm hiring them to work at my business, so

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I get a deduct the money I'm paying them off

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my taxes, right, and they get the earned income And

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so then out of that ninety five hundred dollars or

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whatever they made that year, because it's earned income, they

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can make a seven thousand.

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Speaker 2: Dollars off contribution. So now you are.

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Speaker 3: Building roths in the accounts that can be used that

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you can pull the money out penalty free if you

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need to. The kids can use for education, just like

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a college savings plan. The kids can use for a

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first time home purchase. But if they don't need either

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one of those, then there's no time limit. They can

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let that wrath roll on until they're retired, and then

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they're sitting on a big pile of non tax money.

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Speaker 4: So why didn't I know about this ten years ago?

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Speaker 3: It's look, I don't know why more people don't talk

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about this, but this is a beautiful funding mechanism. The

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other thing I like about it right now is so

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many of us kind of feel up in the.

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Speaker 2: Air about college. Right the whole era around or the

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aura around.

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Speaker 3: College has shifted, and way more parents are looking at

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community college, way more parents are sitting there going I'm

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hearing more and more kids talking about going to trade schools,

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which I think is wonderful. So this is a way

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where we can contribute and save for college without being

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law walked into college and not have to have some

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onerous tax situation if the kid chooses not to go, right,

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But that that, to me is something everybody should do.

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If they can do something like that, pay the kids

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for what they do.

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Speaker 2: Right.

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Speaker 3: I know of a client that did it with just

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his kids working around the house. Right, he just just

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like he can ride off.

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Speaker 2: I believe you can.

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Speaker 3: Yeah, yeah, you can write off a handyman work around

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the house, I believe.

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Speaker 1: Right.

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Speaker 3: So yeah, so it's hiring an employee, so you can

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do it that way.

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Speaker 4: It's beautiful, It's brilliant. I love this. I'm just mad

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that I didn't know about it earlier because and this

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is the kind of stuff that you just you don't

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hear about because you hear about some of these like uh,

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you know, like Texas has the Texas Tuition fun and

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we pay into that. But you're you're absolutely right, because

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what if my daughter decides she wants to go out

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of state, Well we're going to get things, you know, Yeah,

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we're going to get so you think you're doing the

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right thing. But like during it, I wish I would

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have known about it.

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Speaker 1: You know. That's because like nobody knows what they don't know,

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and so you can you can have a tax person,

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you can have an accountant, but like if you don't

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know the questions to ask, then you don't know this stuff, right.

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Speaker 3: Yeah, yeah, And then also right, like if you walk

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in somewhere and they're like, oh, yeah, here's a five

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twenty nine, this is the college savings plan, So naturally

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that's what you should do.

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Speaker 2: Right, Well, if you look at it, most people.

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Speaker 3: That are funding one of those aren't funding it by

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seven thousand years, right, They're not reaching The only reason

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to do it is if you're really confident your kid's

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going to go to school and you need to be

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putting away the maximum amount and getting that deduction.

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Speaker 2: Otherwise do the WROTH.

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Speaker 4: What I'd loved about what you said before about including

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your kids and making some of the decisions about the

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WROTH is basically giving them a financial education that they

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wouldn't have had otherwise, which I think is so invaluable

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because so many kids have no idea about any of

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that kind of stuff. They don't learn it in school,

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and so that's something that you're also teaching them that

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they're going to be able to take that and carry

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what So if they don't go to college, or if

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they do or whatever, they're still going to have that

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financial education that you've given them.

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Speaker 2: Yeah, and.

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Speaker 3: There's so many parts to financial literacy too, Like one

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of the things you gotta like I would challenge everybody

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out there.

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Speaker 2: And this is kind of a personal belief of mine.

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Speaker 3: If it doesn't correspond with yours, that's fine, But I

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feel pretty adamant about it. In this day and age,

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you know the old adage, we don't discuss religion and politics, right,

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or we don't discuss money in whatever. I think those

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three things should be discussed at every dinner table every night, right, Money, religion,

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and politics, because that's what matters, okay, And money is

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a very important part of that. And when your kids,

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for a variety of reasons, right A, understand value, b

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understand what work it's going to take to duplicate the

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life that they grew up in, right see, help them

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understand also that money does not fix all of your problems.

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In contrary to the culture you're living in right now,

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money is not the single most important thing. If you

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live your life like that, you're going to be horrifically disappointed.

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Speaker 2: But you know, there's just so many different parts to it.

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Speaker 3: The other thing is, I've got a young cousin that

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just started working for me, and he's starting out kind

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of you know, starting out on the bottom round. And

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he's been more of a philosophy, philosophy, major international religions,

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things like that.

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Speaker 2: More of an artistic guy.

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Speaker 3: But like he and I were discussing, I was like, look,

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if you're trying to understand the world around you and

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you don't understand the money financial component, you do not

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understand the world around you, right, because it is the

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baseline foundational whether you want to acknowledge it or not.

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If you don't have a financial education, you don't have

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an education, right right, You just you don't know what

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you don't know.

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Speaker 1: And people can get a little bit of that education

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from your webinars that you host on the regulars.

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Speaker 2: Yeah, the best man, right, Rabbit, it's impressive.

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Speaker 3: Okay, So if you've thought we've sounded interesting, if you

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like our little roth hack and want to know the

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other kind of stuff that we can do, and we

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do offer a lot of services that are different. We've

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worked with several high network people that have really big

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concentrated positions in a single stock or helping them make

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that tax efficient and also guard them against that stock dropping.

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So there's a lot of other sophisticated things that we

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can do that other shops don't. But you can learn

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about all of that go to Bulwerkcapitalmanagement dot com.

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Speaker 2: Sign up there free of charge and yeah, thank you, ladies.

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Investment advisory services offered through Trek Financial loc and SEC

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Registered Investment Advisor.

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Speaker 3: The opinions expressed in this programmer for general informational purposes

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only and are not intended to provide specific advice or

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recommendations for any individual or on any specific security. Any

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references to performance of security so it thought to be

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materially accurate and actual performance may different.

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Speaker 2: Investments involved risk and are not guaranteed. Past performance doesn't

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guarantee future results. Trecting for through Zeroly