Want to set your child up for financial success? In this episode of Earn Your Leisure, hosts Rashad Bilal and Troy Millings break down five key strategies to build generational wealth and help your child become a millionaire.
They discuss how life insurance can be used as a financial asset, allowing cash value to grow tax-free. A Roth IRA is another powerful tool, leveraging tax-free growth to turn early contributions into long-term wealth. Setting up a UTMA trust ensures assets like stocks, real estate, or cash are protected and managed responsibly. Real estate investing provides passive income and appreciation, creating a stable financial foundation. Lastly, stock gifting takes advantage of tax-free transfers to build a strong investment portfolio from an early age.
By implementing these strategies, parents can use compound interest, tax-free investments, and structured financial planning to secure their child’s financial future. The earlier you start, the greater the impact. Which strategy will you use first? Let us know in the comments!
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0:00 Intro
0:38 What is Generational Wealth?
2:12 Tribute to Junior Bridgeman
4:50 Why Start Investing Early?
7:02 The Power of Financial Education
9:00 Life Insurance: A Key Wealth Tool
11:01 Term vs. Whole Life Insurance
22:04 Roth IRA for Kids
26:04 How to Set Up a Roth IRA
32:32 UTMA & UGMA Accounts
36:42 Using Trusts to Protect Assets
41:05 Real Estate for Generational Wealth
44:59 Structuring Real Estate for Kids
50:33 Stock Gifting & Tax-Free Transfers
54:49 How to Get Started Today
57:18 Outro
