Latest news with #Stockpile
Yahoo
12-05-2025
- Business
- Yahoo
4 Ways To Start Building Generational Wealth for Your New Baby
Starting a family — or expanding on your current one — is exciting, but one of the big questions you might have is how to set your little one up for success. Those first 18 years might seem like they'll last forever, but they fly by. The sooner you start financially planning, the sooner you can set your child up for financial success and build generational wealth for them and your family as a whole. Read Next: Find Out: Here are some ways to get started. Also see four ways to raise kids to be financially independent as adults. A 529 plan is a tax-advantaged plan designed to help with your child's (or grandchild's) college expenses. Contributions aren't tax-deductible, but withdrawals are tax-free if used for 'qualified' higher education expenses — like tuition, school fees or required materials. Thanks to the SECURE 2.0 Act, you can also roll over any unused 529 plan funds into a Roth IRA — without taxation. There are certain rules to follow, though. For example, the 529 plan must have been active for at least 15 years. The 529 plan beneficiary and the Roth IRA owner must be the same person. 'Being able to roll over unused 529 plan funds can give your children a great head start in planning for retirement,' said Michael Rodriguez, CFP, owner of Equanimity Wealth. Learn More: Setting aside a savings account for your child is a great step to help them build wealth. As long as you only add to the account, the money will grow over the years — potentially until your child is 18 or older and you can switch over the account. Just think of what 18 years of consistent (ideally, automatic) savings can do for your family. Say you deposit $1,000 into an account with a 4% annual percentage yield when your child is born. Now, say you deposit $50 a month every month until your child turns 18. By the end, they'll have nearly $18,000 — and that's assuming you never invest it or put the money into an account with a higher yield (like a certificate of deposit or investment account). Investing is one of the best ways to build generational wealth. The sooner you get started, the sooner you can get your child on the right path financially. There are plenty of ways to invest, but some experts suggest going with stocks. 'If you start when your child is a newborn and invest just $8 a day into the S&P 500, they could have over $100,000 by the time they graduate high school at 18, assuming an average annual return of 7%,' said Victor Wang, CEO of Stockpile. According to Wang, starting early is 'everything.' Don't take the power of financial literacy for granted. Just because you have money to leave behind doesn't mean it'll last. Nor does it mean your children will know how to use it wisely. 'Teach your kids good money skills early, like how important it is to save first, invest second and spend last, so they learn how to manage money responsibly,' Wang said. 'Start the money conversation early and be mindful about your own emotional relationship to money: Your attitude creates their attitude. If you're positive and optimistic about money, your kids will be too.' It's okay if the conversation gets tricky at times. And it's okay to repeat the lessons you want your kids to learn. They might not understand everything right away, but the things you teach them now will go a long way toward setting them up for success. More From GOBankingRates 5 Types of Vehicles Retirees Should Stay Away From Buying How Far $750K Plus Social Security Goes in Retirement in Every US Region 4 Things You Should Do if You Want To Retire Early 12 SUVs With the Most Reliable Engines Sources Michael Rodriguez, Equanimity Wealth Victor Wang, Stockpile This article originally appeared on 4 Ways To Start Building Generational Wealth for Your New Baby
Yahoo
01-05-2025
- Business
- Yahoo
3 Debit Cards That Help Teach Kids Useful Money Habits
When it comes to money, it is never too early to learn how to use it wisely. During childhood, money can feel like a mystical resource that comes and goes, yet will probably always be available in some way. However, once adulthood hits, reality crashes down and, for some, the lesson is learned the hard way. Consider This: Explore More: Luckily, there are several different strategies for teaching your kids financial literacy with a hands-on approach. One of the best ways to do this is with a debit card equipped with features and tools for your child to learn how to best manage money on their own. Here are three debit cards to get your child in order to teach them wise money habits. The platform Stockpile used to just be a starting place for kids to learn about investing. Now, they've leveled up with a new Teen Debit Card. This card gives children the opportunity to understand how their cash flow operates by connecting real-word spending transactions to their account on the Stockpile app. 'Giving kids their own debit card isn't just about spending, explained Victor Wang, CEO of Stockpile. 'It's about teaching them the full circle of financial responsibility. When kids see how saving, investing and spending all connect through their card and app, they learn how to make financial choices that set them up for long-term success.' Be Aware: Your kids can learn all about personal finance and money management with the Chase First Banking card, a debit card that was designed with children in mind. However, you as the parent are in control of the lessons to be learned, including spending, saving and earning features that you can collaborate on as a family. In the opinion of Adem Selita, co-founder of The Debt Relief Company, debit cards like this one are smart ways to help your child establish good money habits and prepare them for what is inevitably to come. Selita added that debit cards '…are more difficult to manage than cash in a lot of ways because purchases have to be actively thought about and reconciled with mom and dad.' This lesson teaches kids to be more thoughtful and careful when it comes to what they spend their money on. R.J. Weiss is the CEO of the personal finance site The Ways to Wealth, and made his own list of the best debit cards to teach his kids financial literacy, eventually ranking Acorns Early as his top contender. 'Where Acorns really stood out for me was in long-term investing, which is what I care most about,' shared Weiss. 'In a perfect world, my kids would be able to see the ups and downs of the market — but understand that not touching the money is what allows it to grow.' The other feature that stood out to Weiss was that Acorns focuses on investing in low-cost ETFs instead of stocks, which aligns more with the behavior that Weiss wants to teach his kids when it comes to money management. More From GOBankingRates 5 Luxury Cars That Will Have Massive Price Drops in Spring 2025 4 Things You Should Do if You Want To Retire Early How Far $750K Plus Social Security Goes in Retirement in Every US Region 12 SUVs With the Most Reliable Engines Sources Stockpile: The debit card built for teens and kids. Victor Wang, Stockpile Chase First Banking: Debit Card for Kids and Teens Adem Selita, The Debt Relief Company R.J. Weiss, The Ways to Wealth Acorns Early Invest This article originally appeared on 3 Debit Cards That Help Teach Kids Useful Money Habits Sign in to access your portfolio
Yahoo
07-03-2025
- Business
- Yahoo
Cryptocurrency Fort Knox: Trump creates US bitcoin reserve
President Donald Trump signed an executive order Thursday establishing a Strategic Bitcoin Reserve and Digital Asset Stockpile, continuing his administration's embrace of the cryptocurrency industry. The announcement came on the eve of a Crypto Summit Trump is scheduled to host Friday at the White House with industry leaders. "Just as it is in our country's interest to thoughtfully manage national ownership and control of any other resource, our Nation must harness, not limit, the power of digital assets for our prosperity," the order states. The bitcoin in the reserve will come from assets held by the U.S. Department of Treasury that were seized in court proceedings or paid in civil penalties to executive agencies. David Sacks, the White House czar for cryptocurrency and artificial intelligence, posted on X that the U.S. has roughly 200,000 Bitcoin but "there has never been a complete audit." He added that the order requires "a full accounting of the federal government's digital asset holdings." Sacks called the Reserve "a digital Fort Knox for the cryptocurrency." The executive order describes Bitcoin as "digital gold." The Digital Asset Stockpile also will come from assets seized in court proceedings. The executive order directs the Treasury and Commerce secretaries to work on "strategies" for acquiring additional bitcoin that are "budget neutral and do not impose incremental costs on United States taxpayers." Trump signed an executive order in January creating the President's Working Group on Digital Asset Markets and charged it with investigating the creation of the Stockpile." In a pair of social media posts Sunday, Trump mentioned five different cryptocurrencies that would be included in the stockpile, causing their values to spike. Trump promoted cryptocurrencies on the campaign trail, telling a crowd gathered in Nashville in July for the Bitcoin Conference that he wanted to make the U.S. 'the crypto capital of the planet and bitcoin superpower of the world.' He has promised favorable regulation of the industry, which supported his campaign. Trump also has a financial stake in the industry, launching a pair of cryptocurrency tokens and owning 60% of the crypto platform World Liberty Financial. Sacks, a prominent tech investor, posted on X recently that he sold all of his cryptocurrency prior to Trump taking office. President Joe Biden's administration clashed with the volatile cryptocurrency industry over regulations, and brought enforcement actions against some crypto companies. Trump is ushering in a more friendly approach to the industry. He has suggested a bitcoin reserve would keep the U.S. at the forefront on cryptocurrency. Sen. Cynthia Lummis, R-Wyo, filed legislation aimed at creating a bitcoin reserve. While acknowledging concerns about its volatility, she said it could help pay down the national debt and boost the U.S. dollar. 'While there may be short-term volatility, over the long term a bitcoin reserve like this will serve as an important and stable store of value,' Lummis wrote in a letter published in The Wall Street Journal. Contributing: Bailey Schulz This article originally appeared on USA TODAY: Donald Trump boosts crypto with new Strategic Bitcoin Reserve Sign in to access your portfolio
USA Today
07-03-2025
- Business
- USA Today
Cryptocurrency Fort Knox: Trump creates US bitcoin reserve
President Donald Trump signed an executive order Thursday establishing a Strategic Bitcoin Reserve and Digital Asset Stockpile, continuing his administration's embrace of the cryptocurrency industry. The announcement came on the eve of a Crypto Summit Trump is scheduled to host Friday at the White House with industry leaders. "Just as it is in our country's interest to thoughtfully manage national ownership and control of any other resource, our Nation must harness, not limit, the power of digital assets for our prosperity," the order states. The bitcoin in the reserve will come from assets held by the U.S. Department of Treasury that were seized in court proceedings or paid in civil penalties to executive agencies. David Sacks, the White House czar for cryptocurrency and artificial intelligence, posted on X that the U.S. has roughly 200,000 Bitcoin but "there has never been a complete audit." He added that the order requires "a full accounting of the federal government's digital asset holdings." Sacks called the Reserve "a digital Fort Knox for the cryptocurrency." The executive order describes Bitcoin as "digital gold." The Digital Asset Stockpile also will come from assets seized in court proceedings. The executive order directs the Treasury and Commerce secretaries to work on "strategies" for acquiring additional bitcoin that are "budget neutral and do not impose incremental costs on United States taxpayers." Trump signed an executive order in January creating the President's Working Group on Digital Asset Markets and charged it with investigating the creation of the Stockpile." In a pair of social media posts Sunday, Trump mentioned five different cryptocurrencies that would be included in the stockpile, causing their values to spike. Trump promoted cryptocurrencies on the campaign trail, telling a crowd gathered in Nashville in July for the Bitcoin Conference that he wanted to make the U.S. 'the crypto capital of the planet and bitcoin superpower of the world.' He has promised favorable regulation of the industry, which supported his campaign. Trump also has a financial stake in the industry, launching a pair of cryptocurrency tokens and owning 60% of the crypto platform World Liberty Financial. Sacks, a prominent tech investor, posted on X recently that he sold all of his cryptocurrency prior to Trump taking office. President Joe Biden's administration clashed with the volatile cryptocurrency industry over regulations, and brought enforcement actions against some crypto companies. Trump is ushering in a more friendly approach to the industry. A government stockpile of digital assets could help pay down the national debt, advocates say. Sen. Cynthia Lummis, R-Wyo, filed legislation aimed at creating a Bitcoin reserve. 'While there may be short-term volatility, over the long term a bitcoin reserve like this will serve as an important and stable store of value,' Lummis wrote in a letter published in The Wall Street Journal.
