Investing for your kids, my next book, life balance as a parent | Coffee + Money Talk | Summary and Q&A

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June 2, 2023
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Debt Free Millennials
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Investing for your kids, my next book, life balance as a parent | Coffee + Money Talk

TL;DR

A YouTuber discusses work-life balance, investing for kids, and self-care as a parent.

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Questions & Answers

Q: How do you balance work, personal life, and self-care as a parent?

The speaker highlights the importance of time management and shares her daily routine, where she dedicates specific hours for work, personal tasks, and self-care activities such as taking baths and engaging in hobbies.

Q: How much should a parent contribute to a 529 plan?

Contribution amount depends on individual budgets and financial priorities. The speaker shares that she and her partner contribute $100 per month to their child's 529 plan, but emphasizes the need to prioritize debt repayment, emergency funds, and retirement savings before contributing to a 529 plan.

Q: What if a child doesn't want to go to college? Can funds be withdrawn or transferred?

Funds in a 529 plan can be transferred to another beneficiary, such as a family member or even oneself. Alternatively, the money can be used for trade school expenses or transferred to a Roth IRA for the child's retirement savings.

Q: Is it better to open a 529 plan or a brokerage account for a child?

The speaker suggests using both a 529 plan and a brokerage account. The 529 plan is specifically for education expenses, while the brokerage account provides more flexibility for other financial goals such as down payments, weddings, or starting a business.

Summary & Key Takeaways

  • The speaker suggests prioritizing time management to balance work, personal life, and self-care as a parent.

  • When it comes to investing for children, the contribution amount depends on personal budget and financial priorities.

  • The speaker recommends opening both a 529 plan and a brokerage account for a child, with each serving different purposes.

  • Various self-care ideas for new moms are shared, including taking a hot bath, reading, and connecting with other moms.

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