Parents & Children 4/6/25

Boots and Joe speak about the best things to do for children right now!

Episode Transcript

Speaker 1 (00:00):
Got a few minutes because we've gone over a little bit.
But what are you doing there, Chris? We blame Zach.
It's not me about you. You're hitting the buttons in there.
So so Joe, we on break. I wish we could
just keep going and going and going because we always
cover so much. So let's talk about parents and children

(00:21):
real quick. If you have a ten year old, what's
the best thing you could do right now? Because I
brought started to bring up colleges ridiculously priced. Let's just
be honest. I mean, it's like twelve grand a semester
at a high state. It's stupid. It's just robbery for nothing. Yeah,
for half the stuff you learn is just waste of time.

(00:42):
But you know, the football coaches make ten million a week.
But my point is if you if so, say the
guys of Columbus firefighter, he makes a hundred with overtime.
His wife's a nurse and she's a round one hundred. Yeah,
they got extra money to put towards the cheek of
the kids. What would you recommend they do?

Speaker 2 (00:58):
Yeah, I mean it just kind of depends on a
few options here. But like one of the more attractive ones,
which I'm with you, boots. I'm not the biggest fan
of universities and colleges right now. But they can do
a five twenty nine plan, which is for college savings,
and if they never use it for college, they can
then move over a portion to a roth IRA in
the future if they've had it open for fifteen years.

(01:19):
So that's something that a lot of our clients are
taking advantage of and allows them to get fast tracked
on their retirement savings. And that's something at.

Speaker 1 (01:28):
One point, does Uncle Sam tax it because he's going
to get it eventually.

Speaker 2 (01:31):
Yeah, So for the roth IRA, it's all tax free.
So anytime you take out any money from a roth
there's no tax on it. There's only tax when you
put it into it. So you have to take your
after tax money that you've gotten from your paycheck, you've
already paid taxes, put it in there, and then now
grow tax free. So a lot of people are in
favor of that type of vehicle.

Speaker 1 (01:48):
Okay, so it's do basic math. One hundred dollars, Yes,
grow to one hundred and twenty.

Speaker 2 (01:52):
You don't have to pay any tax when you take
that one hundred and twenty out. Really, now you do
have to wait until you're over fifty nine and a
half to touch any earnings. But if you put a
one hundred bucks in, you can take that out.

Speaker 1 (02:03):
I trust the government. I think they'll sniff that out eventually,
do you, Yeah, I.

Speaker 2 (02:07):
Mean tax codes written in pencil. I wrote that in
my book. I hate taxes. That anything can change, but
typically if you look back in history, they've never They've
always grandfathered in and things like that. It just may
change from a point on, but anything that has happened
is typically going to remain.

Speaker 1 (02:22):
So I can't imagine the government letting anything go through
without taxing.

Speaker 2 (02:25):
Well, you got to remember, though, they get the tax
up front, so you've already paid your taxes. So like
for example, if you do an IRA, you get a deduction,
you save money on your taxes, but then as it grows,
you've got to pay taxes on it. But right now,
like the government wants revenue, like they want more revenue,
so they're actually encouraging people, you know, to do things
like a roth Okay, you know, so they can get

(02:46):
their money now, all.

Speaker 1 (02:47):
Right, before we go to break second hour coming up, Jim,
how they get a hold of your phone number? Website. Yeah,
call care Patrol at six one four eighty eight save
or Columbus dot Carepatrol dot com.

Speaker 2 (02:57):
Right Joe Peak Retirement Planning dot com. They can find
us there or they can request one of our books
there and good to help.

Speaker 1 (03:03):
They need Hour number two coming up. Pete, you're a champ.
You'll be around uh three point thirty. We'll have the
Rivia contest and Joe's got some great questions for So
this is raw many