If you’re a parent and want to build generational wealth for your children…👇🏼 ⠀⠀⠀⠀⠀⠀⠀⠀⠀ One of the most important decisions you can make is the type of investment accounts you fund for your kids ⠀⠀⠀⠀⠀⠀⠀⠀⠀ There are lots of options that all have their own pros & cons ⠀⠀⠀⠀⠀⠀⠀⠀⠀ If your goal is to pay for their education, a 529 plan could be a solid place to start ⠀⠀⠀⠀⠀⠀⠀⠀⠀ 529 plans offer a lot of tax benefits, specifically the ability to have the $ grow without tax and then withdraw the $ tax free if used for education ⠀⠀⠀⠀⠀⠀⠀⠀⠀ The key with the 529 is to make sure the $ is used for education, otherwise taxes & penalties can apply ⠀⠀⠀⠀⠀⠀⠀⠀⠀ If your goal is to build wealth for them while they’re still young & have the $ transferred to them once they’re adults, a custodial account like a UGMA or UTMA can be solid ⠀⠀⠀⠀⠀⠀⠀⠀⠀ While they’re still young, your children generally don’t have access to the funds and you remain in control of the $ ⠀⠀⠀⠀⠀⠀⠀⠀⠀ The main thing is understanding that t...