New parents often wonder where to start when it comes to investing for their child’s future. In this episode, we walk through a 5-step plan to invest for your newborn -- from protecting your family and setting up a 529 plan to teaching your kids how to build wealth on their own.

We also feature Naseema McElroy, founder of Financially Intentional, who paid off $1 million of debt and built a $1 million net worth by age 44. She shares how she’s teaching her kids about ownership, investing early, and building generational wealth.

Finally, we wrap up with a fun money quiz with Calvin, testing his knowledge about investing, scholarships, and how to grow wealth over time.

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  Trust & Will – Convenient estate planning made easy.

  
  

Podcast Chapters

00:00 – Generational wealth and the true legacy worth investing in

00:21 – Welcome and episode overview

00:49 – Net Worth Win: Naseema McElroy of Financially Intentional

01:15 – Listener question: how to invest for a newborn

01:40 – Step 1: Secure your own finances first

02:45 – Step 2: Protect your family with life insurance, a will, and credit freezes

04:30 – Step 3: Open a 529 college savings plan

06:30 – Step 4: Consider a UTMA or UGMA custodial account

08:00 – Step 5: Add a custodial Roth IRA once your child has earned income

09:20 – Teaching kids the power of compounding

10:00 – Recap: five steps for investing for newborns

11:10 – Naseema McElroy on paying off $1M of debt

13:20 – Investing for herself and her children

15:20 – Building wealth through retirement accounts and home equity

18:00 – Teaching her kids to invest and own stocks

23:00 – Employing kids in your business for Roth IRA contributions

24:00 – Why starting early matters for generational wealth

25:20 – Naseema’s advice: start now, don’t wait

26:57 – Money Quiz with Calvin Hill

HOW WE MAKE MONEY + DISCLAIMER

This show may contain affiliate links or links from our advertisers where we earn a commission, direct payment or products.

Opinions are the creators alone.

Information shared on this podcast is for entertainment purposes only and should not be considered as professional advice.

Marriage Kids and Money (www.marriagekidsandmoney.com) is a participant in the Amazon Services LLC Associates Program, an affiliate advertising program designed to provide a means for sites to earn advertising fees by advertising and linking to amazon.com.

CREDITS

Podcast Artwork: Liz Theresa

Editor: Johnny Sohl

Podcast Support: Andy Hill

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