@socalminh: Now that we have a strategy on how we're gonna grow Enzo's account, we have to decide what accounts we want to use to grow the money in. We went with Fidelity first of all we went with a standard custodian account to do the cover call strategy. Now that we don't have to put any more money in there the money that he receives every year for birthday Christmas, New Year's and other occasions we're going to put into a 529 account and buy etf. I like 529 accounts because all the gains from the market can be used to cover for school expenses tax-free even if he doesn't go to college any type of education he needs to further his knowledge to grow he can use that money to pay for it. Tutoring, private schools, trade school, or special classes, or equipment even Internet can be covered. And if he doesn't use the money, he can roll it into a Roth or transfer it to someone else or if he wants to get taxed on it later on, he can get taxed on you later on the gains. And our third account is the custodian, Roth Ira yes he has a job now making videos with me and helping out with my content. We are going to mimic the covered call strategy with his Roth so we can grow tax-free. He can pull out the gains at retirement tax-free and he can use his contribution whenever he needs to for his down payment to buy his house so that's the strategy for Enzo. We are not giving you financial advice. I'm just sharing with you what I'm doing with my son. Hope it inspires you as well. #foryoupage #finance #kids #millionaire #dad

socalminh

Open In TikTok:

Region: US

Wednesday 27 May 2026 14:26:16 GMT