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- [00:00]
Verizon Representative
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- [00:04]
Ian Dunlap
Perfect.
- [00:04]
Verizon Representative
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- [00:30]
Amex Business Representative
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- [01:30]
Host
Yeah. Yeah. We back. Happy Thursday. Happy Thursday.
- [01:34]
Ian Dunlap
Yes. Yes. Welcome back to the educational series. This is another one. I'm not even sure what number we're at.
- [01:45]
Host
I probably would throw around six, but I could be wrong. 7.
- [01:49]
Ian Dunlap
We've covered a lot. We covered how to buy a car. We covered things to know before buying a home. We've covered, you know, process of buying a home. Credit, covered taxes. We've covered artificial intelligence. So stocks.
- [02:04]
Host
Yep.
- [02:05]
Ian Dunlap
So this is one that's always vitally important, you know, for everybody, but especially for people that have a family, have children, thinking about having children, have grandchildren, niece, nephew, God, children, whoever. You know, anytime you want to plan for young people's future, the term generational wealth is something that gets thrown around a lot. But what does that really mean? Right? It means to create wealth for generations to come. So today we're going to do the first step. We're going to teach you how to make your child a millionaire. Think we've already taught you how to make yourself a millionaire if you follow the principles. But we're going to teach you how to make your child a millionaire. And we get five steps. This is going to be five steps. It's not the only five steps, but five, five steps that you can utilize in your. In your. Your life to achieve that goal.
- [02:59]
Host
Yeah, yeah. It's one of these things. And I. It takes me back when we were looking at the notes for, for the episode, it took me back to being 24 years old, 25 years old, sitting in your office, and you actually breaking this down for me at that age. And at the time, I had no kids, wasn't engaged, didn't have a wife, obviously. And part of me, like a small piece of me was like, yo, why do I need to do this? But being educated on it very quickly, I was like, oh, this makes perfect sense, right? I always say my favorite line is, if you plan for now, for the future, right? Like, think about your trajectory, right? It's that chic line, plan for the future. Because you're gonna be older a lot longer than you're gonna be younger. Like, here are the strategies now while you're young. So this is like a selfless act if you're an adult, but it's a necessary act. So hopefully you got your pens and your pads ready because it's going to be an educational session.
- [03:46]
Ian Dunlap
Yes, sir. So before we start, definitely have to extend our condolences to EYL alumni. Best Fest alumni.
- [03:54]
Host
Absolutely.
- [03:54]
Ian Dunlap
Actually, a. A brilliant person when it comes to the world of business and also philanthropy and just a legend. Junior Bridgman. We covered his story actually at the beginning stages. Earn your leisure. Somebody that was an NBA player and then, you know, became a number one franchisee owner for Wendy's and Chili's in the world, and then purchased a Coca Cola bottling plan and became, you know, a billionaire over the course of time. Owned Ebony magazine, owned Jet magazine, and a variety of other different things. So he passed away a few days ago. We had him at Invest Fest a few years ago.
- [04:37]
Host
Yep.
- [04:37]
Ian Dunlap
He spoke on stage with Rich Paul. Great conversation. So definitely want to extend our condolences to his family, to, you know, the Louisville community, the Milwaukee community, the East Chicago community. He was part of a few different communities, but all the lives that he's impacted and hopefully, you know, people can learn even more about his story now that he's passed away and use it for education and information and motivation, inspiration. So, you know, it was an honor to be able to have him share the stage with him, ask some questions. Somebody that we, you know, we highlighted early so that was a full circle moment. So definitely before we started the show, wanted to extend our condolences to Junior Bridgman's family and friends.
- [05:28]
Host
Yeah, we had an opportunity to actually meet his family. Beautiful family, beautiful man. And I'm happy we got to give him his flowers. At the time when we were covering the early stories, when it was just you and me and people were like, oh, we didn't understand who he was. People start to get familiar with him. And then obviously at Invest Fest, our community for sure, got a definite feeling of what he's done inside of business, but who he is as a man and even, you know, up until his untimely passing, he was still giving back. Right. He was still doing philanthropy, was actually at an event. So it's untimely, it's a tragedy. But I'm glad we got to give him his flowers. And hopefully, like you said, people will now look into his business acumen and the legacy that he's left and hopefully emulated that to a certain extent. So, again, condolences to the family, and our thoughts and prayers are with you.
- [06:14]
Ian Dunlap
Okay, so now let's get into it. Okay. First, you know, why is it important to. To do this? Right? Well, I think the number one thing is this all comes down to math, and there's a thing called compounding interest. And I think Warren Buffett said compound interest, one of the wonders of the world. And, you know, the earlier you start to invest, the better chance you have of achieving wealth. That's just as easy to explain as possible. If you start to invest at 10, you will achieve wealth quicker than somebody that invests at 40. If you invest at 20, you'll achieve wealth quicker than somebody that invest in 50. So the good thing with children is that they have time on their hands, right? So as a parent, even small amounts, relatively small amounts of money can lead to huge nest eggs. We'll talk about some examples. But that's the. That's the probably the biggest thing as far as why it's important to start thinking about how you invest for your child and set your child up is because time is on the side of the child, so you want to take advantage of that. Another. Another thing is the preparation aspect of generational wealth. As we said before, if that's the goal, then the earlier that you prepare, the easier it is for you, because the less money that you actually have to put out, that goes in the other way. So one way for the compounding interest is that you start early and you have a lot of money later. The other side of that coin is that the earlier you start, the less money you actually have to put away to have that million dollars or the $2 million or whatever you want. So it all comes down to time. It comes down to being a good steward and just really the responsibility of any, any parent, I think, is to not only better their life, but better, better that their children's life for sure, and then even their children's children's.
- [08:19]
Host
Right.
- [08:19]
Ian Dunlap
You really want to create legacy for yourself. So these are things that you can actually, you know, start today and you don't have to be a millionaire to start. We're going to talk about different strategies where you can start with minimal amount of money but still achieve that long term goal.
- [08:33]
Host
Yeah. And I think it's important. All right. On top of the savings part from obviously from the adult to the child, but it's the educational process and there's no age to it. Right. Like we always talk about financial education in a sense, like, oh, when should I start? Where should I start? You should start now. And the education process is great if parents don't know, because this is a great place for you to now know, but it's also a great place for you to learn with your children. And so we're talking about investing. What does that look like when you're getting a brokerage account? Right. You're learning that, but you're teaching your child at the same age. And at a certain point, when your child has those lessons at 10, 11, 12, by the time they're 18 and be able to own their own brokerage account, have their own investment accounts with a brokerage, they're familiar with it. And that familiarity only can breed success in the future. And so yes, from a financial standpoint, but also from the mindset standpoint of this is not something that is foreign to me. And we've seen that a lot of communities and we're starting to see a shift in ours, but we need to see it more. So yeah, let's, let's get, let's get to it.
- [09:28]
Ian Dunlap
Let's get it going. Okay, so before we start, one quick announcement. Ian's Dunlap Historic Stock Club, you know, universally known as one of the best platforms to actually know when to buy the stock and actually gives you the prices or when to buy the stock. You know, we're going through some stock market turmoil right now. So when to buy stock is extremely important. And it also comes with a sniper program for three years, which actually gives you a setup to be a futures trader, 50% sale that's been running since market Mondays on Monday and that will expire tomorrow. So you have one day left for that and that is@ian invest.com. go to Ian invest.com to take advantage of that one day left for that 50% off sale for Stock club.
- [10:14]
Host
Yeah, shout out to everybody that took advantage of it thus far. I seen some people already in the chat like, yo man, I got that Nvidia 105, ran up to 1 to 12 and I made 50% on my, on my call. So shout out to y'all, man. Taking advantage and executing right away, right away. Don't waste any time.
- [10:28]
Ian Dunlap
Okay, so let's start with the first and easiest way to make sure your child is a millionaire. And by the way, this is a millionaire. Not like necessarily tomorrow, but at some point in their life they will be a millionaire.
- [10:42]
Host
I think we got to get out of that mindset, right? Like success takes time, wealth takes time. Generational wealth obviously takes time, but you have to start somewhere. But it's not going to happen tomorrow. I think people get that conception. Like we're so used to saying, all right, let's get rich quick. No, let's get wealthy and stay wealthy for a sustained amount of time.
- [11:00]
Ian Dunlap
So the first, the first thing and the easiest pathway is life insurance. Think that that's something that everybody should have whether you're a parent or not, but definitely every parent should have for sure. So by now you probably heard life insurance. So I don't think you need to actually have an explanation of what life insurance is. Right. It's pretty self explanat, predatory. It's insurance on your life and everybody's going to pass away at some point. So when you do pass away, your beneficiaries will get money when you die. Right? You buy a policy, you pay a premium, your beneficiaries get money when you die. That's pretty self explanatory, pretty easy to understand. But there are some things that you need to know about life insurance. So there's different types of life insurance. This is important. Okay, so we're going to talk about three types of insurance. Term insurance, universal life insurance and whole life insurance. They all have different, mind you, this is a video that we're going to cover five different topics. So it's not just an insurance video. So we're not going to go for 40 minutes into insurance, even though we could. But we have other videos on our YouTube channel about insurance. But this is just the overview to kind of get you on Track. So okay, insurance is vitally important obviously when you're creating generational wealth, because that is a guarantee that your family or your child, whoever you provide the beneficiary for, will get upon your death. Right. So term insurance is the easiest way to go about it as far as premium is concerned. Right. It's the lowest premium, it lasts a term. So if you have a 20 year term policy for a million dollars and you're 35 years old and that might be $30 a month, right. If you're healthy, that might be 30 dol month. So you, the benefit of that is that you're able to get a larger policy for a low premium. Right. Because a lot of times what stops people from getting large policies is the premium. So that's the benefit. Now you might say, okay, well why do I need a million dollar life insurance policy if I make $100,000 a year?
- [13:06]
Host
That was really my question.
- [13:08]
Ian Dunlap
So yeah, rule of thumb is that you should get at least 10 times your salary, some say 20. Because let's think about this rationally. If you make a hundred thousand dollars a year, right after taxes, that's probably around 70. So most people income usually increases over the course of time, but let's say it doesn't. Let's say it just stays at 70,000. So now if you have a hundred thousand dollar policy, then your $70,000 contribution to your family will be done in a year and three months. Right. And they still have to live for another 18 years of if you have a baby or 10 years if you have a tenure. Like so you want to make sure that your income is provided for at least 10 years. So if you have a million dollar policy and you make ten hundred thousand dollars a year, then that, that million dollar policy now invested into the stock market, you could probably pull around 5% safely, 7% if you want to be a little bit more aggressive. But now you can, you could really pull almost, almost close to the amount of money that you made at, as, as yearly. Right. From just the growth in the stock market. So that's how you come up with that number. You want to have a larger number death benefit as opposed to just the amount of money that you actually are making per year.
- [14:31]
Host
Yeah, and this is one of those, I mean literally that was a conversation that we had, we sat at the table. I'm not even thinking of it in terms, I think most people in that age that, that 23 to 24, 25, they're thinking like why should I be thinking about when I'm gonna die, right? And it's one of those things that I remember the answer you gave me. You're like, well, everybody's gonna die, so you should start thinking about it. And I was like, that was harsh. But yeah, you were right, right. Like I don't have a family now, right? I don't have any responsibilities other than myself. This is the perfect time. Number one, I was in the best shape of my life, which is important. I'm sure you're gonna talk about that, right? Number I was healthy, I didn't smoke, I didn't drink. All these things are positive for people who are trying to give me policies. And when I realized it right, that million dollar number sounds like a lot. But the way it was expense. Like, yo, if you do a term like it could be low cost, it could cost you 29 or $39 or $49 a month, which I don't think most people understand, right? They think if it's a million dollars, I can't afford to have a million dollar policy. But when you break it down, it's like, wait, $29 a month, that's my phone bill is triple that, right? Like these are the things that, that mindset in the education that we don't have and we kind of miss. And this is how sometimes wealth is passed without us even know.
- [15:39]
Ian Dunlap
Or they think that they don't need a million dollar policy, right? It's like, I'm not that much you. And this is a common misconception as far as like to say like I don't need that much or I don't want to leave too much money. You, you can't be over insured. So there are guidelines to how much insurance that you can actually get. So if you make $50,000 a year, you cannot get $100 million life insurance policy, right? You can't get a $50 million life insurance policy. So being at these guidelines that lets you, that lets you know that you should get to the max of what's allowable because there is no such thing as being over insured or having too much insurance. The insurance company is not even going to insure you for things that don't make sense financially. Like if you make $50,000 a year, you don't, you don't need $100 million policy. So that lets you know that they and in their mind already have a number of what you actually need for your family.
- [16:31]
Host
That's a great point.
- [16:32]
Ian Dunlap
So you're not, you shouldn't go against something that's already set for you as far as the insurance company, like don't underinsure yourself.
- [16:39]
Host
Yeah, and that's a great point. The other part of it is as you start to accumulate more money, then that should change. Right. So like if I started out making 60,000, then I made 100. Now by the time I'm finished teaching, I'm making 150. Yeah. That needs to multiply it by 10. So my policy probably needs to be updated to a point where it now matches the money that I was making because my family is relying on that.
- [17:03]
Ian Dunlap
Yep. So pros and cons with term insurance. The pros of that is low costing premium. That's the biggest pro, the con, the biggest knock against term insurance is that it's for a term, it expires. So if you get 20 year term insurance and you're 25 years old, it's going to expire when you're 45. Now most people that are healthy when they're 25 are still going to be alive when they're 45. So in that scenario you would have paid premiums for 20 years. And some people would say, well, I have nothing to show for it. Like it's just a waste of money. But in any. That's, that's true with any insurance. If you have a car for 20 years and you never get into a car accident, you don't look at it like, well, I paid car insurance for 20 years, I wasted it. No, you have to have the insurance just in case something happens or fire insurance or flood insurance. If you really think about it, every insurance that you have, you can't get.
- [17:52]
Host
A phone without insurance.
- [17:53]
Ian Dunlap
Yeah. The point of it is to not ever use it.
- [17:56]
Host
Right.
- [17:56]
Ian Dunlap
So life insurance is the only thing that we look at where it's like, I have to use it. Right. Every other insurance, you just have the insurance and you hope that you never have to use it. And if you do have to use it, it's there for you. That's how, like that's how you should look at the life insurance the same way. But it will expire. And now at 45, if you want to get new insurance, you're going to be, you're going to pay a higher premium because you're 20 years older. And then you might not even be able to get the insurance if you have some medical issues or you know, something like that. So that, that's some level of negative con that can go along with the, the term insurance. But the alternative to term insurance is what we call permanent insurance. That's permanent, that's insurance that lasts forever. So there's two types of permanent insurance for the most part, universal and whole life. As I said, there's different types of universal, but we won't go too in depth because it's not a life insurance class. But you just, it's important for you to know whole life insurance is, is the oldest when it comes to permanent insurance is the most conservative. It's guaranteed. How the money. So there's money that grows inside of a policy which is called cash value. This is important to understand because that's a double edged sword. You have a death benefit, but you as you pay a premium portion of that premium actually over the course of time grows into cash that you can actually borrow from. So you might have a million dollar whole life insurance policy and in 20 years you have $200,000 of cash value that's grown inside of that policy. You can borrow from that if you choose. And that's money that you can actually utilize to go for your child as well. You can pay that college tuition or you can do anything. You can put a down payment for a house, you can start a business. You know, if you need money, then you can take money from a life insurance policy while you're still living. The whole life insurance as far as premium is the richest. So that's going to be the highest premium on the chart, right. But once again it's guaranteed. So how the money grows is through dividends that the company play pays and through set interest rate. So over the course of time you probably earn around 5% if you look at it from a long term perspective, you buy, you earn like 5% interest on the money as he's growing inside your account. The alternative to that is universal life insurance. So universal life insurance is like a hybrid where it's whole life in the sense of that it lasts your whole life. But there's different ways how the money can grow. One way the money can grow some. Some is called variable where you can invest in the stock market and that's variable. It can go 25% one year or it can be negative 8% one year. Another way is, is through an indexed account where that's usually capped in like 2% floor and then 12% and attract the S&P 500. That's the way to invest in the stock market. But you have guardrails on it. And then another way there's a, there's a hybrid to, to this whole thing which is called guaranteed protection universal life. So this is good for people that say, I don't want to invest money in life insurance, but I don't want something that's going to run up. Universal life insurance is pretty much like a lifelong term policy where it lasts your whole life, but it's not designed to build cash value. So you pay a premium, you have a death benefit that's going to be the lowest costing permanent policy that you can have. So all of those type of policies. The good thing with term insurance also is that you can usually convert it. So if you need a million dollars of insurance, but Your budget is $200 a month that you can pay for insurance, a million dollars a whole life might cost $1,000 a month. A million dollars a term might cost $20 a month. So you're probably not in a position to pay $1,000 a month, but you could do more than $20 a month. So what you can do is a combination. You can do $200,000 of or $100,000 of whole life, right. Let's say, and that's dollar a month and then you do $900,000 of term insurance. Right. So now this whole package might cost you 130amonth. Right. So the benefit with that is that you, you still have some money that you're actually saving. You have some portion of your portfolio, just like investing, you have a portfolio, some portion of your portfolio that's going to last forever, but then you have another portion that over the course of time you can transition that to the permanent. So life insurance, step one, vitally important.
- [22:25]
Host
Cooking, easy to do cooking.
- [22:28]
Ian Dunlap
And that's the easiest way to ensure that your child becomes a millionaire.
- [22:34]
Host
So there's a strategy here too, right. And we've seen it happen in plenty of communities and I think we broke it down in like one of our early classes. But insurance is important. But yes, your family for yourself. But what about getting insurance on? Family members said that might be older than you because that might be a strategy too. When we see our elders and people as a family decide that we're going to get a plan, knowing that at some point that family member is going to pass. And now that can be trickled down to the beneficiaries.
- [23:00]
Ian Dunlap
Yeah, it's definitely something that's beneficial and helpful. Sometimes it could be a little difficult because you know, if you're older you might have some medical issues and just being old, period, your premium is going to be higher. But that's a strategy that can be used also for adults. Okay, so now let's go to number two. We Want to start with this, the Roth ira.
- [23:21]
Host
Now this, this is your will basket. I'm, I want you to cook and then I'm just going like chef up on you. So the Roth IRA is another one of these strategies that we talk about that can be beneficial for not only for the adult, but for the child. So there's a few types. There's the Roth IRA and then we have, there's traditional ira, traditional IRA and then Roth ira.
- [23:44]
Ian Dunlap
So traditional IRA is you put money into a retirement account and you get a tax deduction for the money that you put in, but it's taxable when you're in retirement. So IRA stands for Individual Retirement Account. That's what it stands for.
- [23:57]
Host
Right.
- [23:57]
Ian Dunlap
So people are familiar with 401K, that's what your job provides.
- [24:00]
Host
And a 403B, if you work in some other same thing.
- [24:03]
Ian Dunlap
Yeah. But if you want to do it for yourself as a self employed person or just a regular, you know, employee, you can do an ira. An IRA is an individual retirement account. So the regular individual retirement account is what we just described. And then there's a Roth, the Roth ira, you're able to put money in for your retirement, but you don't get a tax deduction. But the benefit with the Roth IRA is that the money's tax free when you take the money out. So one of the good things with being an entrepreneur is that you can employ your child. We talked about this before.
- [24:37]
Host
Yep.
- [24:38]
Ian Dunlap
But even if you don't employ your child, you can set up a Roth IRA for your child as long as your child is working. So this year, how much money can you pay your child?
- [24:51]
Host
This year I think we got up to 14,300, 14,300. So that, and I, we get this question a lot and a lot of. And yes, I'm glad that people are asking the question of like, can I. The child has to be of working age. So if you have a two year old that is not classified as a working age, I believe the working age is between 7 to 17. And they have to be doing something that's functional. We work in, in a platform that actually has function. Right. So for my son, right. When we actually record, he'll come down, he'll set up, he'll sweep, he'll clean the area. That is an actual functional duty that he is doing to help the business. So if you don't have a functional activity or a purpose for it, then it makes it tougher. But it has to be between the ages of 7 to 17, you can't have your 3 year old performing a function. Or maybe you can, maybe you got a superchild, but that's the age range.
- [25:44]
Ian Dunlap
So the benefit, okay, so the benefit with paying your child is that it's a tax deduction for you as an entrepreneur for your company and is tax free income to your child up to that amount. So if you pay a child $10,000, right, instead of giving them allowance, right? Because now when you give somebody allowance, that's after tax money, you've already paid taxes on that money. So if you've given them allowance to buy sneakers or to, you know, do whatever, you don't get any benefit for that. But as an entrepreneur, if you can give them $10,000 or 5,000 or whatever you're giving them and it's salary now you get a tax deduction, right? You save money on taxes and it's tax free. They don't have, they don't have to pay taxes on that income. So that's beneficial for any entrepreneur. Now where the Roth IRA thing comes into play is that you can contribute to a Roth IRA or an ira, but we'll talk about the Roth IRA for now, which you can contribute to a Roth IRA for your child that's working up to the amount that they're actually getting paid. So if they, if they have a regular job, they work in CVS and they got paid $5,000, then they can have a Roth IRA up to $5,000. If you pay them, if you are an entrepreneur, you pay them $5,000, then they can contribute up to $5,000, right? So the limit for this year is 7,000. 7,000.
- [27:16]
Host
7,000.
- [27:17]
Ian Dunlap
That's the most, Right. So, okay, this is beneficial for people to know and understand because once again, it's just relatively short periods of time that can lead to large monies over the course of time. So if you are an entrepreneur, right, and you, you, you have a business and mind you, you can be an entrepreneur and still have a job also. But if you, if you're an entrepreneur, you have a business, let's say that you, you, you paid your child $7,000, right, for the year. Now you can, that's a tax deduction. You're going to save money, $7,000 on your taxes. Now you can take that $7,000 and put it into a Roth IRA. Now the benefit with that is that now the money is actually invested, you invested in the stock market. So let's just use an example. Usually working age is around 12. So if we pick the ages from 12 to 17, because 17 will be probably the last year in high school. And then, you know, after that point, they're put, they're an adult, 18 years old. So you, you, you go from 12 to 17, which is six years, right? Let's say that you put $7,000 in to a Roth IRA every year for a child, mind you, you're getting a tax deduction for this money Anyway. You put $7,000 away every year for six years, right? And let's say you invested it in QQQ, right? Historically, over the last 15, 20 years, I think it's average over 10%. So we can use 10% as something that should possibly be a realistic number.
- [29:00]
Host
And that might be conservative at this point.
- [29:02]
Ian Dunlap
So let's say you invested that money 10% a year, untouched. Because the thing with the IRA is that it's for your retirement, right? So when they retire, they'll have $3.5 million. So the benefit with that is that you already made your child a multimillionaire in their retirement. Now, the pushback for some will say, okay, well, the child has to wait till they're 60 years old to get it. Well, my question is, if somebody had a million dollars, 2 million or $3 million for you right now and said, and you're 40 and said at 60, you will, you will get this money, would you be mad and you did nothing for a couple of years of work when you was a child, would you be mad at your grandparent for doing that or would you look forward to that? And mind you, you can take money from a Roth IRA earlier than that. There's some penalties that you have to pay, but you don't have to wait till you're 60.
- [30:06]
Host
You don't have to wait till you're 60. And again, this is a conservative number, right? So we're talking about 10%. There's years, obviously we saw over the past three where the QQQ was trashed to technology sector has gone up 25%.
- [30:20]
Ian Dunlap
You worked hard to lay the foundation for your contracting business.
- [30:23]
Amex Business Representative
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- [30:26]
Ian Dunlap
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- [30:39]
Amex Business Representative
That's the powerful backing of American Express.
- [30:42]
Ian Dunlap
Not all purchases will be approved terms apply. Learn more@americanexpress.com AmExBusiness your old or broken.
- [30:50]
Verizon Representative
Phone can let you down. When you need it most.
- [30:53]
Ian Dunlap
Perfect.
- [30:53]
Verizon Representative
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- [32:19]
Host
It has gone up 26% and then it's going down to 12. If we just take those averages over the past five years, you're going, you're talking about way more than 10%. And the one thing that we know about the stock market is that it is going to appreciate 82% of the time the S P has increased over the course of the market's history. And so 10 is a conservative number. So we're, you're saying 60, but that number could hit 3 million by 50, right? And so it's all about deferring the gratification, right? Just knowing that it's there and letting it compound like it is the eighth wonder of the world for a reason that money doesn't get touched, you'll be a millionaire. This is not something that's hypothetical. At that number at a conservative 10%, that's what it's going to average.
- [33:03]
Ian Dunlap
And it's one of these things that it's not even, it's, it's, it's just basic math, right? This is. That's like life insurance is the easiest way, but this is another damn near guaranteed way to make your child a multimillionaire. Now once again, we never said, when we said make your child a millionaire, we never said there's going to be a millionaire tomorrow. But once again, we talk about generational wealth. So the whole point of it is that the child should be equipped to be earning money, to be doing things as an adult. Right. Everything that they're given is extra add ons for them. Right. So this isn't like the only thing that they should be like relying on as a 25 year old. But like I said, if you can. One of the biggest problems that we have in a society is retirement. And they're already talking about cutbacks on Social Security. So if you don't have to worry about retirement, how much more free? I know people that take jobs just for retirement benefits. Yep. You work a job for 30 years just because it has a good pension.
- [34:11]
Host
People will retire and go back to get a part time job because they need the insurance.
- [34:15]
Ian Dunlap
Yeah, sure.
- [34:16]
Host
This is, and here's the thing, right, like yeah, 50 sounds, if you're sitting in your 20s and your 30s, like 60 sounds like a long way. Like we just, I just turned 40 three years ago. You just turned 40 a year ago. At that same rate, you're still at that 10%, right? Just from those five years, from 12 to 17, that 10% compounded turns to nearly 600,000 by 40.
- [34:38]
Ian Dunlap
Yeah.
- [34:38]
Host
Like what did you get a $600,000 check of 40? I might have missed it. No, wasn't sitting there for you.
- [34:44]
Ian Dunlap
So yeah, $531,000, about 40. So like I said, you don't, it's not like a locked up in a trust. You could take money out of the IRA whenever you want. You'll pay, you'll pay an early penalty if you take it out before your retirement. That's important to notice. But if you need money, like let's say you got a brilliant idea, you want to start a business, you could take the money out. It's never been taxed before. So you pay tax, you'll pay taxes on it, you'll pay a penalty tax. But ideally it's better to wait because you'll pay no tax. And like I said, keep in mind that money at 63.5 million is tax free. So when you get your 401k, you're paying state and federal taxes on it. So your million dollars is really $600,000. This is $3.5 million tax free money. So I mean that's Just, that's just a tremendous. And like I said, for a very short period of time, you just, you paid $7,000 a year for six years. And that could be, that could be 2,000. Of course it's going to be a lower. But, you know, you could use the calculator to see, okay, If I put $1,000 in, if I put $2,000 and if I put $1,500 in, right, what is that equal. But the bottom line is that relatively small amounts of money in a short, relatively short period of time equals huge amounts of money later on in life.
- [35:59]
Host
This is a fact.
- [36:00]
Ian Dunlap
So that's another way.
- [36:01]
Host
All right, so we got the life insurance, we got the, the ira. This is one of my favorite ones because it's something that we actually been practicing, and that is creating an UTMA account for your child, right? And UTMA stands for a Uniform Transfer to Minors Act. And this allows you to hold assets in your child's name up until 18 to 21. And this is important, right? Like, we talk about investing all the time on Market Mondays. We talk about it here on, on your leisure. And we're doing it for ourselves, right? And that's all great, but having that asset for a longer term, right? So I'm 43 years old, right? If I have an up account for my son Emma, my daughter, right? That account was open when he was 7 and when she was 10, right? I just told you about the history of the market. 82% of the time it has seen appreciation. If they start, if I started investing at 7, what would my account look like now? Knowing what I know, they have the advantage of knowing what I know, plus having the time that's factored into their lives, right? So we're talking about somebody that's investments in seven. What does that look like at 40? What does that look like at 50? Now, the difference between that and UGMA, which we'll talk about, is that you can have different type of assets, right? So we're talking about cash, we're talking about real estate, we're talking about stocks that can all be held into account. What does that mean? That means that you can manage that account again, educate your kid during that process. And so this is one of those things when we're talking about, hey, our kids know what is hot, right? So when Microsoft is creating a product or Meta's coming out with a product, or TikTok is the hot thing, or I remember a few years when we were talking about Roblox, when that became a Public trade company. These are now conversations that we can have with our children. Educate them about what the publicly traded company is, but also allow them, if they want to, to invest over the long term. Now the beautiful thing is that at 18 they now become owners of that account. So hopefully they've been practicing with it, right? They've been watching you invest, they've been watching transactions happen, they've been watching appreciation. I know for the past couple of weeks we, we've seen something depreciation, but that's why we're talking about long term holds. And so I know when we talk about two tech to index and Ian says that this is why, right? If we have two tech companies and we have two indexes that track the market overall, that's a great basis to start for a child to have a long term investment. If we want to great invest in great companies, well, we have that ability to, to do that as well. And so what I've done is like I'll start to match, right? If I see a good company at a good price, Nvidia, which hit 100, not only AM I adding that into my portfolio, but I'm adding it into my child's portfolio. And the fact that I have two and they can merit it makes it even better because they're watching this appreciation go. The other part is the UTMA account. Now there's some differences here, right? You can put real estate, you can put jewelry, you can put commodities inside your ugma, your utma. You can only, this is key. You can only have cash, stocks, bonds, mutual funds and ETFs. So that's the biggest difference. The UPMA allows more flexibility where you can have more different types of assets. And I know some people have collectibles that can be also passed down. At 21 or 18, they now control it. This is no longer something that you can manage and is handed over to them. Hopefully you've given them enough guidance, you've given enough education, enough resources to make positive decisions and good decisions inside that account. Because again, they've had it for 10 years. Like I said, my son was 7 when he started. By the time he's 18, that'll be 11 years for him. That has hopefully in thus far has appreciated pretty nicely. Now at 18, if they decided they want to start a business, this now becomes the seed for their business, right? If they decide that they want to go to college, here's startup money now that they can pay towards tuition or whatever their endeavor is. If they decide that, hey, I want to take A year off, dad. And I want to work for you and I want to use this to invest in my own form of real estate. They can do that. It allows your kids flexibility to have decision making power at a young age that can affect them for the long term. So those are two accounts that if you're adult and if you're watching Market Mondays and you're trading now, and this is easy to do, right? You go to your brokerage, right? There's a tab, it says UTMA or ugma. You can open the account, you can start depositing money to into that account now and you can invest, right? You can invest, like I said, in indexes, you can invest in ETFs, you can invest in equities. These things are how you build wealth. We talk about generational wealth. Well, somebody has to do it, right? So if you're doing it now, you might as well create the habits that can be sustained and passed down for your next generation. Those are two positive ways to make sure that you have generational wealth.
- [40:37]
Ian Dunlap
That's a fact. And then there is. So we do want to talk about something that. Okay, depending on state law, you have to. The child has access to 18 or 21, but. So how to make your child a millionaire, this is where this comes into play. Adding a trust, putting the UTMA in a trust account. So you can override that by having a trust account, right, because you're probably not gonna have a million dollars by 18. But that same rule applied for the Roth IRA, can be applied for the UTMA, right, with no restrictions as far as when you can actually take the money. But now you can actually set stipulations and restrictions based on how you want, based on the trust. So once again, for the context of this video, we're not going to go into deep detailed about trust because that could be a video within itself. But there are some different types of trust that you should be aware of. But there's two in particular that are most prevalent when we talk about these type of situations. Yeah, revocable trust, which is also known as a living trust. And the reason why it's called revocable is that you can make changes throughout the course of your life. Right? And then there's the irrevocable trust, which, hence the name is pretty much you can't change over the course of your life, right? So one is kind of set in stone and one is more flexible. But the benefit with a trust period is that it's asset protection as far as it takes the asset out of everybody's name. Right. So it's out of your name, out of your child. Name the trust. The trust is the owner of the situation. That's great for asset protection we talk about estate planning for sure. But for this, for this conversation we'll focus on rules and stipulations as far as, you know, setting parameters. So one of the, you can go back to the regular. One of the things about the UTMA that people were concerned about is like, okay, well if I save this money and I put this and I give my child this money, well, they're not gonna be ready for the 18. And most, most 18 year olds are not responsible enough to handle six figures or seven figures. That's kind of even 21 year old. Most 21 year olds haven't have enough information, haven't had enough life experience. So it could lead to making bad decisions and wasting the money. That defeats the whole purpose. So having it in a trust is beneficial because you get to dictate when and how that money is dispersed. So you can say, okay, well, the money, the. I have a, let's say you have $200,000 in it. The first 50,000 will be given to my child when they complete college, but they have to complete college. So if you don't complete college, then you don't get the 50,000. The next 50,000 will be granted upon, you know, marriage.
- [43:38]
Host
Right.
- [43:38]
Ian Dunlap
If you don't get married, you're not getting the 50,000. Or there's a provision that they can take 50,000 out of the trust at any time that they're an adult if they want to start a business. But the business plan has to be reviewed by my accountant and the accountant has to say that it's a legitimate business plan and then they could get $50,000 that way. Meanwhile, this whole time the money's still growing because it's still invested over the course of time. So that's something that a lot of parents find attractive because it provides you a certain level of authority still over the money, the access to the money, what they're using the money for. You could, you could be as detailed as you want to be.
- [44:22]
Host
Yeah, that's an important fact. Right. This is almost like putting the bumpers up. Right. So when we're talking about generation, yes, if you taking these steps, yes, you're not going to be a millionaire at 18 or 21, but the steps are now being provided for you to get to that level. The problem is a lot of times we see when we get money and we don't know what to do with it. We tend to spend it and be frivolous. This is a system that it now has put up the bumpers. Right. So you still have to work towards something in order to have that money. Right. Which is a huge incentive. I could imagine being 18 years old and knowing that if I complete this task or if I've done this, that there's going to be that waiting for me. I mean, this is the game that the wealthy are playing that we haven't had access to. But fortunately enough that is changing. So these are parameters, Right. This is the key to sustainable wealth. Putting parameters in place that make sure that you won't ruin this. Right. We want to make sure that this is sustained.
- [45:18]
Ian Dunlap
Yeah. So that's, that's something that's vitally important to take. And you can invest the money like you said, you can invest the money in stocks, you can invest the money in ETFs, index funds, all that type of even Bitcoin through the ibit. So you know, you, you, you have different ways where you can invest the money. So that's the third way that you can make your child a millionaire.
- [45:43]
Host
Now, number four, this one feels like it's the obvious almost, right. If we look at how wealth is built throughout America is built through entrepreneurs creating business and having stock in that business. The other way is owning land, owning real estate. Right. Owning real estate and owning it and having it in a way that, in a manner that now becomes beneficial for your children is number four for sure. But it feels like it's the obvious way that most people build wealth in our country. And we've seen that over the history, right from reconstruction to the industrial revolution to post war to redlining, we've seen appreciation in homes over time being passed down to families has created wealth not only for the, the owner of the home, but for generations of families thereafter. So let's talk about some ways that could benefit your children.
- [46:31]
Ian Dunlap
Yeah, real estate. So I mean real estate is pretty self explanatory as far as if you're a homeowner or if you're a real estate investor. But you can, going back to the trust, you can, you can buy real estate in a trust and have your child as the beneficiary of the trust. So you can buy real estate and in both is the purposes for your child, right in the trust. And once again you can utilize that as leverage later on to a have them own the property outright or they can take over as far as rental income. So like let's say you have a real estate Property that gives $2,000 a month rental income. Right. You can say, okay, when my child turns 25, they will be the recipient of that income, but they have to be the landlord on the property. And these are the list of things they need to check on the tenants. Now you're actually helping the child learn real estate in real time. Because it's like, okay, now this is actually a job for you. So you're, you are going to receive the rent or part of the rent. But part of the stipulation for you receiving part of the rent is that you need to collect rent, you need to talk to the tenants once a month, you need to check on the property once a month. So now you've actually grooming the child and be a property manager. And to learn about real estate in real time, you're forcing them as opposed to them just collecting rent, you know, and not knowing anything. Right. That's not really helpful. Like, the more you learn, the better you'll be. So structuring your real estate purchases. Especially for real estate investors, having, you know, a property to, or how many you want in that trust for the child to actually be the owner and said point, or to be the beneficiary as far as rent or have some level of control, that's, that's helpful. It's beneficial as well. So that's another way as far as we grow money with stocks. But you also grow money with real estate, and you can buy property. You can actually buy property in the UPMA account as well.
- [48:39]
Host
That's what I'm saying.
- [48:39]
Ian Dunlap
Yeah, but you can buy a property for your child, just like you could buy stocks for your child.
- [48:43]
Host
Yeah, and that's the beauty of the UPMA is that it allows diversified assets. We talk about stocks, talk about bonds, but it also allows you to have the real estate piece. So those REITs, you can put them in your portfolio. You can put them in your child's portfolio. So whether it's. I know a lot of Simon Properties is a huge one. PK is another one. Crown Castle has been one that's performed well. All those REITs can now sit inside your, your child's portfolio and watch that appreciation over the time. And that can be passed down and passed down. So these are the, these are the ways when we're talking about, yeah, if I can't buy a home? Well, you don't have to buy a home. Right. That'd be great if you could have land ownership. But there's other ways to own Real estate that we need to take advantage of.
- [49:21]
Ian Dunlap
Yeah. And that's the good thing about real estate is that like I said, especially if you're an investor, you can buy, let's say you're buying a 200, 000 condo as an investment property. So you buy a condo in, in the trust, trust owns it, and you're the owner of that property. As far as like when the rental income comes, you can stipulate from the trust that you actually get the rental income. So now every month you're getting, you're getting rental income over the course of 25 years. Right. But that, what also is happening over the 25 years is that the property is appreciating. So you're benefiting in your lifetime or as long as you want because you're actually, you, you bought the property and then you're actually getting rental income from the property. Now the property's actually increasing over the course of time and it's in the trust and it's designated to go to your child at said age. So now when the child, let's say that $200,000 property in 20 years is now worth $500,000. So now the child at that point in time is handed the property, but you've correct, you collect the rental income all this time. What you can also say is that part of the transfer is that we have to do a refinance. And I have to, I'm going to take $200,000. You're going to, you're going to refinance the property. And there's probably, at that point in time, there's $300,000 of equity in it. So $200,000 is going to be paid to me. Why would you do that? Well, you pay, you, you've paid yourself as far as what you actually have paid into the property. Right. And so you won two ways. Let's say you, like I'm just using a cash example. You pay $20,000 cash for this property and you're getting $2,000 a month. So you've gotten $2,000 a month for 20 or 30 years. You won in that scenario because you've had income coming in every single month. And then you're getting your $200,000 that you paid for the property back before you transfer ownership to your child. So your child is still benefiting because they're receiving an asset and they, their rent is probably now $4,000 a month. So even though they're refinanced, the refinance is probably like 1800amonth, but they can cover that from the $4000 a month rent that they get. So they're still netting, they're still netting $1,200 a month tax, not tax free, but they're still netting $200 a month, and they now have a property that is worth $500,000. So in that scenario, nobody lost because you didn't lose any money. You actually made money from the rental income and you got your money that you paid for it back. But you also left something to your child. Well, that's even better than the stock situation, because in the stock situation, you're just putting money into stocks. You're not getting that money back unless you put a stipulation in the trust that, okay, I'm gonna have to take money out of your brokerage account. But in this what. You could do that if you want, but in this situation, you actually got all the money back. You made money, the child's making money on the rental, and they have an appreciating asset. So, you know, there's different ways that you can, you can go about it. But before you set up a trust, of course you, you have to talk to, to a lawyer. That's important. So, you know, seek legal counsel, see which trust is best for your situation. But you know, this time to kind of give you some ideas.
- [52:43]
Host
I mean, it's, it's, it's important, right? Setting up a trust, having an attorney, setting up an estate plan is important. And that can be expensive, right? Like that's something that people like. It sounds good, but you have to prepare for that, right? Like, I know I just did one for my family. You did one for yours recently as well. Yeah, it cost us a couple thousand dollars, but we prepare for it. But it's important to lay the guidelines down because, yes, I mean, we've done pretty well, but he wants to make sure that his grandkids and his legacy has continued on. I think the interesting part about what you just explained is that the same thing that you just did, your child can now do for their, for their children at less of a cost. Right? Because if it costs you to 200,000 up front, 20 years of rental income to get it back, well, they didn't have to go through that part. They've skipped that part. They've jumped into the equity play. And now that could be passed down. Because the one thing we know about property is that it's going to go up, right? The cost of living has gone up every year for the past 10 years. And so that's going to continue, Right. The amount of land that it's available to be built on, especially in the environments that we live in, is becoming scarce. Right? And so property values go up, comps are going to go up. That now creates another chain of success for your children, but for that for your grandchildren as well and their children after that.
- [54:01]
Ian Dunlap
Okay, so the last one that we'll talk about is stock gifting.
- [54:06]
Host
Remember that, that post you put up, like that was years ago when we like, yo, instead of at a baby shower getting gifts, we should be. Brian, Stocks that really didn't pick up, people really didn't take advantage of that. But that, that's one of these things, right? Like if we know the advantage of investing in the market, right? And we have a child that is coming into this. Wow. And it doesn't even have to be a baby shower. It could be any type of holiday, it could be a birthday, it could be Christmas. Yes, it's cool to have cool toys and have nice items. But the one thing we know about those items is that they're going to hold no value after we open and they're not going to appreciate in time. Even if it's a collectible like a sneaker or something. A child at 7, 8, 9, they're wearing that shoe and they're going to wear that thing to death and it's going to be worth nothing after it was purchased and worn. Whereas if we put it into an investment like a stock or an ETF on index, we know long term that that's going to appreciate. And so we need to get in the habit of at least thinking that way, right? We can now gift an asset that's going to appreciate over the course of someone's life and even if they don't know. I think that's the perfect part of it. A lot of times, and we've seen people be gifted stock and they're like, what is this? What do I do with this? It now becomes a teaching lesson again, right? You always have to have an inflection point in any point of education. The fact that you've done something that is completely different than buying a PlayStation, right? Maybe you buy Sony stock in addition to it, right? So now it's best of both worlds. Well, here I invested it in the actual item, but here we invested in the company too. Here's why we did it and here's how long you're going to hold it. It's an inflection point now to increase the intelligence of a child that you know that becomes contagious. Right. The kid now gets to explain to him, his peers and his cousins and his friends what happened. And hopefully they explained to their parents that that's how you build education in a community. But I digress.
- [55:56]
Ian Dunlap
Yeah, for sure. And, and the IRS allows tax free gifts of $18,000 a year. So we have never really talked about gifting too much. But you can gift $18,000 a year tax free. So we talked about the tax benefits as far as, you know, if you're a self employed person. But this is another way to kind of for tax purposes benefits is, you know, when you talk about stock gifting, the tax aspect is a major part of it. So this is a, you can, you can gift tax free up to $18,000 a year. Right. And it doesn't have to be just stocks, but we talking about stocks right now. So that's the main focus. But it's the same principles that apply when we talked about all of the other stuff. Right. You, you can literally take $10,000 a year and gift it to your child or to your grandchild and that's tax free. And that same compounding interest growth will occur. So that's another benefit of, you know, gifting is that the tax aspect of it, like that's a great way to utilize the tax system in America and to still benefit the next generation.
- [57:20]
Host
Yeah. And somebody's going to ask well how do I gift it? It goes back to the third way that we said that you can create a millionaire situation for your child. Open the up my account, right? That up my account is super important number again for the tax purposes. But again, this is now something you can put assets inside of, whether it be collectibles, whether it be real estate, whether it be, I bid to invest in Bitcoin. This is a definite must if you're trying to build wealth for your children. Right. You, you have to have a UTM account. In fact, I encourage everybody after they watch this video or tomorrow morning go to your brokerage account, whichever one you use. And I've done it on each one of them. So Fidelity has it, Schwab has it, E Trade has it. Open an UPMA account and just open it. Put $500 in there. In the same way we talk about dollar cost averaging, Right. This is another key thing. Same way we talked about dollar cost averaging. Make sure that you have a plan into putting money into that account. Don't just leave it at the 500 that you did to open it and thinking that it's going to grow we told you the threshold from a tax standpoint. We told you the things that you can invest inside of it. Make sure that there's a plan to put assets until it can accumulate to something that's going to be worthwhile in the future.
- [58:31]
Ian Dunlap
So there you have it. It's five ways. You got life insurance, Roth ira, UTMA trust account, real estate, and stock gifting. And once again, this isn't something that you don't. You're not making your child a millionaire tomorrow, but within their lifetime, if done correctly, just one of these can make them a millionaire. And now if you do multiple, you can. One of them can make them a multi millionaire. If you do multiple of these, then they could become extremely wealthy. You can set your child up to become extremely wealthy within their lifetime. That might be at 40, that might be at 60. But the whole point is that it's a marathon. So you can set your child up to be wealthy in their lifetime by taking steps and actions early on.
- [59:22]
Host
This is a fact. That's a fact. There's going to be two types of people in the world, the bosses and the people that work for them. Decide why I say.
- [59:30]
Ian Dunlap
And another great resource, personal Finance, is this book right here, you deserve to be Rich. New York Times bestseller. So I highly encourage everybody that's on a pathway to figure out finance to learn about investing, to try to just become a better person when it comes to money. That is the blueprint that you. That you can follow step by step in detail. So the book is available wherever books are sold and there's an audio version as well. So you deserve to be rich. Change the game. Personal finance.
- [60:06]
Host
Yeah.
- [60:07]
Ian Dunlap
Investing, entrepreneurship, mindset, variety of different things.
- [60:11]
Host
Copy it, share it, tag us. I love when people tag us when they in the bookstores and they purchasing it. I love when people are purchasing it for other people and tagging them. It's definitely a game changer. I think I'm gonna go in a bookstore and just start signing. Do I have to purchase anything? If I just start signing the ones on the shelf, it kind of adds to it. It's like an autographed copy. Maybe, Maybe. Yeah, I'm gonna do that in New York. I'm gonna do that in, in a, in a store and just let people know that the books are signed here. Come pick them up. Run it up, y'all. We appreciate all the love for it. New York Times bestseller is not an easy feat. It's not something that happens every day, but it doesn't happen without y'all. So we Appreciate the love and support.
- [60:49]
Ian Dunlap
Appreciate it. And once again, Ian invest.com yes, there's 24 hours left. There's one day left, 50% off the stocks, stock club and three years of sniper. So you can go to ianinvest.com take advantage of that. And that's it guys.
- [61:04]
Host
Love is love.
- [61:05]
Ian Dunlap
We'll see you later.
- [61:06]
Host
Peace.
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Ian Dunlap
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- [62:00]
Verizon Representative
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