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- [00:00]
A
Americans love using their credit cards, the most secure and hassle free way to pay. But D.C. politicians want to change that with the Durbin Marshall credit card bill. This bill lets corporate megastores pick how your credit card is processed, allowing them to use untested payment networks that jeopardize your data security and rewards. Corporate megastores will make more money and you pay the price. Tell Congress to guard your card because Americans lose when politicians choose. Learn more@guardyourcard.com all you homeowners have unique needs.
- [00:34]
B
Some feel the need to paint their door a vibrant shade of blue. Others have the need to decorate their bathroom with fish anchors and other nautical items. And because each homeowner has unique needs, GEICO helps you get the right coverage for your home and what's in it. That way you get exactly what's right for you, even if your needs are unique. Get more with geico.
- [00:58]
C
So the last one that we'll talk about is stock gifting.
- [01:03]
D
Remember that that post you put up, like that was years ago when we were 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, 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 a 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 in the actual item, but here we invested in a 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.
- [02:54]
C
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.
- [04:17]
D
Yeah. And if somebody's going to ask, well, 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 UPMA account. Right. That UPMA 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 or 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 UP 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 up account and just open it. Put $500 in there. And the same way we talk about dollar cost averaging, right? This is another key thing. It's the same way we talked about dollar cost averaging. Make sure that you have a plan into putting money into that up 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 so it can accumulate to something that's going to be worthwhile in the future.
- [05:27]
E
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- [05:58]
B
Go to wix.com all you homeowners have unique needs. Some feel the need to paint their door a vibrant shade of blue. Others have the need to decorate their bathroom with fish anchors and other nautical items. And because each homeowner has unique needs, GEICO helps you get the right coverage for your home and what's in it. That way you get exactly what's right for you, even if your needs are unique. Get more with Geico.