In this clip legendary investor Wallstreet Trapper breaks down different ways to invest for children via stocks. #stocks #wallstreettrapper #custodialaccount
So i had to put a post up that like if if you celebrate christmas or for kids birthdays a suggestion is that you know if you’re gonna spend two hundred dollars on gifts maybe spend a hundred dollars on the gifts and a hundred dollars on an assessment right he was like well how do i do that so i’ll walk you through that yeah exactly so it’s basically um i don’t buy my
Daughter toys at all i told her mom and i’m like listen i’ll buy clothes i’ll buy food i’ll buy necessities but everything else i’m buying stocks so just walking um uh uh it’s called a ugma account um it’s a custodial account i use td ameritrade and all you’re doing is it’s just like opening up a bank account and you’ll just add your kid to it and what happens is
You have actual control of the account until the kid is 18. once the kid makes 18 then they have control my thing is simple and so that’s how we shift the dynamics like this this ownership stuff is real powerful to me my daughter is three and i invest money for her monthly weekly right right now my daughter three can tell you what assets and liabilities are this
Is a conversation that we have right she know i said what dividends come from she’ll say dividends come from shares she’ll say that by the time she’s 18 she’ll already be six figures her own network that’s powerful that’s a whole nother dynamic we’ve we’ve put her in position to have privileged opportunities right also we’ve now established to her the importance
Of ownership right so what happened with us when we was kids i don’t know about y’all when i was kids money was always scarce like when you got no money for that we got bills right you know but now at three she can talk to me about disney stuff you know what i’m saying so for me that’s what i do everything we do right now her account i think she had like 5 500
Because i’ve been buying these weed stocks since they’ve been on sale and i bought some of her um canopy group what was the name of the account at the bank the type of account oh it’s called a custodial account okay um but when you look it up on the td ameritrade it’s gonna be called ugma can it go through i know you said td ameritrade well do is it over to other
Banks as well well i went through you can go through fidelity okay charles schwab most of them have yeah they all have and it’s government they have utmo accounts they have 529 which is a college savings plan a couple different ways i don’t like the 529 why not because it’s boxed in that’s true it’s boxed and just you have to use it for college well they actually
Changed it with the new tax law and now you can okay any form of education okay it still has to be useful yeah yeah yeah yeah you get penalized and so with the with the custodial account she used for whatever she want at 18. so that’s why it’s good for you to now you can build that conversation that’s why it’s good for us to learn how to invest yeah because our
Kids are going to do what they see us doing yeah that’s just a natural fact yeah we all are creatures of our environment it is what it is so we start having these conversations with them at a young age like her favorite book right now is a book called the evolution of money right she be like daddy let’s read the evolution of money right how old is she three you
Know how to read yeah yeah yeah we’re trying to figure out do you want to know how to write we walk through this maybe i failed as a parent i’m in education my son is he’s five and he’s learning how to read what i mean she re she she i would say this she identifies words all right okay so i’m not gonna say like she’s like that’s good yeah i’m not gonna say like
She’s on some doogie she identifies words now but that’s extremely powerful like you said because the parents have to leave it by example you have to if you don’t set an example for your kids then they’re going to get the example just from pop culture the world the world streams like i mean so it’s extremely important and like i said it’s just seeing different
People and different conversations and it’s like that’s one of the cool things about this podcast is like we we have these conversations and if it’s like we could be like people on a basketball court or something i mean like but we’re actually talking about things that are really important yeah like you know what i’m saying yeah so it’s like a cool feel because
It’s not stuck up it’s not fake it’s not phony it’s natural and a lot of times yeah people feel like they have to like dumb themselves down yeah to be accepted or you can’t you got to watch how you speak because you don’t want to sound too intelligent right you’re right these things is real like i’m glad that that i think that the tide is starting to turn on
That it is um i i actually like i love the the temperature that’s going on right now just with even with you all you know i’m like bro like y’all y’all shifting the culture with this i appreciate it you know what i’m saying because there are a lot of podcasts out there right everybody everybody has something to say it’s a fact that’s a fact right everybody has
Something to say and they want to see it in their own unique way what i love about what y’all have is however you gonna come speak speak it yeah fast you feel what i’m saying like there is no hey we can’t like whatever you wanna speak about but it’s all about the improvement of the culture as far as you know financial literacy right and i know he was in the
Finances bro so that’s a whole another like connection right there going back to the ownership people the ownership right nobody’s telling us no all right make sure y’all cover this let’s go we’re going to put the cameras up play we’re gonna go hard don’t start speaking right it’s powerful man i remember you posted something you said something about ownership
Something you posted like recently and i love when you pull certain stuff because i can come in there and just go hard right i’ll be waiting like come on man come with me like so and um somebody complained about oh you talk it was about taxes okay okay and i said the problem is that because somebody said why don’t they teach that with the wealthiest people
Yeah and so i was like yo why would they teach us this in school it’s not that they should teach us why would they right so this is a dope analogy that i always use so we know that the lion is at the top of the food chain right so he’s not the king of the jungle like we feel like that’s some right he lives in a safari so i’m not gonna say that but he’s at the
Top of the food chain the lion cannot tell the zebra the impala or the water buffalo how to get away he can if i tell you how to get away what do i eat what do i eat either i become a vegetarian or i eat my own kind right so he can and if he did they would tell one another how to get away same thing with this the upper echelon or the financial predators we
Are the financial pray i can’t teach you how to get away but if you learn i can’t stop you i can’t stop you wealthy people don’t meet wealthy people rich poor people do right because we have a relationship with money so i can’t teach you how to get away and what i’m gonna do but i’m gonna teach my kids how to be predators and i’m teaching my daughter how to be
A predator not on people but just how to have ownership they can’t teach you that in school why would they yeah that’s like yeah that’s what that’s what the five percenters say like 85 percent rule by 10 percent which is like the bloodsuckers of the poor mm-hmm and the five percent of the four is the poor righteous teachers teachers but we’re we’re going to
Liberate the people from the bloodsuckers of the poor that’s what we’re here for thanks appreciate that my graduates from my school being forbes backdrop backdrop backdrop
Transcribed from video
HOW TO INVEST IN STOCKS FOR YOUR CHILD By Earn Your Leisure
