Building Wealth for Kids: Accounts Every Parent Should Know
Failed to add items
Add to cart failed.
Add to wishlist failed.
Remove from wishlist failed.
Follow podcast failed
Unfollow podcast failed
Building Wealth for Kids: Accounts Every Parent Should Know
-
Narrated by:
-
Written by:
About this listen
Welcome back to the Dollar Wise Podcast. In this episode, Andrew Barnhardt and Brett Herron explore various strategies for saving for children’s futures — whether it's for education, retirement, or general financial support. They break down the pros and cons of different account types, including 529 plans, custodial Roth IRAs, UTMAs/UGMAs, and saving in a parent’s name. Listeners will gain a clear understanding of how to align financial tools with their goals and ensure they’re setting up the next generation for success — without putting their own financial health at risk.
Tune into this episode to also learn:● The tax benefits and flexibility of 529 college savings plans.
● How custodial Roth IRAs can jumpstart retirement savings for teens with earned income.
● Why UTMAs and UGMAs offer flexibility — but come with tax and control trade-offs.
● When it may be better to save in your own name instead of your child’s.
What we discussed● [00:00:00] Introduction
● [00:00:31] Why saving for kids must come after securing your own financial foundation.
● [00:02:35] Pros, cons, and new rules around 529 college savings plans.
● [00:06:55] How custodial Roth IRAs work — and why earned income is required.
● [00:11:04] The flexibility and limitations of UTMAs/UGMAs for broader financial goals.
● [00:14:59] Saving in your own name: flexibility, control, and important tax considerations.
● [00:20:07] Why segmenting investment “sleeves” can help avoid misusing funds.
● [00:22:07] A quick mention of upcoming TRUMP accounts and what to expect.
- Saving for your children is important, but make sure your own financial house is in order first.
- Each account — 529, custodial Roth, UTMA/UGMA, or personal savings — has unique pros and cons.
- Teaching your child about money can be just as valuable as saving money for them.
Connect with Andrew Barnhardt: abarnhardt@hfmadvisors.com | LinkedIn
Connect with Brett Herron: bherron@hfmadvisors.com | LinkedIn
Like what you’ve heard…
- Learn more about HFM HERE
- Schedule time to speak with us HERE
Editing and post-production work for this episode was provided by The Podcast Consultant (https://thepodcastconsultant.com)
102 WEST HIGH STREET, SUITE 200
GLASSBORO, NJ 08028
HFM Investment Advisors, LLC is a registered investment...