Lizbettalksmoney

I just realized she’s been budgeting for more than half her life. 🤯

She’s 9 now and started when she was 4.

I can’t even say that about myself. 😅 I didn’t start budgeting until my 20s.

When people talk about generational wealth, the conversation usually focuses on the money being passed down… but money without the knowledge to manage it is one of the biggest reasons wealth disappears over time.

When I started allowance with her, I wasn’t sure how much wealth I’d be able to leave behind one day.

But I could still give her a head start.

I could teach her how to budget, save, invest, and make intentional decisions with money YEARS before I learned those skills myself.

The goal is now to leave her, and her sisters, with both the wealth and the knowledge. ❤️

Comment “Binder” for the tool I’m using to help you get started too. 💰

And here’s what I am currently doing with that $ 👇

✨Binder and Budget Spreadsheet Revenue stays in my business bank account. I use this for all business expenses + future tax bills + business cash runway.

✨ TikTok creator fund, Amazon Affiliate, and Sponsorship income gets transferred to my Car Sinking Fund. We are planning on purchasing a new car soon for our growing family! ❤️

None of it actually gets added to our monthly budget since I still have a full time income.

Things might look a little different once baby girl is born though. 🙃

The money my kids budget for ✨investing✨ goes into their 529 account.

This is what I mean when I say that TIME in the market matters.

It’s not just how much you invest, it’s also how LONG the money has to grow.

529 FAQ questions👇

➡️ What if they don’t go to college?
529s aren’t just for college. They can be used for trade schools and certification programs, and because these accounts were opened early, each of my girls are also eligible to roll up to $35k into a Roth IRA later on.

➡️ Why not a UTMA/UGMA for investing instead?
I’m not against them at all. I chose to start with a 529 because further education was important to me, and the tax advantages for that purpose are hard to beat. That said, the next account on my list is actually a *custodial Roth IRA* since they now have earned income through my business. 😉

Included with my Allowance Binder (or DIY guide) is a deep dive into all investing accounts available for kids. Comment “Binder” to get yours. 💚

The Allowance Binder will help you get started, stay organized, and consistent!

You can definitely use it the exact way I do, although it is flexible enough for you to make adjustments that work better for your family. For example, the amount you pay for allowance and how often you give it. 💚

8 colors to choose from! Comment “Binder” to get yours. ✨

2nd child bringing that 2nd child ✨energy✨

Do I get nervous about her having that much cash in her wallet? Yes! But how are they supposed to learn responsibility if they don’t practice it? 😅

With that said, I will try to get some change to break the $100 bill and see if I can guide her to moving some of it to her saving/investing next week. 😉

Comment “BINDER” for the link to my Allowance Binder. Physical/Digital options available, and includes videos of my entire allowance framework. 💚

Important to note:
✨ If you make over a certain income, you cannot contribute to a Roth IRA. (Does not apply to Roth 401k)
✨ Both 401k’s and IRA’s have annual contribution limits. 401k’s have higher limits. These usually change every year.
✨ If your employer matches your contributions, the MATCH goes into a “traditional” account.

PLEASE don’t assume that these videos are all encompassing. Additional research *should* be done!

My goal is to make the process a little less scary. ❤️

How does taxes work when investing in *Traditional* (401k or IRA)? That’s covered here!

❗️To clarify, in this specific scenario (single filer), you would not qualify for the IRA tax break because of your income. It would have to be under $81k (after 401k contributions). Between $81k-$91k you’d get a partial deduction. You’re better off putting all $12k in your 401k, or having a Roth IRA instead of traditional IRA. 😉

The Roth video is filmed, just need to edit and I’ll post so you can compare them. ✨

⚠️I am NOT a Financial Advisor. This is for educational purposes only, and most importantly, not everyone’s tax situation is the same so this math is VERY simplified. Keep that in mind 🙃

Any financial goal needs to be start with a budget, and the one I created includes a 50-minute walkthrough video to help get you started *right*

Comment “READY” and I’ll send you the link. 🤜🤛

One thing about her, she knows what she wants. 💕

And now she knows she can always work towards getting what she wants on her own! 😎

The *new and improved* savings tracker is included as a customizable/downloadable extra with your Allowance Binder. Comment “Binder” for the link. 💚

If I look tired and super pregnant, maybe it’s because that’s exactly how I’m feeling 😮‍💨

I feel like I’m still trying to catch up from vacation (at work and home), and that’s even after the weekend!

But at least this was some good news in all the chaos.

All vacation spending is officially paid off, and we’ll keep what we saved in our sinking fund for one more trip before baby girls arrival 🤭