EYL #312: Build Generational Wealth: Million-Dollar Tax Deductions, Investing for Kids, & Life Insurance Hacks

Welcome to another insightful clip of EYL! In this clip, hosted by Rashad Bilal and Troy Millings, we are joined by financial experts Carter Cofield and George Acheampong Jr. to discuss critical strategies in planning for your children's financial future.Planning for your child's future is one of the essential responsibilities of parenthood. Whether you're looking to save for college, insurance, or other future investments, there are numerous ways to set up your children for success. Our guests break down these financial strategies into simpler terms, making it easier for you to understand and implement them.*Key topics covered in this episode:*1. **Custodial Accounts**: Discover how setting up custodial brokerage accounts can provide long-term benefits for your children and why starting from a young age offers a significant advantage due to the compounding effect over time.2. **Life Insurance for Kids**: Learn about the benefits of taking life insurance policies on your kids while they are young and healthy. This approach could offer them financial stability early in life.3. **529 Plans**: George and Carter discuss the advantages and limitations of 529 educational savings plans, including the latest updates that allow converting them to Roth IRAs.4. **Hiring Your Kids**: Carter introduces a lesser-known but highly effective strategy of hiring your children in your business as a means of tax efficiency and skill education, setting them up with substantial sums in Roth IRAs by the time they turn 18.5. **Asset Allocation**: Gain valuable insights into asset allocation, with recommendations on saving, spending, and investing percentages for different income brackets. George highlights the importance of increasing your Savings rate as your income grows to expedite your financial independence.*Special Quotes from the Episode:*"The number one thing in investing that you have in your favor is time." - George Acheampong Jr."Retirement is not an age, it is a number. The faster we get you there, the faster you can do whatever you want." - Carter CofieldTune in to this episode of EYL Medium to get comprehensive advice on setting your children up for a financially successful future. Whether you're a new parent or planning to be one, this episode is packed with expert advice and actionable insights that can help you make smarter financial decisions.*Make sure to like, comment, and subscribe to stay updated with our latest content!*Hashtags:#EYLMedium #FinancialPlanning #ChildrensFuture #Investing #CustodialAccounts #LifeInsurance #529Plans #HiringYourKids #AssetAllocation #FinancialIndependence #MelaninMoney #TaxTips #BusinessStrategies #FinancialLiteracyAdvertising Inquiries: https://redcircle.com/brandsPrivacy & Opt-Out: https://redcircle.com/privacy

Welcome to another enlightening clip of EYL! Today, we dive deep into the crucial topic of estate planning with our esteemed guests, Melanin Money, Carter Cofield, and George Acheampong Jr., guided by our hosts Ian Dunlap and Rashad Bilal. Understanding the difference between a trust and a will can be overwhelming, but it's essential for effective estate management and wealth preservation.*Key Highlights:*0:00 - *Episode Introduction*Ian opens the conversation about the significance of estate planning and the general confusion around trusts and wills.0:17 - *Unpacking Wills and Trusts*George Acheampong Jr. explains the fundamental differences between a will and a trust, emphasizing the control and flexibility that a trust offers.1:57 - *Revocable vs. Irrevocable Trusts*Carter Cofield elaborates on the tax benefits of a revocable trust and why it can be a powerful tool for avoiding probate court. He also shares insights into the specific scenarios where an irrevocable trust might be necessary.4:33 - *Real-life Examples and Tax Implications*Case studies like Chadwick Boseman’s estate highlight the potential pitfalls of not having a proper trust in place. Carter explains the crucial tax advantages and how a revocable trust can save heirs from heavy tax burdens.5:16 - *Life Insurance and Family Wealth*Rashad brings up the strategy of buying life insurance policies on family members. George and Carter discuss how this approach, often overlooked in their community, can significantly contribute to generational wealth.6:44 - *The Importance of Disability Insurance*George shares a personal story about a health scare and the vital role of disability insurance in securing one's income during unforeseen circumstances.9:26 - *Business Partnerships and Insurance*The guests discuss the necessity of having life insurance and buy-sell agreements within business partnerships to ensure continuity and financial security.10:15 - *Structuring Business for Tax Efficiency*Carter provides valuable advice on the optimal business structures to maximize tax deductions and protect partnerships from financial discrepancies.This clip is filled with invaluable insights, practical advice, and real-life examples that can guide you in making informed decisions about estate planning, whether for personal or business needs. Don't miss out on this opportunity to learn from the experts and ensure that you and your loved ones are financially secure for generations to come.---*🔔 Don't forget to like, subscribe, and hit the notification bell to stay updated with our latest episodes!*#EstatePlanning #TrustsVsWills #GenerationalWealth #FinancialFreedom #EYL #MelaninMoneyAdvertising Inquiries: https://redcircle.com/brandsPrivacy & Opt-Out: https://redcircle.com/privacy

In this week's episode of *Earn Your Leisure*, we sit down with entrepreneur David Shands to break down the journey from a 9-to-5 employee to a 6-figure entrepreneur. David shares insights on what it takes to make six figures, defining it as earning between $100,000 and $999,000 annually and examining the difference between gross income and net income. We dive into the essentials of launching a successful business, covering **Product, Price, and Promotion**:**Product**: Whether you're offering a tangible product or a service, it should be easy to produce, deliver, and pay for. More importantly, it must solve a real problem for customers, going beyond just being a good idea.**Price**: Set a price that provides at least three times the perceived value. Through effective storytelling, position your price at a level that feels comfortable for you, and consider recurring revenue models to reach your income goals.**Promotion**: Gain visibility through hustle or leverage. From social media strategies to email and text marketing, discover ways to expand your reach and share your offerings with a larger audience.Don’t miss this comprehensive guide on how to escape the 9-to-5 and start building a business that brings financial freedom!#EarnYourLeisure #DavidShands #Entrepreneurship #SixFigures #9to5ToEntrepreneur #SmallBusiness #FinancialFreedom #ProductPricePromotion #BusinessGrowth #SideHustle #InvestInYourselfAdvertising Inquiries: https://redcircle.com/brandsPrivacy & Opt-Out: https://redcircle.com/privacy

In this week’s episode of Market Mondays, we are thrilled to sit down with the U.S. Secretary of Education, Miguel Cardona. Join host Rashad Bilal as he dives deep into the pressing issues facing our education system today. This episode covers a broad range of vital topics, including the controversial debate around dismantling the Department of Education, the critical role of equity in education, and the systemic challenges impacting black and brown communities.Secretary Cardona opens the discussion by addressing the potential consequences of dismantling the Department of Education, particularly for marginalized communities. He underscores the importance of the Department in ensuring equity and holding institutions accountable. "If the Department of Education is not doing their job to make sure that special education equity happens, racial equity happens, to make sure that public education is a right, not something that you pay for... we're going to have a system of the have and have nots," says Secretary Cardona.Rashad and Secretary Cardona also delve into the complex structure of the U.S. education system. While Secretary Cardona shares his multifaceted experience—from being a principal to a state commissioner—he explains the federal role in distributing funds and enforcing civil rights laws. He elaborates on the challenges of ensuring educational equity across states and districts with varying resources and policies.A particularly enlightening segment of the conversation centers around the concept of education reform—how to bridge the gap between schools in affluent communities and those in lower-income areas. Rashad probes the idea of overhauling the education system to be more centralized, questioning whether it could level the playing field for all students. Secretary Cardona responds thoughtfully, emphasizing the need for equity and local accountability while cautioning against the risks of federal overreach. "I don't want the federal government telling every school system what to do... I want to make sure that I'm fighting for equity, for evolution, for outcomes of results," Secretary Cardona articulates, stressing the importance of maintaining a balance between oversight and local autonomy.The episode also touches on hot-button issues like curriculum content and the politicization of education. Secretary Cardona warns of the dangers of removing critical historical narratives such as African American history and discriminating against students based on their sexual orientation. He calls for active engagement and vigilance from the public to uphold the values of equity and inclusion in the education system.Finally, Secretary Cardona’s call to action is clear: "People got to get active, they got to get engaged, and they got to start speaking up for what they believe to be the values of this country." This episode is a must-watch for anyone passionate about the future of education and the fight for equitable and inclusive learning environments.Don’t miss out on this insightful conversation! Make sure to like, comment, and subscribe for more impactful discussions on Market Mondays.Hashtags:#MarketMondays #Education #SecretaryCardona #PublicEducation #EquityInEducation #EducationReform #RacialEquity #CivilRights #AmericanRescuePlan #EducationalPolicy #InclusiveEducationAdvertising Inquiries: https://redcircle.com/brandsPrivacy & Opt-Out: https://redcircle.com/privacy

Welcome back to another insightful episode of Market Mondays! 💼 In this installment, Rashad Bilal and Ian Dunlap dive deep into eight dividend stocks that should be on your radar as we move through 2025. 🎯Timestamps:00:00 - Introduction00:07 - Chevron: Worth the Investment?01:04 - Verizon: A Reliable Choice?01:43 - Pfizer: Potential for Growth?02:30 - UPS: Long-Term Investment?02:56 - T. Rowe Price: Underrated Gem?03:35 - CVS: Past its Peak?04:52 - Kraft Heinz: To Buy or Not to Buy?05:51 - Sirius XM: Warren Buffett's Move?Featured Stocks:1. *Chevron (CVX)* 🌍💧Known for its strong long-term returns, Chevron has had a rocky year but is expected to bounce back. Rashad discusses the price points at which this stock becomes a worthy investment.2. *Verizon (VZ)* 📶A utility-type stock that pays a solid dividend, Rashad and Ian talk about why this company is a buy below $34 and how it fits into a diversified portfolio.3. *Pfizer (PFE)* 💊Despite some management issues and the loss of exclusive rights to key drugs, Pfizer still holds promise, especially if you can get it at the right price points: $24, $15.46, or $23.10.4. *UPS (UPS)* 📦A great stock for long-term holds, UPS remains a stable investment option, although the sector's competitiveness needs consideration.5. *T. Rowe Price (TROW)* 📈Known for its decent dividends and being a stalwart in the financial space, Rashad expresses his approval for this stock, especially if it dips to $100 or below.6. *CVS (CVS)* 🏥Once a pandemic darling, CVS is now struggling. It's a potential buy only if it drops to $31. Rashad warns against chasing dividends in underperforming companies like this one.7. *Kraft Heinz (KHC)* 🍔A controversial pick, mainly due to concerns about product quality. Rashad and Ian discuss why this may not be the best dividend stock for your portfolio.8. *Sirius XM (SIRI)* 📻Mystery surrounds Warren Buffett's significant stake in this company. Rashad and Ian debate possible reasons behind this intriguing investment, while also questioning its growth potential.Key Takeaways:*Price Points Matter:* Whether it's Verizon at $34 or UPS at $124, knowing the right price points can make or break your investment strategy.*Sector Leaders vs. Followers:* Rashad insists that you should aim to invest in sector leaders like Nvidia rather than laggards just for the sake of dividends.*Management Concerns:* Companies like Pfizer show that poor management can severely impact stock value, making due diligence crucial.*Future Uncertainties:* Stocks like CVS and Sirius XM demonstrate the importance of considering future market conditions and competition before investing.Join us as we dissect why these companies are worth a closer look and how to navigate the complexities of dividend investing in the current market climate. Whether you are a seasoned investor or just starting, Market Mondays has you covered with the insights you need to make informed decisions.Don't forget to like, share, and subscribe for more weekly market insights! 📈🔔Related Videos:*Investing in Tech Stocks for 2023**Should You Buy Real Estate Now?**Top 5 Crypto Picks for the Next Bull Run*#MarketMondays #DividendStocks #Investing #StockMarket #FinancialFreedom #Chevron #Verizon #Pfizer #UPS #TRowePrice #CVS #KraftHeinz #SiriusXM #WarrenBuffett #InvestSmart #StockTipsTune in to level up your investing game! 🌟Advertising Inquiries: https://redcircle.com/brandsPrivacy & Opt-Out: https://redcircle.com/privacy

In this episode of Earn Your Leisure, we sit down with Carter Cofield and George Acheampong Jr. from Melanin Money to explore crucial financial topics and wealth-building strategies that directly impact the Black community. They share insights into why financial literacy has historically been neglected in Black culture, highlighting the importance of education in creating lasting change.Melanin Money's mission is to close the wealth gap by $100 billion, with a focus on helping 1,000 people of color achieve financial success. They dive into how the IRS has designed the tax code to benefit entrepreneurs and investors, offering strategies that can be leveraged to maximize wealth and minimize taxes. Financial freedom, they argue, should always be the ultimate goal.We also discuss the tax limitations of traditional partnerships and why life insurance is an underrated strategy to close the wealth gap. Carter and George explain the importance of buy-sell agreements for business partners and outline the key differences between a will and a trust fund when planning for the future.The conversation touches on the fundamentals of building wealth, with an emphasis on passing down not just money but also a positive mindset, which can have a far greater impact on future generations. They offer actionable advice on how to invest for your child’s future, ensuring that they have a strong financial foundation.For financial advisors, Carter and George provide tips on staying compliant on social media while building your brand. They also explain how to convert $36,000 from a 529 plan into a Roth IRA, as well as investment strategies that anyone can use to get ahead in today’s market.We explore the differences between revocable and irrevocable trusts, offering clarity on how these tools can be used in estate planning. Additionally, they share powerful tips on how to write off $1 million in your business and, perhaps most importantly, how to get a tax deduction while making sure your child has six figures by the time they turn 18.Tune in to this insightful episode and learn how to secure your financial future while closing the wealth gap!#FinancialFreedom #MelaninMoney #WealthBuilding #TaxStrategies #GenerationalWealth #LifeInsurance #Investing #Entrepreneurship #TrustFund #529Plan #RothIRA #FinancialAdvisor #WealthGap #earnyourleisure Melanin Money Freebie link:https://cofieldspeaks.clickfunnels.com/optin-598929031726630282598Advertising Inquiries: https://redcircle.com/brandsPrivacy & Opt-Out: https://redcircle.com/privacy

Welcome to EYL, where we dive deep into practical strategies to make financial education engaging and effective for children! In this episode, Rashad Bilal discusses the importance of gamification in teaching kids about finance, budgeting, and the essentials of money management.*Why Gamification Matters*Rashad emphasizes that making learning fun through games can significantly help in teaching essential financial skills. Children often find it challenging to grasp the importance of budgeting, saving, and prioritizing expenses. By gamifying these concepts, parents can ensure that their kids are not only learning but are also enjoying the process. From classic board games like Monopoly to custom-created budget battles, gamification is a powerful tool to teach financial responsibility.*Budget Battle Breakdown*One innovative idea Rashad introduces is the 'Budget Battle,' a game where families can simulate real-life financial decisions. Here's how it works:Each player receives a set amount of 'fake money.'Players have a list of necessities (like rent and food) and non-necessities (like travel and entertainment).The total cost of items exceeds the amount of money given, forcing players to prioritize their spending.The goal is to make the best financial decisions, with winners possibly earning real money as incentives.This game teaches kids the importance of prioritizing needs over wants and the consequences of poor financial planning.*Monopoly Lessons*Monopoly is another excellent game for financial education. Rashad suggests that parents should take time during the game to explain critical financial concepts:The importance of buying property and collecting rent.The benefits of owning clusters of properties for better financial returns.The overall strategy of either paying rent or collecting it as a landlord.By breaking down these lessons during gameplay, children can gain a deeper understanding of real estate, rent, and loans, making the game not just entertaining but also educational.*Building Good Financial Habits Early*Rashad points out that habits formed early in life tend to stick. Introducing children to good financial habits at a young age can set them up for long-term success. Just like healthy eating habits and avoiding harmful substances, financial education should also start early to become ingrained in a child's daily life.*Incentivizing Learning*To make these financial lessons more impactful, Rashad suggests rewarding kids for making sound financial decisions in these games. Real-life incentives, such as winning actual money, can motivate children to take the lessons seriously and apply them in real-life situations.*Why It’s Important*Understanding finances is crucial for everyone, yet many people grow up without this vital knowledge because it’s not taught in schools. Gamified learning makes it easier for children to comprehend and retain critical financial concepts, setting them up for a stable future.*Watch the Full Episode*Tune in to this insightful episode of EYL Medium #2 to learn more about Rashad Bilal's tips and tricks for making financial education fun and effective for kids. Don't forget to like, comment, and subscribe for more valuable content!*Hashtags:*#FinancialEducation #Gamification #KidsLearning #BudgetingForKids #MonopolyLessons #FinancialLiteracy #EYL #Education #ParentingTips #MoneyManagement #TeachKidsFinance---By breaking down complex financial concepts into engaging and interactive games, Rashad Bilal shows that teaching children about money can be both fun and educational. Watch the full episode to transform your child's financial future!Advertising Inquiries: https://redcircle.com/brandsPrivacy & Opt-Out: https://redcircle.com/privacy

Welcome back to another informative clip of EYL! In today’s video, we delve deep into the fascinating world of real estate and taxes with our special guest, Ms. Business, a tax expert renowned for her insightful advice and wealth of knowledge.In this clip, Rashad Bilal hosts Ms. Business to explore the intricate mechanisms of cost segregation, a tax strategy that could significantly benefit real estate investors. If you're a real estate enthusiast or investor looking to minimize your tax liabilities and maximize your profits, this video is a must-watch!*Topics Covered:***Introduction to Real Estate Taxation**: Ever wondered how real estate can influence your tax situation? Ms. Business breaks down the concept for us, kicking off with a basic understanding of depreciation expenses and other essential deductions. **Cost Segregation Explained**: What exactly is cost segregation, and why is it vital for real estate investors? Ms. Business provides a detailed explanation, illustrating how this study dissects each element of your property to help you gain more on depreciation expenses.**Benefits of Cost Segregation**: Through practical examples, Ms. Business illustrates the potential financial advantages. For instance, a $500,000 property can yield a depreciation expense of $76,582 versus just $13,500 without cost segregation.**Bonus Depreciation**: How can bonus depreciation magnify your depreciation expenses? Find out the impact of the changes in bonus depreciation percentages from 100% up to 2022 to 60% currently.**Maximizing Tax Deductions**: Discover how breaking down property components—like personal property and land improvements—can significantly increase your tax deductions.**Implementing These Strategies**: Ms. Business emphasizes the importance of understanding and using these tactics actively, ensuring that investors not only bring in money but also report favorable losses on paper to offset other income sources effectively.With Ms. Business's expert insights and Rashad Bilal's engaging queries, this episode is packed with practical knowledge and actionable strategies that could transform your real estate investing approach. Real estate is undoubtedly one of the most potent tax deduction tools, allowing you to win financially while reporting losses on paper.*Don't Miss:*Make sure to catch Ms. Business's eye-opening presentation from Invest Fest, mentioned in the video, for an even deeper dive into these concepts. Whether you attended Invest Fest or not, the nuggets of wisdom shared here are applicable to every real estate investor aiming to strategically manage their taxes and savings.*Stay Connected:*Like, share, and subscribe for more insights and strategies on leveraging real estate and taxes. Turn on the notification bell, so you don't miss any updates from the EYL Medium series. Drop your questions and thoughts in the comments section below—we love hearing from our community!For consultations and more resources, visit our website: [Link]*Hashtags:*#EYL #RealEstate #CostSegregation #Taxes #Depreciation #RealEstateInvesting #TaxStrategies #InvestFest #RealEstateProfit #FinancialFreedom #WealthBuilding---Stay tuned as we continue to bring you expert interviews and practical advice to empower your financial journey! Thank you for watching and supporting EYL.Advertising Inquiries: https://redcircle.com/brandsPrivacy & Opt-Out: https://redcircle.com/privacy

Welcome back to another insightful clip of Earn Your Leisure (EYL)! In this clip, we're diving deep into a strategic yet often overlooked tax-saving method: hiring your children. Our special guest, Ms. Business, and host Rashad Bilal walk you through how you can benefit from hiring your children, while also investing in their future.*Key Takeaways:*1. *Hire Your Children for Tax Benefits:*In 2024, you can pay your child up to $14,600 without it being taxable.The money cannot be used for essentials like food and shelter, but can be used for extracurricular activities.2. *Triple Tax Deduction Strategy:**Business Tax Deduction:* Paying your child is a deductible business expense.*Non-Taxable Income for Child:* The income is non-taxable for your child as it's under the standard deduction limit.*Roth IRA Contributions:* Investing this money into a Roth IRA leverages compound interest, providing a tax-free growth and withdrawal in the future.3. *Eligible Ages and Roles:*While there's no strict age limit, roles must be reasonable and age-appropriate.Ms. Business recommends hiring children typically between ages 7 to 17.Younger children can be employed in tasks like modeling or handling easy tech-related jobs.4. *Legal and Practical Considerations:*This method should be implemented through an LLC to avoid payroll complications.Children must perform actual and reasonable tasks for the business.Hiring your children is more than just a tax deduction; it's a holistic approach to saving for their future while giving them invaluable work experience. Join Ms. Business and Rashad Bilal as they break down these strategies and much more!*Timestamps:*00:00 - Introduction: Importance of Hiring Your Children00:40 - Limits and Conditions on Child Payment01:14 - Triple Tax Deduction Explained01:53 - Practical Examples and Benefits02:27 - Age Requirements and Eligible Tasks03:01 - Legal Structures and Practical ImplementationDon't forget to like, comment, and subscribe for more content on maximizing your financial strategies!*Hashtags:*#EYL #TaxBenefits #HireYourChildren #TaxDeduction #FinancialEducation #RothIRA #TaxFreeIncome #TaxStrategy #BusinessTips---Stay tuned and empower your financial knowledge with Earn Your Leisure! Turn on notifications so you never miss an episode!Unlock your financial potential with EYL. We'll see you in the comments section!--- Earn Your Leisure (EYL) - Bridging the gap between business and cultural relevance.Advertising Inquiries: https://redcircle.com/brandsPrivacy & Opt-Out: https://redcircle.com/privacy

In this impactful conversation with Principal Travis Brown, we explore innovative ways to teach financial literacy to parents so they can empower their children with the tools for financial success. The traditional message of “go to college and get a good job” no longer guarantees financial freedom in today's economy. We discuss the need to shift the narrative, especially in communities affected by consumerism and luxury rap culture, and emphasize that financial freedom—not a good job—is the ultimate goal.One critical element of this conversation is the idea of a “hidden curriculum.” Financial literacy skills and money mindsets are often inherited from parents, but many students, particularly in communities of color, don’t encounter real financial challenges until they are applying for college. This can be too late to develop the habits and knowledge needed for long-term financial success. By engaging parents, we can equip them to have these important conversations early, ensuring their kids are better prepared.To make learning about money more engaging, we suggest gamifying education. Imagine creating interactive group activities where kids and their parents can work together to solve financial challenges, incorporating friendly competition through games. Movie nights could be another way to engage families, featuring films that spark discussions about money, saving, and investing. These types of hands-on, communal experiences make learning about financial literacy fun and relevant for all ages.The conversation also highlighted the power of social learning and how students can lead financial discussions at home. Financial organizations won’t solve these problems for us—it’s up to the community to educate itself. #FinancialLiteracy #GamifiedEducation #TeachKidsAboutMoney #FinancialFreedom #EYL #GenerationalWealth #MoneyMindset #EducationMatters #MovieNight #EarnersAcademy #GroupLearning #InteractiveEducation #EachOneTeachOneAdvertising Inquiries: https://redcircle.com/brandsPrivacy & Opt-Out: https://redcircle.com/privacy