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Speaker 1: Earners. What's up.

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Speaker 2: You ever walk into a small business and everything just

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Speaker 2: works like The checkout is fast, the receipts are digital,

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Speaker 2: tipping is a breeze, and you're out the door before

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Speaker 2: the line even builds. Odds are they're using Square. We

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Speaker 2: love supporting businesses that run on Square because it just

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Speaker 2: feels seamless. Whether it's a local coffee shop, a vendor

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Speaker 2: at a pop up market, or even one of our

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Speaker 2: merch partners, Square makes it easy for them to take payments,

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Speaker 2: manage inventory, and run their business with confidence, all from

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Speaker 2: one simple system. If you're a business owner or even

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Speaker 2: just thinking about launching something soon, Square is hands down

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Speaker 2: one of the best tools out there to help you start, run,

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Speaker 2: and grow. It's not just about payments, it's about giving

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Speaker 2: you time back so you can focus.

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Speaker 1: On what matters most Ready.

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Speaker 2: To see how Square can transform your business, visit Square

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Speaker 2: dot com backslash go backslash eyl to learn more that

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Speaker 2: Square dot com backslash, go backslash eyl. Don't wait, don't hesitate.

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Speaker 2: Let's Square handle the back end so you can keep

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Speaker 2: pushing your vision forward. This episode is brought to you

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Speaker 2: by P and C Bank, a lot of people think

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Speaker 2: podcasts about work are boring, and sure they definitely can be,

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Speaker 2: but understanding of professional's routine shows us how they achieve

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Speaker 2: their success little by little, day after day. It's like

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Speaker 2: banking with P and C Bank. It might seem boring

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Speaker 2: to save, plan and make calculated decisions with your bank,

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Speaker 2: but keeping your money boring is what helps you live

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Speaker 2: or more happily fulfilled life. P and C Bank Brilliantly

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Speaker 2: Boring since eighteen sixty five. Brilliantly Boring since eighteen sixty

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Speaker 2: five is a service mark of the PNC Financial Service Group, Inc.

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Speaker 2: P and C Bank National Association Member FDIC.

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Speaker 3: So now let's go to number two. You want to

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Speaker 3: start with this rough ira. Man, this is your whale

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Speaker 3: bask field. I want you to cook and then I'm

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Speaker 3: just gonna like chef up with you.

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Speaker 2: So the wroyth ira is another one of these strategies

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Speaker 2: that we talk about that can be beneficial for not

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Speaker 2: only for the adult, but for the child. So there's

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Speaker 2: a few types. There's the roth ira UH, and then

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Speaker 2: we have AH.

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Speaker 1: There's a traditional ira and then.

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Speaker 3: Direct So traditional ira is you put money into a

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Speaker 3: retirement account and you get a tax deduction for the

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Speaker 3: money that you put in, but it's taxable when you're

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Speaker 3: in retirement. So IRA stands for individual retirement account. That's

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Speaker 3: what it stands for, right. So people are familiar with

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Speaker 3: four one K. That's what your job provides in.

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Speaker 1: The four O three B if you work in some

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Speaker 1: other same thing.

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Speaker 3: Yeah, But if you want to do it for yourself

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Speaker 3: as a self employed personal, just a regular you know, employee,

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Speaker 3: you can do an IRA. And IRA is an individual

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Speaker 3: retirement account. So the regular individual retirement account is what

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Speaker 3: we just described, and then there's a WROTH. The wroth IRA,

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Speaker 3: you're able to put money in for your retirement, but

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Speaker 3: you don't get a tax deduction. But the benefit with

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Speaker 3: the rough IRA is that the money's tax free when

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Speaker 3: you take the money out. So one of the good

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Speaker 3: things with being an entrepreneur is that you can employ

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Speaker 3: your child.

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Speaker 1: We talked about this before, yep.

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Speaker 3: But even if you don't employ your child, you can

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Speaker 3: set up a rough IRA for your child as long

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Speaker 3: as your child is working. So this year, how much

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Speaker 3: money can you pay your child this year?

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Speaker 1: I think we got to fourteen thousand, three hundred.

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Speaker 2: Fourteen thousand, three hundred and we get this question a lot,

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Speaker 2: a lot, and yes, I'm glad that people are asking

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Speaker 2: the question of like can I The child has to

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Speaker 2: be of working age. So if you have a two

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Speaker 2: year old that is not classified as a working age,

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Speaker 2: I believe the working age is between seven to seventeen,

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Speaker 2: and they have to be doing something that's functional. We

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Speaker 2: work in a platform that actually has functioned.

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Speaker 1: Right, So for my.

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Speaker 2: Son, right when we actually record, he'll come down, he'll

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Speaker 2: set up, he'll sweep, he'll clean the area. That is

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Speaker 2: an actual functional duty that he is doing to help

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Speaker 2: the business. So if you don't have a functional activity

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Speaker 2: or a purpose for it, then it makes it tougher.

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Speaker 2: But it has to be between the ages of seven

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Speaker 2: to seventeen. You can't have your three year old performing

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Speaker 2: a function or maybe you can't maybe you got a

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Speaker 2: super child, but that's the age range.

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Speaker 3: So the benefit okay, So the benefit with paying your

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Speaker 3: child is that it's a tax deduction for you as

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Speaker 3: an entrepreneur for your company, and it's tax free income

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Speaker 3: to your child up to that amount. So if you

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Speaker 3: pay your child ten thousand dollars, right instead of giving

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Speaker 3: them allowance, right, Because now when you give somebody allowance.

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Speaker 3: That's after tax money. You've already paid taxes on that money.

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Speaker 3: So if you're giving them allowance to buy sneakers or

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Speaker 3: to you know, do whatever, you don't get any benefit

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Speaker 3: for that. But as an entrepreneur, if you can give

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Speaker 3: them ten thousand dollars or five thousand or whatever you're

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Speaker 3: giving them and it's salary, now you get a tax deduction. Right,

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Speaker 3: you save money on taxes and it's tax fe they

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Speaker 3: don't have. They don't have to pay taxes on that income.

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Speaker 3: So that's beneficial for any entrepreneur. Now, where the raw

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Speaker 3: firay thing comes into play is that you can contribute

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Speaker 3: to a raw fira or an ira. But we'll talk

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Speaker 3: about the rawal fira for now, but you can contribute

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Speaker 3: to a row firara for your child that's working up

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Speaker 3: to the amount that they're actually getting paid. So they

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Speaker 3: if they have a regular job, they work in CBS

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Speaker 3: and they got paid five thousand dollars, then they can

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Speaker 3: have a raw fira up to five thousand dollars if

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Speaker 3: you pay them. If you are an entrepreneur, you pay

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Speaker 3: them five thousand dollars, then they can contribute up to

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Speaker 3: five thousand dollars. Right, So the limit for this year

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Speaker 3: is UH seven thousand thousand, that's the most right.

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Speaker 1: So okay, this has.

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Speaker 3: Beneficial for people to know and understand because once again

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Speaker 3: it's just relatively short periods of time that could lead

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Speaker 3: to large moneys over the cost of time. So if

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Speaker 3: you are an entrepreneur, right, and you you have a

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Speaker 3: business in mind, you you can be an entrepreneur and

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Speaker 3: still have a job also. But if you if you're

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Speaker 3: an entrepreneur, you have a business, Let's say that you

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Speaker 3: you you paid your child seven thousand dollars right for

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Speaker 3: the year, Now you can that's the tax deduction. You're

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Speaker 3: going to save money seven thousand dollars only taxis Now

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Speaker 3: you can take that seven thousand dollars and put it

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Speaker 3: into a rough IRA. Now, the benefit with that is

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Speaker 3: that now the money is actually invested. You're invested in

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Speaker 3: the stock market. So let's just use an example. Usually

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Speaker 3: UH working age is around twelve. So if we picked

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Speaker 3: the ages from twelve to seventeen, to seventeen will be

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Speaker 3: probably at last year in high school and then you know,

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Speaker 3: after that point they're put they're an adult eighteen years old.

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Speaker 3: So you go from twelve to seventeen, which is six years.

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Speaker 1: Right.

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Speaker 3: Let's say that you put seven thousand dollars in to

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Speaker 3: a rough IRA every year for a child. Mind you,

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Speaker 3: you're getting a tax deduction for this money. Anyway, you

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Speaker 3: put seven thousand dollars away every year for six years, right,

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Speaker 3: and let's say you invested it in QQQ. Right, historically

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Speaker 3: over the last fifteen twenty years, think it's average over

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Speaker 3: ten percent, So we can use ten percent as something

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Speaker 3: that should possibly be a realistic number.

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Speaker 1: That might and that might be conservative at this point.

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Speaker 3: So let's say you invested that money ten percent a

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Speaker 3: year untouched. Because the thing with the IRA is that

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Speaker 3: is for your retirement, right, So when they retire, they'll

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Speaker 3: have three point five million dollars. So the benefit with

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Speaker 3: that is that you already made your child a multi

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Speaker 3: millionaire in their retirement. Now to pushback for someone will say, okay,

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Speaker 3: well the child has to wait till this sixty years

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Speaker 3: old to get it. Well, my question is if somebody

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Speaker 3: had a million dollars, two million, or three million dollars

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Speaker 3: for you right now and said and you're forty, and

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Speaker 3: said at sixty you will you will get this money.

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Speaker 3: Would you be mad and you did nothing for it

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Speaker 3: a couple of years of work when you was a child,

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Speaker 3: would you be mad at your grandparent for doing that

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Speaker 3: or would you look forward to the opportunity? Mind you, you

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Speaker 3: can take money from a row fire eight early in

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Speaker 3: the next there's some penalties that you have to pay,

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Speaker 3: but you don't have to wait till your sixty.

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Speaker 1: You don't have to wait till you sixty.

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Speaker 2: And again, this is a conservative number, right, So we're

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Speaker 2: talking about ten percent. There's years obviously we saw over

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Speaker 2: the past three where the QQQ was trashed. The technology

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Speaker 2: sector has gone up twenty five percent, right, it's going

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Speaker 2: up twenty six percent, and then it's going down to twelve.

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Speaker 2: If we just take those averages over the past five years,

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Speaker 2: you're talking about way more than ten percent. The one

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Speaker 2: thing that we know about the stock market is that

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Speaker 2: it is going to appreciate eighty two percent of the

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Speaker 2: time that SMP has increased over the course of the

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Speaker 2: market's history. And so ten percent is a conservative number.

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Speaker 2: So we're you're saying sixty, but that number could hit

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Speaker 2: three million by fifty, right, And so it's all about

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Speaker 2: deferring the gratification, right, Just knowing that it's there and

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Speaker 2: letting it compound like it is the eighth wonder of

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Speaker 2: the world. For a reason that money doesn't get touched,

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Speaker 2: you'll be a millionaire. This is not something that's hypothetical.

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Speaker 2: At that number, at a conservative ten percent, that's what

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Speaker 2: it's going to average.

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Speaker 3: And it's one of these things that it's not even

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Speaker 3: it's just basic math. Right, This is that's like life

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Speaker 3: assurance is the easiest way, but this is another damn

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Speaker 3: guaranteed way to make your child a multi millionaire. Now,

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Speaker 3: once we get we never said we said make your

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Speaker 3: child a millionaire. We never said there's gonna be a

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Speaker 3: millionaire tomorrow. But once again, we're talking about generational wealth.

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Speaker 3: So the whole point of it is that the child

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Speaker 3: should be equipped to be earning money, to be doing

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Speaker 3: things as an adult.

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Speaker 1: Right.

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Speaker 3: Everything that they've given is extra add ons for them, right,

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Speaker 3: So this isn't like the only thing that they should

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Speaker 3: be like relying on as a twenty five year old.

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Speaker 3: But like I said, if you can, one of the

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Speaker 3: biggest problems that we have in a society is retirement.

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Speaker 3: And they're already talking about cutbacks on Social Security. So

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Speaker 3: if you don't have to worry about retirement. How much

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Speaker 3: more free? I know people that take jobs just for

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Speaker 3: retirement benefits. Yep, you work a job for thirty years

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Speaker 3: just because it has a good pension.

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Speaker 2: People will retire and go back to get a part

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Speaker 2: time job because they need the insurance.

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Speaker 1: Yeah. Sure.

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Speaker 2: And here's the thing, right, like, yeah, fifty sounds if

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Speaker 2: you're sitting in your twenties and your thirties, Like, sixty

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Speaker 2: sounds like a long Like we just I just turned

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Speaker 2: forty three years ago.

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Speaker 1: You just turned forty a year ago.

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Speaker 2: At that same rate, you're still at that ten percent, right,

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Speaker 2: just from them five years, from twelve to seventeen, that

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Speaker 2: ten percent compounded turns to nearly six hundred thousand by forty.

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Speaker 1: Yeah, Like, what did you get a.

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Speaker 2: Six hundred thousand dollars take in forty? I might have

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Speaker 2: missed it. No, I wasn't sitting there for you.

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Speaker 3: So yeah, on five hundred and thirty one thousand dollars

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Speaker 3: about forty. So, like I said, you don't. It's not

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Speaker 3: like a locked up and a trust. You can take

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Speaker 3: money out of the IRA whenever you want. You'll pay

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Speaker 3: You'll pay an early penalty if you take it out

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Speaker 3: before your retirement. That's important to notice. But if you

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Speaker 3: need money, like let's say you've got a brilliant idea,

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Speaker 3: you want to start a business, you can take the

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Speaker 3: money out. It's never been taxed before, so you pay tax,

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Speaker 3: you'll pay taxes on it, you'll pay a penalty tax.

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Speaker 3: But ideally it's better to wait because you'll pay no tax.

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Speaker 3: And like I said, keep in mind that money at

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Speaker 3: sixty three point five million is tax free. So when

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Speaker 3: you get your four one k, you're paying state and

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Speaker 3: federal taxes on it. So yeah, a million dollars is

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Speaker 3: really six hundred thousand dollars. This is three point five

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Speaker 3: million dollars tax free money. So I mean, that's just

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Speaker 3: the tremendtut Like I said, for a very short period

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Speaker 3: of time. You just you paid seven thousand dollars a

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Speaker 3: year for six years, and that could be two thousand.

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Speaker 3: Of course it's going to be a lower. But you know,

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Speaker 3: you could use the calculator to see, Okay, if I

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Speaker 3: put a thousand dollars and if I put two thousand

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Speaker 3: dollars and if I put fifteen hundred dollars in right,

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Speaker 3: what is that equal? But the bottom line is that

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Speaker 3: relatively small amounts of money in a short, relatively short

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Speaker 3: period of time equals huge amounts of money later on

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Speaker 3: in life.

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Speaker 4: An illegal alien from Guatemala charged with raping a child

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Speaker 4: in Massachusetts. An MS thirteen gang member from Al Salvador

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Speaker 4: accused of murdering a Texas. Man of Venezuelan charged with

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Speaker 4: filming and selling child pornography in Michigan. These are just

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Speaker 4: some of the heinous migrant criminals caught because of President

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Speaker 4: Donald J. Trump's leadership. I'm Christinom, the United States Secretary

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Speaker 4: of Homeland Security. Under President Trump, attempted illegal border crossings

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Speaker 4: are at the lowest levels ever recorded, and over one

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Speaker 4: hundred thousand illegal aliens have been arrested. If you are

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Speaker 4: here illegally, your next you will be fine nearly one

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Speaker 4: thousand dollars a day, imprisoned and deported, you will never return.

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Speaker 4: But if you register using our CBP home app and

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Speaker 4: leave now, you could be allowed to return legally. Do

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Speaker 4: what's right, leave now. Under President Trump, America's laws, border

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Speaker 4: and families will be protected.

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Speaker 1: Sponsored by the United States Department of Homeland Security,