Coming up this week: Pete and Damian try even harder to try to figure out what they can disagree on! For the final show of 2019, the dynamic duo try to empty out the mailbag and answer what they can from real listeners. You’ve got to listen to this, for sure.
Can’t listen? Check the Show Notes!
- Compounding interest is the magic effect to take effect in your retirement and/or long-term savings plan.
- Writer number one wants to offer $15,000 from each parent to their daughters. (Hint: $30k, each) They would like it deposited into the 401K and 557 for each youngling. Their question is: Is there a way to have these funds protected in marriage and, sadly, divorce?
- The answer? YIKES. These daughters are going to have a fun time with this one. 401(k) is an employer-sponsored plan. Simply put, parents can’t do it.
- Parents want to teach their kids to invest and protect them from unscrupulous spouses, and that’s great. In this case, they simply can’t do with he’s suggesting, without an attorney to establish a trust, and other financial instruments.
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Peter Dunn a.k.a. Pete the Planner® is an award-winning financial mind and a former comedian. He’s a USA TODAY columnist, author of ten books, and is the host of the popular radio show and podcast, The Pete the Planner Show. Pete is considered one of the foremost experts on financial wellness in the world, but he’s just as likely to talk your ear off about bass fishing.