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You may be surprised to learn that you can open a Roth IRA for a child, as long as you can establish that they have earned income. By following a few best practices, you can begin establishing a healthy financial future for the children in your life while also teaching them the value of hard work early on.
By definition, estate planning is a process designed to help you manage and preserve your assets while you are alive, and to conserve and control their distribution after your death according to your goals and objectives. But what estate planning means to you specifically depends on who you are. Your age, health, wealth, lifestyle, life stage, goals, and many other factors determine your particular estate planning needs.
We’ve built dozens of what we call “Prosperity Plans” over the years. If you haven’t worked with us before, its what we call a financial plan…but it’s a little different than what you might have experienced elsewhere. It’s meant to be a guide and a decision-making model…not something that is etched in stone. Speaking from experience, few plans turn out exactly as they are initially built. Hey, life happens!
Imagine feeling so confident in your financial plan and life decisions that you find yourself with time to enjoy life and the money to pursue your passions. It’s a freeing combination and one that unlocks the greatest lifestyle shift of all: mind freedom.
Our fearless and wise founder, Mackey McNeill, landed on a profound concept when she identified three key factors that most influence our pursuit of prosperity: time freedom, money freedom, and mind freedom.
If you’ve spent much time with us at The Prosperity People, you may have heard us reference the “three freedoms of prosperity.” This idea, conceptualized by Prosperity People founder and CEO Mackey McNeill, is primarily used with clients of our sister company, MACKEY, as an ethos that helps business owners design a business they run (as opposed to one that runs them).
To be frank, you probably shouldn’t care… much. Here’s why: A lot of what the SECURE Act touts is better than it sounds. There are no groundbreaking provisions that will change your financial picture; instead, the law consists of a collection of small changes that might make a difference (for some), but not all.
