Mark Evans set up Coverdell and Roth IRA accounts for his five nieces, contributing $5,000 each on December 30. He argues you don't need much to start: even $500 or $1,000 compounds over decades into real money for college or retirement.
Questions this video answers
Peyton; Samantha; Roslyn; Kaden; Kendall.
$5,000 per child.
$25,000.
December 30 (year spoken in video context: 2013/for 2014 goals; video created January 13, 2014).
Start with $1,000 (he also mentions $500 as a possible minimum).
Chapters
Hey there, it's Mark Evans, DM here, hanging out in beautiful Palm Beach, Florida. Happy Monday. Hope you're having a great day. Hey, I'm sitting here working on my different goals for 2014 and things like that. This is my notepad. This is actually my iPhone, if you will. I don't have an iPhone, as you know. I always have that crazy ugly phone, this grandma and grandpa flip phone. It works for me. No Internet on it. I love it. Anyways, I'm sitting here sharing, I want to share something with you. Kind of special. And if you have children, grandchildren, nieces and nephews, which I do. I don't have any children yet. I don't have any grandkids yet, obviously, but my grant, my nieces, my five nieces, Peyton, Samantha, Roslyn, Kaden and Kendall. In that particular order, from 12 to 2. I'm sitting here working on some cool stuff that works for them in the future. So a lot of things a lot of people don't prepare, me included initially back in the day when I first started not understanding that you can prepare for a better financial future. So I'm sitting here, I got five checks that we did for 5,000 each kid and that's me, from me to them. We put it into their Coverdell and or Roth ira. A Coverdell is for a child, for education purposes. A Roth IRA is tax free, not tax deferred, but tax free. Opportunities to allow them to have an amazing financial future when they get older. I'm not a big fan of giving people money. I'm a big fan though of setting people up to succeed, giving them the opportunities and the pieces to succeed as they get older and become more financial literacy. So I'm sitting here, that's five times five. It's $25,000. And don't let that number amaze you or shock you. I'm not saying that to impress you, but to impress upon is that you just have to get it started. One of my great friends and mentor Mike Lippman always said, you don't have to get it right, just get it started. Start off with $1,000 in a Coverdell or a Roth IRA. If you need help with who to pick, we have two companies we work with all the time, consistently. I can show you how to turn $1,000 Roth IRA into to pay for their college tuition. Excuse me, a Coverdell, I should say, not a Roth. Turn a thousand dollar Coverdell into to pay for their college, for housing, computers, all that stuff. If you're serious, there's some cool opportunities as real estate investors that we have. The key is you just gotta start learning it, set it up, get it going. You can max it out at 5,000 a year, which we with the Roth, but you can start with $1,000. 500. I don't know what the minimum is, but 500. Let's say just get it going, get it started and start learning this stuff. But check this out. I mean, like I said, I don't know if you can see that, but that's $5,000. We put it in. December 30th is when these checks were cut. I'm just going over it, making sure that we're setting them up to be able to be financially free and prepare them for financial success in their future. Again, just want to share this quick tip for you from the beach here. Beautiful day, as you can tell. It's kind of sunny, but we're having a. Keep up the great work. You don't have to get it right, just get it going. PM me or email me if you need a couple references or recommendations of some IRA companies that we utilize for these services. They're awesome. It's fast, it's easy, it's simple. They'll help you. They'll walk you through all the steps. It's good stuff. If you're not using IRAs and Roths to build your business, you're missing out on a trillion dollar opportunity. It's out there. The money's readily available. There's tons of it. You just have to set it up to get going. This is Mark Evans, dmdn, signing off. Have a great day. Bye bye.
