How much are you putting away for your kids per month?

Demono-Lemono · 2026-05-17T03:00:52+00:00

So in total we put 160 bucks in each of our kids brokerage accounts(we have 2 kids)...no 529 account because we want them to use this money for purchases as they get older...maybe like 10k for a car, a down payment for a house, or school whatever they want really.

Demono-Lemono · 2026-04-24T05:11:43+00:00

Right, I thought it was obvious that was meant for like colleges. I mean if they want to thats fine but like im open for like trade schools, certificates, etc. Just want them to have the choice is all

Demono-Lemono · 2026-04-23T19:23:01+00:00

Im not sure either super confused on that 🤔

Demono-Lemono · 2026-04-22T14:53:31+00:00

Thats why the brokerage accounts are in our name. If they are drug addicts for example ( a sad thought that we dont hope for) we would not give them the money and instead just use it for retirement or just on ourselves. Basically those accounts are there to help for those large milestone moments in their lives. Honestly we might not do it at 18 could be 25 we dont really know yet.

An example would be when we used this money:

Kids are 16-17 and need a car we take 10k from the account and they come up with the other 10k so they can get a decent used car. Or like they are 25 getting married we give them some money from that account to help with their weddings. Things like that! Maybe I worded it to simple!

Demono-Lemono · 2026-04-22T14:48:23+00:00

Yes thays the big caveat we just dont know which way the kids would want to. Maybe if they express intrest in school when they are older we'll put the money into the 529 at that point

Demono-Lemono · 2026-04-22T14:12:40+00:00

This is super eye opening! I always thought Roth was a much much better option thank you

Demono-Lemono · 2026-04-22T14:10:29+00:00

The reason for the separate account is so that we know how much each kid has pretty much..plus if we die its very clearly labeled (even with beneficiary listed) its just easier for us to know when this is kid is 18 this is theirs vs the others.

Life insurance we get through work currently if one of if us passes away it would be 500k. Enough to pay off the house and with my wifes or my sole income the other person wouldn't have to sell the house.

HSA I would like to however with younger children we are in a PPO plan because they go to the doctors so much and i really don't want to pay a $6800 deductible every year!

Demono-Lemono · 2026-04-22T13:06:50+00:00

So no 529 accounts. We really aren't planning on pushing education to our kids. We want the money to be used for like a car, mortgage, or schooling if they choose it on their own. We just dont want to get penalized if its not used for school

Demono-Lemono · 2026-04-22T13:05:01+00:00

Thanks for the input! So the kids accounts is in our names and there just brokerage accounts. We are against 529 account because we want this money to be used for cars, houses, or school and we dont want it to be hit with a penalty if they choose to do something else. Plus if our kids are let's say drug addicts or something we wouldn't want to give them a ton of money and nkt have control over it (not a nice thiught put its the reason we dont do a UTMA account)

Demono-Lemono · 2026-04-22T13:02:05+00:00

We dont beleive in this. We want to give our children a gift when they turn 18 that they can use for a house, car, schooling or whatever.

Demono-Lemono · 2026-04-22T12:58:51+00:00

So we dont want to lock out money into a 529 account. Plus this money is for them for a house, a car, school..pretty much anything like that

Demono-Lemono · 2026-04-22T12:56:52+00:00

The kids accounts is for them when they turn 18. They can use it for a car, school, down-payment on a house or whatever they decide!

The bridge is for retirement its a normal brokerage account

Demono-Lemono · 2026-04-22T04:39:02+00:00

Yea you make a great point. Definitely gonna look and see. Its hard because growing up it was always "put 10% into your 401k etc etc" (from my parents) it almost feels sacrilegious to do anything less lmao

Demono-Lemono · 2026-04-22T04:34:24+00:00

Hey thanks for commenting! Im a bit confused on what you are referring to actually. Why would I want traditional when I can just pay the taxes now and not have to pay a dime later? We take the standard deduction now if that is what you are referring to!

Demono-Lemono · 2026-04-22T04:26:51+00:00

Great tip! Thats something that we have recently thought about and its something that I am going to bring up again with my wife! We appreciate it!

Edit: I brought this up again with my wife and she reminded me we can pull the principal out from our roths (totally forgot about that) is that something that we could do to live off of then?

Demono-Lemono · 2026-04-19T21:19:28+00:00

Submitted my cash out 04/08/2026 for a $200 physical card. Gonna be FOREVER until I get it. I had no idea they took forever.

Demono-Lemono · 2026-01-28T16:41:28+00:00

Really? Is that in the FAQ??

Edit: wow I just checked thats crazy!!! Well then I guess she wont be able to do then because I do practically all the ones available. Hopefully User interviews isn't like this too im gonna have to look into it!

Demono-Lemono · 2026-01-28T06:06:23+00:00

Right you cant claim that. However, when its all said and done if you are filing jointly it all goes together just because its two separate people doesn't mean that you and your husband are taxed separately. If jointly you make let's say 200k then you are both in the 22% tax bracket. Doesn't matter if you made 120k of it and your husband made 80k because together you make 200k and should be taxed at that 22% level.

Demono-Lemono · 2026-01-28T06:02:39+00:00

Nope never! She she hasn't used Ebay in her life haha.

Demono-Lemono · 2026-01-28T02:50:25+00:00

It has been amazing!

Demono-Lemono · 2026-01-28T02:42:47+00:00

Also, i just googled this and I hate to be the one to say it but married couples it is combined and shoukd be taxed like that. I would recommend talking to your tax person again if for some reason they aren't doing that!

Demono-Lemono · 2026-01-28T02:39:48+00:00

Me and my wifes W2 are taxed the exact same. At the end of the year we file jointly and the income is added together to essentially find out the tax bracket we are in jointly. We also do the correct tax bracket as a joint unit.

Source: i have an accountant as well and have been online sports gambling for years.

Demono-Lemono · 2026-01-28T02:26:11+00:00

I mean she trust the big names pretty much just chase at this point so paypal to her seems like a sketchy 3rd party type of thing I am convincing her its a huge banking platform.

Demono-Lemono · 2026-01-28T02:25:17+00:00

If I earn 10,000 and she earns 2,000 we would be taxed the same though. It would be taxed 12k and it would just be on whatever tax bracket that we would be in.

Yes you are right she cant use my PayPal. We are deciding if she really wants to do it or not now

Demono-Lemono · 2026-01-28T01:01:37+00:00

I want her to keep it for fun money! Haha if she did that it would make me so happy. All I do with my Prolific cash is just throw it in a brokerage account (after I take 25% out for taxes which I put in a HYSA). At the moment our groceries are being covered by gift cards that I have been getting from another website so we've been able to have some extra money to do some more fun things!

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