Today, Paula Christine is joined by listener Elizabeth, mom to a two-year-old daughter. And she has questions about how to best protect her child, financially.

Importantly, she has a 529 College Savings Plan set up for her. And with recent updates to the SECURE Act, that money is now more flexible. If her daughter ends up not using that money for qualified educational expenses, it can be rolled into a Roth IRA later on.

Speaking of Roth IRA’s, Elizabeth also wants to know how early she can set up a Roth IRA for her daughter. Turns out, there’s no minimum age, but the child has to be paid wages. And we get into some interesting ideas on how this could work, even for a baby!

We also talk about life insurance -both for parents and baby. Life insurance is critical, so that the income of a parent can be replaced if something happens to them. And for the baby, Elizabeth asks about a Gerber plan. Paula talks about something similar she took out on her own kids.

The most important thing you should do for a child is to designate a legal guardian in the event something happens to his or her parents – this is explained well by Shannon DeWall in last week’s episode.

It’s also crucial that you take care of your own finances, not just your kid’s. Too often, parents focus on providing for their kids before themselves. And if your own financial house isn’t in order, that will put the burden of taking care of you onto your children.

Need help with your financial future? Learn more about Paula and her work at PaulaChristine.com or send her an email: Paula@PaualChristine.com