EP72 – Can I open an IRA for my child?; Should I buy Tesla before or after the stock split?; I need a safe haven for my money before the upcoming election

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Another episode of your social media questions and our thoughts! We have received so many positive comments about these episodes. If you have a question for us please email to

I’ve been looking to invest $1500.00, would it be a good move to purchase Tesla stocks before or after the upcoming 5 to 1 split?

Can anyone explain how a Roth IRA would work for a child? I own a business and he already can do a lot of things to help. If I start paying him a normal wage, can I put that in an IRA? Is it HIS money being put into the IRA or does the business put in money? Also how do I legally pay him? I’ve never had employees before.

Stupid question and i don’t know if I’m asking correctly. When I do my taxes, I get to write off the 401k from my taxable amount. If I put it all in the Roth, I don’t get to do that. Correct?

This has probably been posted but I wasn’t able to find it searching, with the upcoming election and the volatility likely associated with it should we look for a safe haven?

I have a question for those who are retired or know the answer. How do you take money out of your 401k when you have your money in different investments? Let’s say you take 4% out. What areas of investments are you going to take that 4% out of?

Just curious. How much would you budget for food monthly for two adults?

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