FutureMoney, a FinTech company founded by industry veterans, has launched a new micro-investing platform aimed at helping families build generational wealth.
FutureMoney’s tech-enabled platform allows parents to create accounts for their children, set financial goals, and establish recurring deposits, all with a small weekly investment.
The reason for this partnership is to address a gap in the market for parents seeking accessible and attainable ways to save for their children’s futures. By leveraging the power of compounding returns and tax advantages, FutureMoney aims to provide financial security and comfort to families at all income levels.
FutureMoney offers a one-stop solution for parents, featuring fully managed portfolios, automated deposits, and tax optimization. Their platform simplifies the process of saving and investing, making it more inclusive and accessible for the average family.
Additional features of the platform include the Junior Roth IRA™, a unique tax-advantaged account service that transitions from a 529 plan to a Roth IRA after 15 years. This service allows contributions up to $35,000 per child, which grows tax-free into retirement savings.
Philip Barrar, CEO and founder of FutureMoney, said, “We’re the first generation that is financially worse off than our parents, and we’ve seen firsthand the hurdles new parents encounter when trying to determine the best way to save and invest in their children’s future.
“Our goal with FutureMoney is to give moms and dads at all income levels more confidence and comfort, knowing they’re providing financial security for their kids regardless of what happens later in life. We want to give parents options and make investing more inclusive.”
Dave Fortin, CFA and co-founder of FutureMoney, said. “If a parent invests just $10 a week from their child’s birth to age 18 and then leaves it to grow for 50 years, their child could have a $1 million nest egg, assuming 8% compounding annual returns.
“Investing early changes lives. As a father of twins, I’m excited about the potential of the Junior Roth IRA and we are confident it will transform the way families save.”
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