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baby money

Will the Child IRA Solve Retirement Woes?

How to start a newborn on the road to retirement, VanEck files for a bitcoin ETF, and eMoney opens a Rhode Island office.

Financial advisor Christopher Carosa’s latest book introduces an interesting concept for solving the retirement-readiness crisis: the Child IRA. The book, From Cradle to Retirement, set to release in September, uses real-life case studies and in-depth analysis to explain and demonstrate how parents can help their children retire “as multimillionaires,” and how children can make $1,000 a year, even as minors. Adam Bergman, a retirement specialist at IRA Financial in New York City, reinforces the idea of ultra-early preparation: "I have several clients who have been able to pay their babies for modeling or other services and have opened Roth IRAs in their names in order to take advantage of the benefit of tax deferral, or tax-free growth in the case of a Roth IRA. The key is finding a source of income for the child," he told Carosa started a Kickstarter campaign for the book, which allows patrons to preorder the book and encourages financial professionals to write reviews and chapter introductions that may be featured in the book.

VanEck Files to Launch Bitcoin ETF

Investment-management firm VanEck has filed a Form N-1A with the Securities and Exchange Commission to launch a bitcoin exchange traded fund (ETF). The fund, the VanEck Vectors Bitcoin Strategy ETF, will be listed on the Nasdaq and will not invest in bitcoin directly, but instead via "bitcoin-linked derivative instruments." The announcement last week of VanEck's ETF comes just one day after Joseph Foster, the firm's portfolio manager and strategist for its flagship International Investors Gold Fund, called bitcoin a fad. "At best, digital currencies may eventually occupy some middle ground as a niche product,” he said, according to “At worst, they become a failed experiment that ends in tears." 

eMoney Opens Rhode Island Office Using State Incentives



eMoney Advisor has always been proud of its Radnor, Pennsylvania, roots, but now the company is expanding into Rhode Island. According to the Providence Journal, the financial-planning technology company secured $3.3 million in state incentives to open a new software-development office in Providence and hire 100 people by 2020. eMoney, which moves into the office this week, has already hired 12 individuals, and expects to hire 30 by the end of the year. A company spokesperson told the Journal that jobs at eMoney pay an average salary of $80,000 a year. eMoney’s headquarters will remain in Radnor.

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