Take notes on how moms can build wealth!
As moms, we wear a lot of hats— CEO of the household, business owner, career woman, and everything in between. But one title I’m making sure to prioritize this year? Wealth Builder.
I’ve set a goal to max out my Roth IRA and my daughter’s education savings account this year— and I’m holding myself accountable by saving 10% of every dollar I earn. Why? Because I want to build long-term financial security for myself AND give my daughter a strong financial foundation.
And guess what? You can do the same! I’m currently coaching a cohort of mom business owners on how to hit their financial goals using their business income. Whether it’s paying down debt, increasing income, or building savings, we are holding each other accountable to make it happen. I’m going to show you how I coach my clients.
Roth IRA vs. 529 Plan: What’s the Difference?
If you’re looking to save for the future AND lower your tax bill, a Roth IRA and a 529 plan are two powerful tools to consider.
📌 Roth IRA: Retirement Savings with Flexibility
A Roth IRA is a tax-advantaged retirement account where your money grows tax-free, and you can withdraw it tax-free after age 59½.
✅ Contribute up to $7,000 per year ($8,000 if you’re 50+)
✅ Withdraw contributions anytime, penalty-free (perfect if you need access to funds)
✅ Use up to $10,000 for a first-time home purchase
✅ A great way for business owners to build tax-free retirement savings
📌 529 Plan: Education Savings for Your Kids
A 529 plan is an investment account for education expenses—whether that’s private school, college, or even trade school.
✅ No strict federal contribution limit, but $18,000 per year per donor avoids gift tax
✅ Tax-free growth and tax-free withdrawals for education expenses
✅ Can be transferred to another family member if unused
✅ NEW: You can roll leftover funds into a Roth IRA for your child (thanks to updated laws)
How to Start Investing & Saving Like a Wealthy Mama
If you’re running a business, freelancing, or earning income outside of a traditional paycheck, you have to be intentional with your money. Here’s how I’m making sure I max out these accounts:
💰 Pay Yourself First – Every time I get paid, 10% goes straight to my Roth IRA & 529 Plan before anything else.
💰 Automate Savings – Set up auto-transfers so you don’t have to think about it.
💰 Track Your Progress – Use tools like Trello, YNAB, or QuickBooks to stay on top of your goal.
💰 Stay Accountable – Having a community helps!—so we can hit our financial goals together.
