BA Q&A: Optimizing the Paying Rent Experience?

click ask anything. If you want to be in studio digital of course, because the vid is still out here, you can go to Brinabision podcast on Instagram and leave us a digital voice note so we can hear how you sound, ask you a question and see if we gonavite you into the studio. So let's answer some questions. Let's see question hanada da da da da. This person wants to be anonymous, So we're gonna call you Kiva because I was just like, that's a cute name. Why

ain't kiva anyway? So Keiva says, I would like to remain anonymous. Got you, girl? She says, I've been catching up on the podcast from the beginning as you ought to. I'm up to episode one ninety nine. You said that you opened up a custodio wrath ira, which is something I thought about opening for my kids. When I looked into it, it says that the child has to have earned income.

when you ain't working? You know? And there's other ways around it, but for the most part, you have to just understand that an iray is a retirement account based upon like you know, the money earned income is just like you have a job, you're making money, right, And a raw iray is different from a traditional iray because a traditional iray is money that's put in there before taxes, right, and a raw iray is money that's put into your

retirement account after you pay your taxes. Right. So, so I opened up my husband and I had opened up a custodial ira for Alyssa, my bonus baby, and because we back then, I was like, so what are we going to do? So I actually hired her to do some work for me at the budget Nista. You know. Now, actually Alyssa is like my TikTok managership. She just messaged me this morning, like when are we meeting? I gotta get my money. I mean, I gotta get my work done.

But that's what she meant. And so now, because that I pay Alyssa money, she gets twenty dollars a TikTok, but I make sure I pay her enough to reach the minimum or really the maximum of what we can set aside for her retirement account. And this year it was six thousand dollars. So I made sure that she got in at least six thousand dollars worth of work so we could put that six thousand in her raw ira, and anything above that she got to kind of keep.

Although she wasn't happy about it, because you know, the kids want this money, honey, But I told her it is still your money. It's just for grown growner Lissa, you know. So I don't know if you have a job. I mean our job a business, because that's one of the ways is that you literally employ your child, but for real, you can't just employ them for fake like Alyssa literally does my tiktoks. And before that she was

doing some odds and then's at Budgetista. So yes, but even before that, before I was able to open up the custodio raw Ira, I had something else for her. It was a custodio account. It was a retirement account, but I mean it wasn't a retirement account. It was an investment account, but it was custodio. So you can still set aside and have an investment account for your child.

This means it's not specifically for retirement. This is just investing in general, just like you can have a retirement account and you can have a separate investment account, right, and so I have also in addition to that, I also have an investment account for a listen, where we actually house her. It's not a five twenty nine. This is where we house her college fund, and so that's

a separate one. So you can do that too. You can have a custolical account for just investments, and so it doesn't get the tax benefits of a retirement account, but I can pull it out before you know, she's sixty five, you know, without any penalty. Like the purpose of that investment account was really the set aside and grow her money for college, which we have fully funded. So hopefully that helps Kiva. You know, you can start working on that now for the babies. Hopefully that's really helpful.

because I went from my parents' house. Me. I see you did too, and I went to like I rented a house with my sister, but I never had an apartment, and then after that I bought a condown. So Sin same, she said, I went straight from my parents home to my own house. And we love an upgraded sensational sister. And now she's renting out her home. Sin, I already love you. You're like my face. Look at this stayed home, stacked her dome, moved out into her own home, and

now she's renting it out. So the question, though she has is because Sin is super smart, i'v is I'm asking is there a way to optimize the paying rent experience? Are there any ways to make the experience work in my financial favor? Any cards that give bonuses or any or help incentivize paying rent. Thank you for all the work that you do and now you're sharing. So Sin,

this is a really great question. The problem with rent is typically it won't show up on your credit report as paid unless you don't pay, and then if the landlord reports you, then that's what they'll stay. But they do have some resources available to have your rent payments go on your credit report the way like your mortgage done. So there's a few of them. So there's one called Pinata, which is free. The service offers it's free to rentors

nobody their landlord. It reports to TransUnion. If your landlord signs up for a specific partnership with Pinata, your rent payments can be reported on all three bureaus. So I think Pinata you can do on your own, just for TransUnion. But if you can get your landlord to sign up, they can reply, they can they can add you to all three bureaus. So I would look into that. And there's also some ones that charge renters, like rent Reporters, Rental Karma, Level Credit, Rock, the Score credit is My

rent payment report is a bunch. So but girl, you know we like free around here. Okay, So I'll be looking into the Pinata of it all, and I would like to you know, That's what I would suggest now as far as like a specific credit card for people who pay rent, Not that I know it, but I do believe that credit cards o wes big time.

your your your rent with credit. If they do and you're really like, you know, responsible, then you can put it on a card and pay it off every month in full. Your credit score will jump even higher than I'm sure it already is, and you'll get the benefit.

Like I just literally got thousands of dollars of cash back or one of my credit cards because I have not checked in a while and I had all these points and I was gonna go close this card I hadn't used, and I was like, let me see how many points I have thousands of dolls because it was a few years I was like, well, zag, you know, so that's why I said I like cash back. But I also like travel award cards, like I like Chase has like a nice one, the Venture card.