How a 40-year-old parent is building generational wealth for her trans child

When I first met Rita-Soledad Fernandez Paulino online, I knew they were creating something special.

Soledad is a parent of two who runs their own money coaching business called Wealth Para Todos. In 2022, they sent me the sweetest message on Instagram: “The whole reason I am so inspired to reach financial independence is because of my nonbinary [kid]. I want them to be able to walk away from toxic work environments without thinking twice about money.”

In May 2020, they shared a net worth of $132,439 with their husband, who works in tech. Their goal was to reach a net worth of about $325,000 by the time Soledad reached 40. Now 40, Soledad and their husband have a combined net worth of $1.3 million, mostly through investments in the stock market. 

In a conversation we had this past April, Soledad told me, “The big reason why I wanted to pursue financial independence was because I was convinced that money was going to provide my family with safety. And unfortunately, that’s not true.”

Soledad adds, “We were so determined to become financially independent because we always have to be able to afford a state that’s going to protect our kid. So we were pedal to the metal on increasing our financial security. But there’s limitations, at the end of the day.”

In this political climate, it gives me so much hope to hear about a parent planning an abundant future for their child. There are so many gems to learn from Soledad’s story — especially the ways that they're setting their child up for long-term financial security. Here are five things Soledad is doing to build generational wealth for their kids:

Note: Soledad uses they and she pronouns. The names, ages, and pronouns of Soledad's kids have been obscured for their safety and privacy.

1: Soledad and their ‘husbae’ have a weekly money meeting

Soledad and their ‘husbae,’ an affectionate nickname, meet once a week to talk all things money. Soledad tells Queer & Trans Wealth, “We have our annual savings goals, debt payoff goals, and investment goals. We check our account balances. We create a spending plan for the extra cash flow.”

The kids know about their money meetings. “If they want to spend money on something that week that’s going to come from our variable expenses, they need to bring it up on Thursday. Because on Friday, we’re going to decide what we’re going to spend money on,” says Soledad.

In the weeks leading up to a big trip, the kids also gear up for no-spend weekends. “That means we’re decluttering. We’re cleaning the house. We’re walking to the library. We’re playing at the park. The kids are aware of that,” says Soledad.

2: Soledad teaches her kids business skills, and plans on hiring them so they can set up a custodial IRA

Soledad says that her trans child is much more entrepreneurial than her other child. “They’re really good at monetizing their skills. They have sold their little artwork to family members.” 

Soledad pays her children $20 for getting a perfect score on their tests at school, so her trans child is more likely to aim for those big milestones. “They’re really focused on getting these higher amounts, which allows them to be like, ‘I’m like Mama. I know the money always flows my way. Look at how the universe has just sent money my way!’”

Soledad says her trans child is inspired by her entrepreneurship and openness about being queer. “We call it the rainbow alliance!”

In the future, Soledad plans on hiring her kids to work for her business so she can set up custodial IRAs for them. A custodial IRA is a retirement account for minors who earn income. An adult custodian manages the account until the kid turns 18.

When the kids are old enough, Soledad plans on hiring them to edit her podcast or create content for social media. Soledad can contribute up to 100% of their income into a custodial IRA each year, with a maximum of $7,500 in 2026.

3: Soledad plans on passing down real estate to their kids

When Soledad lived in New York, they met a friend in college who lived rent-free in Chelsea, a neighborhood in Manhattan. For context, a quick search on Zillow shows that studio apartments in Chelsea are renting for $3,400 to $5,200 per month today. They asked their friend how she doesn’t have a rent payment. The friend replied, “My aunt gave me this apartment. So I just have to pay utilities, and it’s $300.” 

Inspired by their friend, Soledad put all their energy into buying a home in California, where they’re surrounded by family members who are supportive of their child’s transition. “The biggest thing we want to do for our kids is leave them real estate."

“I just always want my kids to know that they're not going to worry about being unhoused,” they add. “The house that we have right now, we converted the garage to a studio, and the kids have already had it in their minds, ‘Which one of us is going to live in the studio? Which one of us is going to live in the main house?’ In the future, they could always borrow from the equity of the house if they needed, and they’ll always have a place to stay.”

4: They give their kids $2,000 for their birthday each year

Each year, each of her children get $2,000 in a high-yield savings account for their birthday. Soledad says, “This covers the cost of their birthday party or a family adventure on their birthday, but they do get $500 of spending money to do as they wish.” 

Once, Soledad had family that was visiting out of town, who wanted to go to Disneyland. Soledad’s next question was, “But how are we going to pay for it?” One of her children offered to pay for it out of their birthday money. 

“What a sweetie,” said Soledad. “But they also complained to me about it just this week. They were like, ‘I regret using my birthday money to pay for everyone to go to Disneyland!’

5: Soledad regulates their nervous system and surrounds their family with supportive allies

During the pandemic, Soledad and their husband bought a house in California, near Los Angeles, after living in New York, to be close to friends and family. “What was nice about that was, we were just at home, and my child just got to be completely themself.” 

Soledad’s core friend group came to the house and brought her child tutus and hair pieces. When it was time to go back to school in person, their child felt ready to go to school and wear whatever affirmed their gender.

She adds, “I will tell you, 'Leo, I have anxiety...’ But my children, they’re not going to see that side of me. When I’m in front of my kids, I want my kids to see: ‘Life is funsies! And playful! And being an entrepreneur is so cool! Being a grown-up is fun! Living is fun!’”