Report
I'm Making My Kids Millionaires By Hiring Them and Investing Their Income. Here's My 10-Step Guide
Investing for your children doesn’t have to be scary or hard. Here is how you can get started now and build wealth for their future.
time.com
You could also just invest that money for them but not have it tied to a Roth/IRA. Hiring them would be fun though.
Right? Seems kinda fun. Or maybe terrible!
The IRA is tax-free when they take it out. I'm still learning about this stuff though. And they definitely have their disadvantages too. Where would you invest it?
Yeah the Roth IRA would be the best place, the only hassle might be setting it up for them. You could pretty easily invest it in the stock market and make gains from that, but there's also taxes and volatility to worry about there.
Makes sense 👍
The author says she hired her 7-year-old... is that legal? 🤣 If so, this is genius.
Hah, yeah I wondered the same thing. I can't say for sure, but it seems like it is. Here's another article that says, "...the child’s wages must be reasonable for the work performed. So the hire-the-kid strategy works best with teenage children who can be assigned meaningful tasks." I think the original article said she has her kid clean her office and stuff like that, which a 7-year-old could do. 🤷♂️