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Reply to "Where should teen put summer job money?"
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[quote=Anonymous]I was going to say Roth, but it's only $500. Still, I'd help him open up one and contribute something every year he makes money. He might postpone opening up account on his own, but once it's open, he might add more as an adult. I also like the idea of "mom/dad bank". Open a checking and calculate interest every month on the balance and give him the interest to add to the bank account, also any allowance. He knows how much he has, kind of knows how much is coming and pay him 5% interest and have him calculate it. If you are waiting for the banks to pay him interest, it might never happen and he will not learn interest or compound interest.[/quote]
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