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Reply to "How do I set my kids up for success? "
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[quote=Anonymous]He is on my credit right now, but will get his own cards after he turns 18. I already know the perfect cards. He should be getting a W2 job this summer so he can open a Roth. Roth and a brokerage account will be with Robinhood. I already know what I'm making him buy in both of them. Brokerage account is not a big deal once he has long term capital gains. His taxes should be fairly low for years as he attends college. He barely spends any money so not really worried about him going on spending spree. I will be his financial planner as I love it and he has no interest in it. I will explain what were are doing and why, and will ask for his input. I told him not to lend out money or sign anything before talking to me. I will make sure his credit cards are set to pay at least minimum before due date. All else we will deal with as things come up. 401k up the match only and I will explain why no 529 for his kids if they ever come. [/quote]
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