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Reply to "What account to start for teen from first job wages?"
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[quote=Anonymous][quote=Anonymous]A checking account, or savings. I think a Roth/ira is a secondary choice. My kid needs to earn money and learn how to spend it. my job as a parent is to teach them to live within their means and understand earnings/spending. There is a small window / opportunity to help your kids learn this. A Roth can come later[/quote] If you forget the lesson on compounding growth, your kids are failing one of the top three lessons - pay your bills, direct deposit savings, invest early and often. Living within the means, as a live at home HS teen, should be ~$25 a week. Clothing should be as needed. My 12 year old opened her first investment account this summer with $500. I demonstrated typical market growth, watched videos, etc and she realized the importance and wanted to open the account. [/quote]
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