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Reply to "What account to start for teen from first job wages?"
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[quote=Anonymous][quote=Anonymous]I know folks love the Roth IRA, but still a bit confused why do it for a teen. Assuming normal teen jobs, they won’t pay any tax on their investments for years, but may need to tap into the $$$s for their own expenses. Are you folks doing this because your teen just doesn’t need the money (ie, you the parent will fund any day-to-day and don’t expect teen to contribute to college)…or some other reason?[/quote] Yes you have to assume the child will not need the money. Investment strategy for tax free growth on all future gains. By starting early the small amounts today can be millions in 40 years. Most parents on DCUM fund their kids lives so no they don’t need the spending money. [/quote]
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