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Reply to "What account to start for teen from first job wages?"
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[quote=Anonymous]I would open a savings account at any bank with the money they earned and teach them about managing money. By virtue of their age, it will be a custodial account. If you have the means, I would also open a Roth IRA for them and match whatever they have earned. It doesn’t have to be their money that funds the Roth, it just has to be their earned income so in this case, you could put 2,000 into the Roth. They obviously don’t need a tax deduction, but it will grow to millions in tax free money when they are able to retire. [/quote]
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