Reply to 1%ers: What are you doing with your $$ before Dec 31?

Forum Index » Money and Finances

Reply to "1%ers: What are you doing with your $$ before Dec 31? "

Subject:

Emoticons





More smilies

Text Color: Font: Close Marks

[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]We're having our teens open Roth IRAs[b] with the amount each made[/b] in their summer jobs. [/quote]

I bet that'll make them want to get a summer job next year.[/quote]

We're doing this with part of their earnings. It's a great idea. [/quote]

But it looks like the first PP is making her kids put the entire amount in the IRAs. (And Roth IRAs for kids, not regular IRAs?) Unless she's reimbursing her kids, they are coming out with nothing.[/quote]
The kids never come out with nothing. Believe me.  [/quote]

+1  The kids benefit from the Roth IRAs in their names, not the parents!

[/quote]

Right, when they turn 59 1/2 years old they can withdraw it. That's 40+ years from now.

Or are you teaching your kids this lesson: get a job and your parents will pay you "fake" wages. Because if the kids aren't allowed to keep at least some of their own earnings, you know that mommy and daddy are compensating them in some other way. Indeed, the kids never come out with nothing, like PP says. So mommy and daddy buy them an iPad as a "reward" for working and saving for retirement.

Starting to save when you're young is key to retirement security. But how do you think clear-eyed kids are interpreting this little charade?[/quote]
All things considered, we're better off if teens are saving for retirement, don't you think?  [/quote]

And if they work.  I'm all for teens (inclduing wealthy teens) having jobs in the summer, as opposed to non-stop travel, camps and hanging out.  Good job, 1% parents![/quote]

Options

	Disable HTML in this message
	Disable BB Code in this message
	Disable smilies in this message

Review message

Search Recent Topics Hottest Topics