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Reply to "Roth IRAs are great "
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[quote=Anonymous][quote=Anonymous][quote=Anonymous]DC1 started a Roth at 18. We put in the entire money earned that summer into it (about 2.5K). Since then he's contributed the full extent possible based on internship and on-campus earnings. About $25K in it now. He'll leave college with $30K+ in his Roth. Hope to do the same for remaining kids as well. [/quote] All of his earned summer money was put away? What did he use for spending money?[/quote] We put that money in. Summer after HS he earned about $2.5K, we put that into his Roth. Next summer and fall (sophomore) he had an internship and made more than the Roth contribution amount so we made him put that money in. Same in subsequent year. This year (junior/senior) he already pre-funded Roth in anticipation of earning it back this summer. He has a campus job to cover living expenses.[/quote]
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