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Reply to "What account to start for teen from first job wages?"
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[quote=Anonymous][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] Compound interest. [/quote] I’m not saying just have a checking account…but rather just have a taxable investment account that can be accessed if needed.[/quote]
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