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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’d be pissed if I earned money and then my parents put it into an account I can’t access. It’s their money. They should have at least some of it for themselves. [/quote] The child can get all their money. The parent can fund a Roth in that amount. It doesn’t have to be the same dollars, just no more than what your child made. [/quote] This. Money is fungible and I can afford it. If you can't afford it, than don't do it. Also, you can simultaneously teach your child about budgeting with the money they can access and teach them about long-term, tax advantaged investing with the Roth money[/quote]
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