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Money and Finances
Reply to "1%ers: What are you doing with your $$ before Dec 31? "
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[quote=Anonymous]I'm all for financial education and teaching kids about the miracle of compound returns. However, don't teach your kid by means of some pretend game where mom and dad reimburse him for fake retirement savings. 1. It's dishonest, because the kid isn't actually saving. You know that Mom and dad are giving the kid money or a car or something in return for the teenager locking his hard-earned summer wages away in a Roth. 2. Roth contributions can be withdrawn, so it's not actually going to stay there for "retirement." Unless mom an dad are really rich, of course, it will be gone as soon as the kid wants a car or college spending money. Do this the open, straightforward way, and give your kid some stocks (we did) or open a bank account in his name (we did this, too). Maybe get the kid to invest 50% or 10% (depending on the amount of summer wages).[/quote]
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