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Tweens and Teens
Reply to "Does your teen have their own IRA or Roth?"
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[quote=Anonymous][quote=Anonymous]OP here. I will sit down with DD (18 yo) and open a Fidelity Roth with her online. I’d like to make her use a portion of her own summer job money (vs entirely parents funding) so she feels like she is responsible for her finances and she gets in the habit. Of course, we will continue giving cash gifts that hopefully she will invest in the Roth, after she enjoys some for college extras and travel.[/quote] Look, I’m all about teaching kids financial literacy, but do you really want to suggest that she has to use her money? This thread is filled with parents simply gifting money to kids, through a tax vehicle, which is what you’re saying too. Why not have kids learn how to make and save and spend money on their own? To me, that’s much more powerful. [/quote]
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