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Money and Finances
Reply to "Funding Roth IRA for minor children"
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[quote=Anonymous]I wrote in another thread what I'm doing for my kids when it comes to Roths. I had to go through the whole thread to make sure it's not here. My kids are not working and I'm not making them 'work' just to get Roths going. But I will have them open the accounts when they start earning money some day. I have two Roths for myself and the kids as beneficiaries. I have no needs for my Roths, but I wanted the kids to have an early start just like many of you. Both Roths show 100% return since February this year. For me, great return is just as important as starting early since the maximum is still so low at $7k. I got to make the most of it. There was time when I was also looking into having my kid do chores and then opening Roth, but is seemed too sketchy. One kid also inherited a small Roth and an IRA. I had to sell the crap that was in it and bought something much faster. Inheriting the accounts was easy because they had beneficiary named and skipped probate. [/quote]
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