Reply to Does your teen have their own IRA or Roth?

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[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]I own my business. We put the kids on the payroll at the age of 6. They shredded and cleaned a bit. They contributed for about 6 years and then I stopped putting them on the payroll because they actually stopped doing the work. They invested in AAPL, TSLA and AKREX. Their Roth IRAs are both north of $80K now. When they go to college, and then graduate, they will appreciate the head start.... at least I hope they will. [/quote]

[b]LOL. Isn't that against child labor law? I know details, details...[/b][/quote]

SSA sent a form letter acknowledging the children were young, and asking what work they performed to earn their salaries. We wrote back that they shredded (they loved doing that), cleaned and did other light office work. We never heard another peep from SSA and CPS hasn't come knocking.

Also, the Commonwealth allows minor children of any age to work for their parents as long as it's not a dangerous job or a manufacturing job. [/quote]

This is BS — paying your 6 year old to shred? The fact that you got away with it doesn’t mean it’s legal or right. [/quote]

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