Father's Day Financial Tip: Put Your Kids To Work
Here’s a Father’s Day financial tip: put your children to work!
Paying your kids to do chores regularly can be a satisfying transaction for parents and teach children responsibility, but it will also provide tax-free income to your children a half-century or so from now when they retire.
You can pay your son to mow the lawn every week this summer and compensate him by contributing up to $5500 to a Roth IRA in his name.
This little Father’s Day tip has the potential to change their lives decades from now.
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