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Roth IRA's for your kid employees
I'm curious if anyone has either set this up, or has any thoughts or criticism on this plan. I want to open a Roth IRA for my daughter and pay her according to her age (5) and abilities (mulching property and washing windows during turnover, stapling and sorting for RE) into the Roth. I'm not seeing a negative. From my understanding a roth allows a withdrawel for either college or a home, and with the time we have and compound interest it seems like a great idea- by the time she's done with high-school she can choose any career and it not be based on income if her retirement is jump-started. We'd obviously take care of our own retirement first and be stable, but other than that I'd love your thoughts. I like the saying, "take care of the downside and the upside will take care of itself" and want to know any blind spots! Thank you.
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@Sarah Korsah I wrote an article on BP that covers this very topic: https://www.biggerpockets.com/renewsblog/stop-cont...
Hope it helps!!