Investing for Generational Wealth
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#2 Commercial Real Estate Investing Contributor
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#2 Commercial Real Estate Investing Contributor
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OP. Talk with your accountant.
1. 1099 them as contractors even at this age. Have a website. Put them on there or a YouTube commercial. Pay them now. Take as an expense yourself.
2. When they can drive put an ad on their car.
3. When they are old enough pay them 1099 by repetitive task.
4. Really check with your tax preparer. Add them to the title of your house. If you sale do the 2 years residence out of 5 to forgo $250k per spouse for capital gains, believe you can get another $250k for them. But you would need big gains.
5. See if you or them can get REP status to offset your or their personal taxes.
6. The above is nice, but Generational wealth will depend on your REI strategy.
7. Tell them to join the Navy or better the Coast Guard. Learn to use BAH payments. They will be millionaires by their early 40’s.
When they retire, join Civil Service and do BAH overseas.