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Financial Planning / Wealth Creation Strategies
|Subject: Funding my kids IRA||Date: 8/15/2005 5:57 PM|
|Author: MotleyGeo||Number: 28 of 72|
Hi all -
Let's say I like my kids and want to be nice to them (they are teenagers, so this is sometimes a challenge). Both work and earn a couple thousand a year. I was thinking of funding an IRA for them.
What do you think about putting money in an IRA for a 17 or 18 year old? Yes, I realize they could pull the cash out the next day, pay the tax and frolic with the money, but when I think about money compounding for 50 years I go nuts!
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