Now is the time to get Roth IRA's going for your youngsters. They do not need W-2's...they only need earned income.I did not start my kids' Roth IRA's untill they were 12. I started them up between Jan 1 and April 15 with $500 ($250 for present year, and $250 for the past year). Several mutual funds will let you start their IRA's with $500, Heartland being one of them.You can start them at an earlier age if they earned money from doing errands, raking leaves, etc. But I'd be too nervous to say with a straight face that my 2-year old made $250 shoveling out driveways.Today, my kids actually get W-2's...and I still help them out with Roth contributions. They had better throw me one helluva party when they reach 59 1/2.I'm not rich, but I've been to europe and hawaii, been on warm sandy beaches and deep powder snow and at lakeside summer cottages. So for now, I'd much rather guarantee them some future tax-free income than take up golf or recreational drugs.
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