No. of Recommendations: 3
If he's still in college, he doesn't need an eFund yet - he should focus on his college needs. And I should point out that contributions to a Roth IRA have to be based on earned income up to $5,500 (the max contribution for those under 50 in 2019/2020), so the young man needs to earn at last that amount in order to fully fund a Roth IRA. In the example you gave, he would have to have earned at least $100 to contribute $100.

Who notes, however, that while he has to earn the income, the contributions can be sourced all or in part as a gift from you or someone else...

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