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If you are a small business owner with children, putting your kids to work in the business is a great way to start helping them navigate some financial decisions. You’ve got to teach them to put money on the strong side of the table and one of the ways to do that is by getting them to invest in a Roth IRA.
A lot of people struggle with financial literacy and it's important to start teaching and training your kids how to understand and utilize money while they're still young. In this episode, learn how you can help your kids build wealth with IRAs. Find out what they need to do to set up their own retirement account, how much they need to contribute, and the benefit of doing a Roth IRA. Finally, take a look at the compounding effect of a Roth IRA that will hopefully inspire your kids to start investing today.
No age is too young and no amount of money is too small. You can make a big difference in your kids’ lives by encouraging and empowering them to build wealth through IRAs. No matter your kid’s age, it’s important you get them started now. It has to start with the right education and mindset. Learn how you can help your kids build their future today!
In this episode, you will hear:
- Qualifications
- Amount of contribution
- How to set up an individual retirement account
- The benefit of your kids getting a Roth IRA
- Some scenarios showing the compounding effect of a Roth IRA
- Ways to access the money before the age of 59 ½
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Episode Credits
If you like this podcast and are thinking of creating your own, consider talking to my producer, Emerald City Productions. They helped me grow and produce the podcast you are listening to right now. Find out more at https://emeraldcitypro.com Let them know we sent you.
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