Q&A: Amount Paid in Non-Cash?
on July 19, 2021
with No Comments
I would recommend that you strive to pay your children $0 in non-cash compensation. Let them purchase their own rewards.
How to Use a Roth IRA for a Minor Child (Megan Russell on Financial Planning for Entrepreneurs Podcast)
on June 28, 2021
with No Comments
On Friday, May 14, 2021, Megan Russell was interviewed by Michael Morton of Financial Planning for Entrepreneurs podcast.
Q&A: Can Someone Else Gift to My Roth IRA?
on March 19, 2021
with No Comments
This is a common confusion with Roth IRAs.
Funding a 4-Year-Old’s Roth IRA
on March 9, 2021
with No Comments
My favorite part of my daughter’s Roth IRA is that she has earned it all. I have seen her work hard, learn valuable lessons, and truly earn her wage.
Roth IRAs, 529 Plans, and Financial Freedom (Megan Russell on FamVestor Podcast)
on November 6, 2020
with No Comments
On Monday, October 26, 2020, Megan Russell was interviewed by Sunny Burns and Sunmarie Burns of the FamVestor podcast.
Do Children Need To File A Tax Return To Fund Their Roth IRA? (2020)
on May 25, 2020
with No Comments
Don’t let stress about tax filing requirements keep you or your child from a powerful opportunity to provide for their future.
Q&A: Do I Need to File Schedule H for My Child’s Wages?
on April 3, 2020
with No Comments
I do not need to file Schedule H and imagine that most parent household employers also do not need to file this schedule.
Funding a 3-Year-Old’s Roth IRA
on March 27, 2020
with No Comments
My daughter was employed at her first job, earned her first income, and was able to fund her Roth IRA for the first time.
How to Fund Your Roth with Babysitting Money
on February 14, 2020
with No Comments
For domestic tasks like babysitting there are often two options: independent contractor or household employee. Taking the time to educate yourself on the difference may be worth your while.
Fund Your Child’s Roth with Chore Income
on April 23, 2019
with No Comments
There are many opportunities to pay your children. If that payment can be counted as earned income, then the child is eligible to fund their Roth IRA.
How to Open a Roth for Your Child
on July 7, 2014
with No Comments
Someone has to be proactive about your child’s retirement and every year you don’t open a retirement account is another year you’re holding back compound interest.