How to Make Your Kids Super Rich
Unemployment is rising, we have college-educated people working in fast food places and there is a sharp increase in people who live off benefits. This is not the future we hope for our children. College debt, mortgages and monthly payments might be in your child’s life soon enough, destroying his or her chances to build wealth and get rid of debt and wasting money on interest.
A Roth IRAis a retirement fund from which you can retrieve money tax-free after the age of 59. You can only have a Roth IRA if you have an income, so a working child can actually start a retirement fund at a young age and rake up all that interest.
In this article we’ll give you hot tips on how to make your child very rich, while also instilling work ethics and a desire for self-reliance.
#1 – Get the Kids Involved
As parents we have the responsibility to take care of our children financially, but we often forget that we also have the duty to make them self-reliant.
Our kids need us to teach them how to make a good income, how to budget and how to make long term financial plans that work.
This means that you have to get your children involved in your financial plans for them.
#2 – Give a Positive Impression of Wealth
Do not waste your precious time with your children talking ill of how rich people spend their money. This only leaves a bitter impression that wealth is bad and shameful.
Instead, focus on what you and your kids could be doing with wealth if you managed to accumulate it. Speak of personal plans, like buying a home, exploring the world etc, while also tempering such desires with charity, volunteering and helping the world improve.
#3 – Help Your Child Make an Income
As soon as your kid has some basic skills, they can start making a small income.
Once your children make real money, they can get a Roth IRA, which can grow into an immense source of wealth until they reach the age of 59.
Don’t make work seem like a curse every person has to go through.
Start by showing your children how much work fulfills you. Do not nag or whine about your own work. Speak about how much your work has helped you have money and do things.
Find a job that your kid can enjoy. The work must be age appropriate and safe, like babysitting, lawn mowing, repairing items and doing chores for others. Don’t pay your child for doing chores in your own home. That is not work, it is the responsibility of co-habitation.
#4 – Set Up a Roth IRA
A Roth IRA is a retirement fund from which you can retrieve money tax-free after the age of 59. You can only have a Roth IRA if you have an income, so a working child can actually start a retirement fund at a young age and rake up all that interest.
Match the income your child makes and put that money into the Roth IRA. If your kid makes 2500$ a year, provide the same amount of money from your pocket into the account.
Your child will have millions by the age of 60!