When you’re looking to assist your child in achieving earned income for a Roth IRA, consider having them open their own business. Self-employment is one of the easiest types of work for little kids because there is no age limit to begin your own business.
If your child already has his or her own business, this idea can be added on as a “division” of their current company.
The concept is simple so it’s easy for younger children to catch on. Kids cut (or print) coupons and sell them to adults. The coupons can be sold at a discount or sold at face value.
This teaches kids to stay organized and keep track of their work. (Nothing wrong with adding a little pride into the learning process.)
Work for Little Kids Examples:
Family Expenses Stay the Same:
Mom spends about $100 per week on groceries. Little Joey cuts $10 in coupons; sells them to Mom for $10. Mom’s expense is still $100 ($90 spent on food (because she uses the coupons) plus $10 spent purchasing coupons from Joey).
Family Expenses Decrease:
Mom spends about $100 per week on groceries. Little Joey cuts $10 in coupons; sells them to Mom for $5. Mom’s expenses drop to $95 ( ($90 spent on groceries (because she uses $10 in coupons) plus $5 spent purchasing coupons from Joey).
Benefits of Encouraging Little Kids to Work:
Kids learn at an early age that one must work for money.
Helping little kids earn income opens up the possibility of contributing to a Roth IRA.
Roth IRA’s mean more money (family assets) shielded from the federal student aid formula
Little kids hard at work cutting coupons are also learning dexterity and cutting skills:
Are you skeptical of this concept, wondering if this can really be called a business? Did you suggest it to your older child, perhaps a teen, who laughed at your suggestion that he or she cut coupons and sell them for cash?
Take a look at The Coupon Clippers, a full fledged online business with employees that has obviously been successful with this concept. It’s an easy way to earn money that can be implemented at the family level.
Throwing coupons away is like throwing money in the garbage~
All Rights Reserved. Information on this site is not legal advice and is provided for informational purposes only with the understanding that you will seek professional assistance appropriate to your unique circumstances. This site participates in affiliate programs as a means to earn advertising fees through links to sites such as Amazon.com, Amazonsupply.com, Avangate, and more. Certain content that appears on this site comes from Amazon Services LLC. This content is provided 'As Is' and is subject to change or removal at any time.