Especially since they won't be paying taxes on what they'll earn...
...doing a summer job. Double win!
Just think what $1,000 will turn into after 50 years... That, and the other Roth contributions she'll make over the years. She will probably be worth multiple millions from her Roth. Add in her 401K later in life (also max out the matching contributions).
Get them started early for a successful financial future.
Thread Replies (10)
filling out tax forms for summer job for 16-year-old
-- Dan1993
Jun 25, 2025 at 08:14 PM ET
Dan1993
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06/25/25 08:14 PM ET
While it is not specifically your question, see if you can talk her into
-- Tafkam Hokie
Jun 26, 2025 at 06:53 AM ET
Tafkam Hokie
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06/26/25 06:53 AM ET
It wouldn't suck if she threw $1K into a Roth now.**
-- EDGEMAN
Jun 26, 2025 at 02:11 PM ET
EDGEMAN
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06/26/25 02:11 PM ET
Even as young adults it's sound advice. I tell me kids to max out Roth
-- MCL3 Hokie
Jun 26, 2025 at 08:57 AM ET
MCL3 Hokie
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06/26/25 08:57 AM ET
Yes, putting money into a Roth when young is a great idea
-- Tafkam Hokie
Jun 26, 2025 at 09:15 AM ET
Tafkam Hokie
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06/26/25 09:15 AM ET
Especially since they won't be paying taxes on what they'll earn...
◄
-- EDGEMAN
Jun 26, 2025 at 02:14 PM ET
EDGEMAN
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06/26/25 02:14 PM ET
Tremendous advice. I've had my daughter do it for a couple of years.
-- radhokie1
Jun 26, 2025 at 08:53 AM ET
radhokie1
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06/26/25 08:53 AM ET
Create an offshore account and convert her wages to bitcoin with the help
-- PhotoHokieNC
Jun 26, 2025 at 02:33 AM ET
PhotoHokieNC
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06/26/25 02:33 AM ET
I don’t believe she would owe taxes
-- turner66
Jun 25, 2025 at 08:43 PM ET
turner66
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06/25/25 08:43 PM ET