Get a Jump Start on Saving

Our youngest daughter recently turned 16 and landed her first job. She was thrilled to start earning her own money to supplement the $10 weekly allowance she’d been getting. As we did with her older sister, we offered to open a Roth IRA and match any contributions she made—up to $500.

She quickly ran the numbers, realized she could immediately double her money and grow it tax-free over her lifetime, and asked: “Can I put in more if I want!”

There’s no magic formula for building wealth. It’s simply about saving and investing consistently over time. And what better way to help instill those values in your kids than by offering a little incentive?

As long as your child has earned income—even from a family business—you can open a custodial Roth IRA and help kick-start their retirement savings journey early. Once they turn 18, the account transfers into their name. And down the road, they can even use up to $10,000 of their Roth IRA savings toward a first home purchase.

What’s not to like about that?

If you’re interested in this or other smart strategies to help your family plan, save, and invest well, we’d love to help. Let us know how we can support your goals and give you more confidence in your financial future.