Roth Wizards

How to Get an EIN (Employer Identification Number): What Parents Should Know Family Employment • 4 min read When launching a small business, establishing an LLC, or preparing to compensate your children for legitimate business-related tasks, securing an Employer Identification Number (EIN) from the IRS is one of the first essential steps you’ll need to … Read more

How to Set Your Kids Up for Financial Success Family Finance • 6 min read In previous decades, saving for your child was fairly straightforward. Often, family members gave kids government savings bonds, and parents or guardians may have opened a traditional savings account in their child’s name. Today, parents have significantly more options; what … Read more

Using IRAs to Help Children in 5 Easy Steps Roth IRA • 4 min read Can children have IRAs? The answer is yes—there is no minimum age requirement for having an IRA. Due to the remarkable power of compound interest, saving tax-free in an IRA from childhood can provide a significant head start on financial … Read more

The Ultimate Guide to Custodial Roth IRAs: How to Make Your Kids Financial Superstars Custodial Roth IRAs • 5 min read Let’s be honest, as a parent, you’re managing more responsibilities than you ever imagined. Between sports practices, homework, and daily routines, planning for your child’s financial future might feel like something to address later. … Read more

How and Why to Pay Your Kids Getting Started • 4 min read How (and Why) to Put Your Kids on the Payroll We’ve all heard the observation that children are expensive (because they certainly can be), but what if providing them with money was actually one of the most effective parenting strategies you could … Read more

Chores vs. Payable Household Jobs: How to Know What You Can Pay Your Kids For Family Employment • 3 min read Children frequently request money. Parents aim to teach responsibility. And in between these goals, we’re all working to understand: What constitutes a simple chore versus a real job that you can actually pay your … Read more