Teen Ira Gallery <Must Watch>

: Parents can contribute on a teen's behalf . If a teen earns $1,000 at a job and spends it, a parent can still put $1,000 of their own money into the teen’s Roth IRA. 3. The "Gallery" Effect: Compound Interest in Action

: Wages from a summer camp, mowing lawns , babysitting, or even professional child modeling count as earned income . teen ira gallery

Since minors cannot legally open investment accounts themselves, a parent or guardian must set up a custodial account . : Parents can contribute on a teen's behalf

You can't just put birthday money or an allowance into a Roth IRA. The IRS requires earned income. a parent can still put $1