Tax planning and retirement planning should be taught in all schools.
If you want to increase your wealth, learn as much as you can about taxes and personal finance
This is the power of compound interest and maxing out a Roth
IRA:
10 Years: $117,369
20 Years: $433,591
30 Years: $1,331,479
40 Years: $3,880,962
50 Years: $11,120,016
(*based on an 11% return, after the S&P 500's 96-year historical average, since 1926)
Your child can become a
millionaire with a ROTH IRA & pay no taxes:
1) Invest $11 a day into an S&P
500 index fund Let compound interest do all the work In 30 years you'll have $1,002,208, tax-free Historically, the S&P 500 earned ~11% per year, over the last 96
years
Tax Tip:
If you own a business & have kids under 18, you can pay them $12,950 tax-free & deduct it from your taxable income.
Your child will owe $0 in taxes & you avoided tax on $12,950!
Hire your child for marketing materials & invest the first $6,000
in a tax-free ROTH IRA!