This is a YouTube video titled "How To Hire Your Kids The Right Way" containing a monologue or talk from February 10, 2024, discussing practical advice on employing children in a family business, including creating legitimate job responsibilities and justifying wages for Roth IRA contributions. The speaker is not identified as Jim Dahle, and the content is instructional rather than conversational.
It's really important when you go to hire a child that they have a legitimate job in your business. So you want to actually create a responsibility card for them and also keep track of the hours that they're working. So, like, for my kids, for example, they're shredding paper, they're stuffing envelopes, they're stamping envelopes, they're cleaning my office most of the time. Now, to justify, let's say if you want to do enough for to put money into the Roth IRA, like, you want to pay them 6500 doll next year, it's 2024, it's 7000. It's hard to justify an annual salary for one picture on your website of that. So I want to basically create enough work for them that they can earn their $6,500 or 7,000, however much the Roth IRA contribution is. So then that way I can start going and putting money towards their retirement.
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