Mark Kohler walks through paying your kids wages from the family business, then funneling those wages into Roth IRAs. The business gets a tax deduction, the kids build retirement savings that grow tax-free, and they can withdraw earnings penalty-free for college.
My kids worked in the business. They cleaned the office for multiple years. Every weekend I'd go in and work, they'd clean the office. I paid them and I put money into Roth IRA using this family management strategy, taking a tax deduction, getting my kids involved, seeing what's happened, working with them, and throwing money into a Roth IRA with them. For like teaching kids about financial literacy, that's like the triple threat.
And those contributions for the Roth can come out penalty-free, tax-free for college, and the growth totally is there to help kickstart a kid's retirement and earnings. And then if you put on top of that a Trump account and convert it into that Roth account when they turn 18, it even gets better.
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