The Kid's ROTH IRA Handbook: Securing Tax-Free Wealth From a Child's First Paycheck or Money Answers for Employed Children, Their Parents, the Self-Employed and Entrepreneurs
by Tracy Foote
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Book Summary Information
Author: Tracy FooteEdition: Paperback
Audio: English (Original Language); English (Unknown); English (Published)
Published: 2008-01-01
ISBN: 0970822693
Number of pages: 196
Reading Level: Young Adult
Publisher: TracyTrends
Book Reviews of The Kid's ROTH IRA Handbook: Securing Tax-Free Wealth From a Child's First Paycheck or Money Answers for Employed Children, Their Parents, the Self-Employed and Entrepreneurs
Book Review: Domonique
Summary: 5 Stars
This book is wonderful! It is a great read, and an easy read for any parent teaching their kids about working and what to do with their money. Their is a lot more to it then just saving your money in the bank, and this book does a great job of breaking down the steps of what to do with your money. It even makes suggestions of jobs that children can do, whether it be working for their parents or getting a job outside of the home. My daughter is only 6, but I started teaching her about money and working for her money about a year ago. Of course I did not go into any complicated details, but I felt the younger the better to learn about money and what to do with it. I learned things from this book that I did not know before, so it was not only helpful for me to explain things to my daughter, but it was helpful for me as well, considering I learned some valuable information that I did not know before. I will keep referring back to book as my daughter gets older, and when she is old enough to understand the book on her own, she will read it as well.
Thank you Tracy, for sharing your knowledge, and making learning about investing your kids money not so scary or complicated.
Summary of The Kid's ROTH IRA Handbook: Securing Tax-Free Wealth From a Child's First Paycheck or Money Answers for Employed Children, Their Parents, the Self-Employed and Entrepreneurs
This book is to be used as a starting point for children and parents. Major Topics include: 1) Money Management: Appreciate the benefits of a Roth IRA 2) Career Skills: Identify different types of child employment 3) New Ideas: Discover different ways parents can employ their children 4) Special Details: Learn how parents can issue Forms W-2 for their child 5) Introduction to Taxes: Basic tax concepts for children with low earned income 6) Powerful Knowledge: Understand rules for children to contribute to a Roth IRA. The focus is the unmarried dependent child with no dependents of their own who has a yearly income that ranges from $1.00 to the amount of the single standard deduction allowed by the Internal Revenue Service for the current tax year ($5,350 in 2007). This book can also provide limited guidance for children with incomes outside of this range. However, such children will need to obtain further consultation on different circumstances that will apply to them. This book covers some very basic ideas but quickly moves into complex issues. We should not presume children will not look at a tax publication but instead be optimistic and provide them with the opportunity and incentive to do so. With the pace in which the appeal of the internet is growing each day, it is not unreasonable to direct kids to use links or online calculators to project their finances. Children learn quickly, enjoy challenges and think computers are fun. Parents should assist them, guide them, teach them, and set a good example through their own financial behavior. This book should be used as an interactive guide between parents and children.Management Books
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