I do enjoy financial articles. Thank you for posting this. They always catch my eye and I usually enjoy reading them despite knowing that focusing on wealth will not guarantee happiness. Someone once asked me to define success and I mentioned, “You are successful when you are happy with your own plate and stop looking at the other.” After all, do we need to be a millionaire? Maybe not, but financial stability sure makes it easier to sleep at night!

If you really want to become a millionaire, I definitely believe your own business is the way to start. Absolutely - “You need time – you need help – you need to know the resources available….”

But, while you are working on becoming a millionaire, it may be even easier to decide to make your child one instead. Or, why not do both together? If you have your own business, once your children are capable, they should be put on the payroll and their earnings deposited into their own Roth IRAs. Simple online calculators will show that “time” will be much more beneficial to them because of the compounding growth that begins when they are young.

What can your child do? Only you can answer this when taking a close look at your business. Can she stuff envelopes? Can he be the four year old model on your packaging? How much yearly invested earned income will make your child a millionaire? Roth online calculators will help you answer this.

Let’s become millionaires together - with our children,

Tracy Foote
Author: The Kid’s ROTH IRA Handbook: Securing Tax-Free Wealth from a Child’s First Paycheck