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I set up an LLC family management company, placed my daughter on payroll, and opened a Roth IRA in her name. $7,500 contributed every year until she turns 18. By 18 there will be around $200,000 to $300,000 in the account. By 65, at a conservative 8.5% return, that grows to $6.5 million in tax-free wealth. The LLC structure avoids the payroll tax issue that comes with placing kids on an S-Corp or C-Corp payroll. That is what makes it work. Comment WEALTH if you are a millionaire to get a free ta
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The government took her social security benefits.🤔 Many people retiring today have limited knowledge on how social security or other financial instruments works. They were taught to save money while working, without understanding distributions in retirement. They were told they’ll qualify for SS, without understanding the intricacies. Most people fail to realize that retirement ONLY means you stopped working a job, it doesn’t mean you stopped learning about money and how it works, especially du
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