Aiming_4_55
Thinks s/he gets paid by the post
Is this starting too young, Custodial Roth IRA for 15 year old?
Well, my teenager started a job this summer and so far sticking with it part time while in high school. Since she is so young, we cover most of her needs except when she really want Starbucks or designer ripped jeans. She knows we consider them "treats", so she has to use her money for those most of the time. Sometimes a reward for doing well on a school project or test.
Her job is in the restaurant field, so it's very low hourly wage plus tips. Surprising, she is averaging about $20 an hour total. While we claim her as a dependent, we were looking at her filing a federal tax return reporting all hourly and tip income. With that, we are hoping to make a $4,000 - $6,000 Roth contribution for the year. She is aware, may not totally understand as she thinks she is saving for a car, but we will cross that decision in time.
We were thinking Vanguard Total Stock Market Index Fund (VTSAX) as an investment option with the mindset of set it and forget it, with periodic contributions.
Thoughts?
PS We reached our goal of 529 funding, so we feel there's enough for that.
Well, my teenager started a job this summer and so far sticking with it part time while in high school. Since she is so young, we cover most of her needs except when she really want Starbucks or designer ripped jeans. She knows we consider them "treats", so she has to use her money for those most of the time. Sometimes a reward for doing well on a school project or test.
Her job is in the restaurant field, so it's very low hourly wage plus tips. Surprising, she is averaging about $20 an hour total. While we claim her as a dependent, we were looking at her filing a federal tax return reporting all hourly and tip income. With that, we are hoping to make a $4,000 - $6,000 Roth contribution for the year. She is aware, may not totally understand as she thinks she is saving for a car, but we will cross that decision in time.
We were thinking Vanguard Total Stock Market Index Fund (VTSAX) as an investment option with the mindset of set it and forget it, with periodic contributions.
Thoughts?
PS We reached our goal of 529 funding, so we feel there's enough for that.