Aiming_4_55
Thinks s/he gets paid by the post
The other thread noted a few paths to FIRE via Real Estate. So, I've been thinking what to do with my rental income. I have a fair amount of stocks in taxable and retirement funds, so rather look at other things.
When I go to visit my properties for a "monthly inspection", if I had my kids accompany me and make it their responsibility to clean the walkway and/or yard. There seems to always be paper, mail, cans somewhere.
Can I pay them $50 or $100 or $500 a month? Then with the income, they fund a Roth account.
Disclaimer: My kids are 8 and 10.
Any suggestions or comments? I don't want to trigger an audit, but I could be open to be more aggressive with my expenses.
While some may say, this is gaming the system, I'm just trying to be generous to my kids' future.
When I go to visit my properties for a "monthly inspection", if I had my kids accompany me and make it their responsibility to clean the walkway and/or yard. There seems to always be paper, mail, cans somewhere.
Can I pay them $50 or $100 or $500 a month? Then with the income, they fund a Roth account.
Disclaimer: My kids are 8 and 10.
Any suggestions or comments? I don't want to trigger an audit, but I could be open to be more aggressive with my expenses.
While some may say, this is gaming the system, I'm just trying to be generous to my kids' future.