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How can a baby start earning income? |
I have a baby girl and I am trying to find ways to start her IRA at age 1. From what I have read online, I can't fund her IRA because it has to be earned income on her own. Other than baby modelling(not that my baby isn't cute, I just don't have that much time in going to photoshoots, finding agents, etc.), what other goodies you guys have try? Thanks a million. If you're worried about her future, why not start her a savings account? By the time she's old enough to actually get the money without your permission, it will have drawn quite a bit of interest, and if you've taught her well, she can leave it there for most of her life, adding to it when she can, all the while drawing interest and making even more money off of it. You can open a Roth IRA for someone no matter how old or how little income they have (there is a max). You can also look into opening a 529 college saving plan with your state. |
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