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The Roth is designed to lock your money until age 59 1/2. Below are two other accounts you can look into if youโre planning on investing but also having the freedom of accessing your money (subject to tax):
1- A High Yield Savings Account (HYSA)
2- A regular investment brokerage account
HYSA gives you monthly interest over the money you keep inside. End of year you receive a 1099INT form and file it with you taxes
Brokerage account lets you invest (buy) and sell your investments if you need cash but is taxed as capital gains are subject to income tax !! Consult your financial advisor and/or accountants!! ๐จ #rothira #hysa #brokerageaccount
๐ If you own a business, you can legally hire your child even as a baby to model for your brand.
Pay them a reasonable wage for real, documented work (photos used in marketing, ads, etc.) and use those earned wages to fund a Custodial Roth IRA.
Max it out for 3 consecutive years at $7,500/year (2026 limit) โ a total of $22,500 invested โ then stop.
Never contribute another dollar.๐ต
At an average 7% annual return, by the time your child turns 65, that account grows to approximately
~$1,600,000 (Million) โ completely tax-free. โผ๏ธโผ๏ธโผ๏ธ
#thepowerofcompounding #rothira #custodialroth #taxfreegrowth #taxfreeacount
