do u think our forefathers would be proud of us

[Gwaihir]

I also expect them, once they start working, to give me 18% of their income to invest in their Roth-IRA managed by yours truly, as well as how to properly utilize credit. They have already been listed as authorized users on my cards for about 5 years now, and have credit scores better than our resident leftists.

[Jibartik]

Originally Posted by Gwaihir [You must be logged in to view images. Log in or Register.]

I also expect them, once they start working, to give me 18% of their income to invest in their Roth-IRA managed by yours truly, as well as how to properly utilize credit.

This is what the boomers failed to do.

They did this instead:

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[Gwaihir]

Originally Posted by Jibartik [You must be logged in to view images. Log in or Register.]

This is what the boomers failed to do.

They did this instead:

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And then they turned those princess-saving skills into princess-saving skills; with princess being any groups they decided to make into pitiable princesses.

[Toxigen]

Originally Posted by Gwaihir [You must be logged in to view images. Log in or Register.]

I also expect them, once they start working, to give me 18% of their income to invest in their Roth-IRA managed by yours truly, as well as how to properly utilize credit. They have already been listed as authorized users on my cards for about 5 years now, and have credit scores better than our resident leftists.

I mean I get this but....

How do you figure 18%? Its 6k / year right now.

I'd let them set it up for themselves (VTSAX @ $500 per month). Just stress that they max it out every year. Nothing else matters more when you're young and earning less than $100k / year.

[Jibartik]

The irony is what you see there is like the highest paying job for that childs generation. Well, unless he had his dick out on OF that's a bit better.

[Toxigen]

As soon as kids are out of school and earning a real income they should be automatically budgeting away $6k / year for a Roth IRA. They can just setup weekly $115 automatic withdrawals and budget like they never made that money to begin with.

Its so easy yet so few are doing it. Shitty parenting.

[Gwaihir]

Originally Posted by Toxigen [You must be logged in to view images. Log in or Register.]

I mean I get this but....

How do you figure 18%? Its 6k / year right now.

I'd let them set it up for themselves (VTSAX @ $500 per month). Just stress that they max it out every year. Nothing else matters more when you're young and earning less than $100k / year.

It's more about developing the habit, and 18% of whatever they earn still gives them money to spend, when they're not making enough to max their contribution with that percentage

[Gwaihir]

Originally Posted by Toxigen [You must be logged in to view images. Log in or Register.]

As soon as kids are out of school and earning a real income they should be automatically budgeting away $6k / year for a Roth IRA. They can just setup weekly $115 automatic withdrawals and budget like they never made that money to begin with.

Its so easy yet so few are doing it. Shitty parenting.

Actually it should be 18% combined into an IRA if they earn enough to max the Roth: decreases tax liability as an added bonus, especially if you bracket down while doing so.

The Roth contributions (+10k in gains) can be withdrawn for a first time home loan; the IRA is directly for retirement

[Gwaihir]

Also. Mostly just VTI ETF shares, and once enough equity is built, selling covered calls and fully collateralized puts (monthlies) is the way to go.

IRA contributions I'm a little torn on. Part of me thinks compounding dividends in value stocks, and the other part says just go QQQ with it. Maybe a split on those.

[Jibartik]

its cheaper to pay someone to think about this shit guys