Father's Day Financial Tip: Put Your Kids To Work

Published Friday, June 8, 2018 at: 7:00 AM EDT

Here's a Father's Day financial tip: Put your children to work.Paying your kids to do regular chores can be a satisfying financial transaction for parents and brilliant financial aid to your children. You can pay your son to mow the lawn every week this summer and compensate him by contributing up to $5500 to a Roth IRA in his name. Or make your Father's Day special by asking your daughter to wash your car every week, babysit, tutor, care for an older family member or take on any number of other responsibilities. By converting an allowance to earned income, your...

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This article was written by a veteran financial journalist based on data compiled and analyzed by independent economist, Fritz Meyer. While these are sources we believe to be reliable, the information is not intended to be used as financial advice without consulting a professional about your personal situation.

Indices are unmanaged and not available for direct investment. Investments with higher return potential carry greater risk for loss. Past performance is not an indicator of your future results.

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