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You may be surprised to learn that you can open a Roth IRA for a child, as long as you can establish that they have earned income. By following a few best practices, you can begin establishing a healthy financial future for the children in your life while also teaching them the value of hard work early on.
“If I could work my will, every idiot that goes about with “Merry Christmas” on his lips, should be boiled with his own pudding, and buried with a stake of holly through his heart!”…Ebenezer Scrooge
Does this sound like anyone you know? While it is from the original Charles Dickens’s, “A Christmas Carol,” I like to attribute it to my favorite Scrooge, Mr. Magoo. If you haven’t seen this hilarious animated classic, try You Tube or find the DVD. It is one of my favorite Christmas lines, but not so much because I am cranky, but because it tells a great story.
Depending on how you look at it, Scrooge either had it all or had nothing. He lived in a huge house, had a successful business, and spent his time counting his “crowns and coppers”. Of course he had time for all of this because that was all he had. His friends and loved ones had abandoned him and the townsfolk had trouble knowing whether to hate him or pity him.
Scrooge needed balance between success and happiness. At Mackey Advisors we work with clients to establish this balance every day.
