In a previous blog, we discussed the wisdom of opening a Roth IRA for your grandchildren. One of the issues with doing this is that your grandchildren must have earned income to have a Roth IRA. In this blog, we talk about ways that you can help them earn income.
As a grandparent, you want to help your grandchildren succeed in life. And one way to do that is by helping them earn an income. Here are five hints for how to do just that:
Encourage entrepreneurship: Encourage your grandchildren to start their own small businesses. This helps them earn income and teaches them valuable life skills.
Offer paid household chores: Pay your grandchildren for tasks like cleaning, cooking, or running errands. This teaches them the value of hard work and responsibility.
Help them find a part-time job: If your grandchildren are old enough, help them search for part-time job opportunities in your community. This gives them the opportunity to learn new skills and earn some extra income.
Hire them for odd jobs: If you have any odd jobs around the house that you need help with, consider hiring your grandchildren to do them. This can provide them with extra income and allow you to spend quality time with them.
Encourage education and training: Encourage your grandchildren to pursue education and training in high-earning potential fields. This can help them secure higher-paying jobs in the future.
By helping your grandchildren earn an income, you're setting them up for a brighter financial future. So don't hesitate – get started today!