So, I have to honest, I hate the idea of removing all the problems from a kids like and saying I don’t want my kids to struggle. I don’t want my kids to live in the ghetto, Worry about food and if we can pay for a field trip; but I also don’t want one of those kids that they never grow up.

I like Warren buffets idea, you should give your kids enough to do anything but not nothing, and Dave Ramsey you should teach your kids to manage money and to earn to prove themselves that they are good stewards of money.

So use this to set up a baseline for your kids, but don’t use to eliminate the natural challenges that build character.

I’ll tell you guys a quick story, about the rich uncle and the young boy, the uncle left for hum a list of things to do before he could receive his inheritance and after years of working it, he realizes the inheritance was the list.

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1. Basics: LLC and Standard Deduction

-So an LLC is a limited liability company

-It makes it so you are separate entity from your business

-And this way you can protect your personal assets

Second a Standard deductions

-Its what the IRS deducts from your income automatically and you don’t have to pay taxes on that amount

-So right now the standard deduction is about 12,950 and usually it goes up as time passes

-So if you made 13k you would only taxes on $50 and if you made less than the standard then you obviously don’t pay taxes

So what does this have to do with making your kids rich

2. Retirement Account: Roth IRA and having your kids as employee

-So let say you have daughter and she’s 12 years old and you hire to do some odd work in the company

-And you pay her the standard deductions and because She’s under 18 she doesn’t payroll taxes

-What can you do with all that money

Roth IRA: if she works she Qualifies

-So that’s 6k towards that each year, over 6 years turns into 48k at 12%

-And the other half you can put it towards a 529 plan or you can just put it in a brokerage account

-What makes the most sense

3. Benefits

-You save on payroll taxes and taxes overall

-Your kids build up a retirement account or college fund

-They can also build up experience and have that on their resume

Ps. This doesn’t just work for people operating real business and its not only for LLC, talk to tax guy to give you the scoop because I don’t like being sued.

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*Some of the links and other products that appear on this video are from companies in which Tommy Bryson will earn an affiliate commission or referral bonus. Tommy Bryson is part of an affiliate network and receives compensation for sending traffic to partner sites. The content in this video is accurate as of the posting date. Some of the offers mentioned may no longer be available. I’m an Accountant but I’m not your Accountant, always review information with your Accountant/CPA and your Financial Advisor.

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