The problem with the Child IRA is you have to start it when the baby is newly born (or reasonably thereafter.

Are you reading this and thinking, “My children are teenagers, there’s no way they can catch up this late in the game.” That’s not entirely true. Have you ever heard of the “gig” economy? It just may contain the answer.

Remember when you used to hire your kid to do a particularly dirty job you didn’t want to? Let’s say an overnight windstorm blew over the trash cans. It’s 8 o’clock in the morning. The waste disposal folks come in thirty minutes. You’re in your PJs and quite comfortable. You turn to your oldest and child and say, “Can you go outside and clean up the garbage? I’ll give you five dollars.”

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