That's why I said "by the book". I'm certainly not an expert on this, but I think as long as you're paying a market rate and there is a legitimate reason for the photo, I think you're OK even if audited.

There is a lot of material out there about how and when you can pay your kids to be "models", if you're really interested. And while I'm sure there are plenty of wrong ways to do it, I'm also sure there is a right way.

Also, FWIW, as far as the person I'm thinking about is concerned, he didn't get close to the limit for the modeling income. But even ~1K/yr starting from age 0 is nothing to sneeze at.

-Women like to **** just as much as we men do. Took me until my mid 30's to learn that one, and boy do I wish I'd learned it sooner. I look back now & cringe at all the opportunities I missed by underestimating the female sex drive.

-Most people are selfish, and self-deluding, liars. It's just human nature to live in a world we have mostly constructed within our own minds, supported by fairy tales and denying much of reality. Our mind tends to filter out what we don't want to know. "A man hears what he wants to hear and disregards the rest" -Paul Simon

-The state of happiness is mostly a memory. Memory is composed of a series of pictures, with a few smells and sounds mixed in, that's all, but "ago" always seems better than "this moment"; the past always seems happier than right now.

-Nothing is more valuable than good health. Like most good things, you don't really appreciate it until you lose it.

-Never call off your stack with a draw against a made hand. Be patient, and better opportunities to get it in will eventually arise.

-Life is a brief, meaningless event in a random universe that doesn't care. Enjoy the ride while it lasts and don't take anything too seriously; in the long run, nothing really matters. In the end, we all are dust again.

idk how much sooner you could have figured it out since it's a fairly recent development, but IRS enforcement has been decimated in recent years due to funding cuts and fubar politics. Whether or not you choose to exploit this information in how you fund a Roth, or for any other purpose, is entirely up to you.

Good thing is they're focusing on the little guys now though. Rs know their base will just blame Democrats or hate the govt in general. Win-win.

???

I think you might want to consider spending more time on the poker sections of the site.

funny thing is if some savvy parent pulled this off starting at age 1 this year for their kid....the return for a $5500 yearly investment is wild.

At age 60 your account balance will be $6,902,819
You'll then be able to withdraw $567,740 annually for 30 years.

Lol at safely withdrawing 8% per year. I really don't want to derail this any further but your numbers are way out of wack.

Also how much is $6M worth 60 years from now?

It's worth more than nada.

feel free to email moneychimp's developer

All good info and advice which will be ignored so she can just do whatever she was going to do anyway and then make more excuses later. Rinse & repeat. Equal parts funny and sad.

No, I'm going to pay off the cc. Had a lot of medical bills this year and just thought I would pay it off when income tax time came instead of adjusting my monthly budget like a dummy. I spend hundreds of $$$ a month eating out.
I won't be using my credit cards next year.

Wished I had learned earlier that eating out is the biggest waste of money and makes you fat....I know this now, but old habits die hard. I would have had enough to max out an IRA every year for the last 8 years just by not eating out multiple times a week.

The trip was obviously a joke, I will be saving for a trip to Disney though.

LOL eating out doesn’t make you fat - eating crap and over eating/lack of portion control made you fat.

Classic MBabs blaming restaurants for her lack of working out, portion control and poor meal selection

I think eating out all the time would certainly help in getting fat but sure everything else you state is true.

66% of my meals are ‘eating out’. I’m a normal weight.

In my 20s I gave $500 a month to a moth named Ira. I should not have done that.

What if you die before you withdraw the Roth IRA? You missed out on all of the utility and pleasure you could have gained from spending the money while you were young, right? Also, who gets the money if you die without a will? Some people would rather not the money fall into close relatives' hands.

That's a good reason to have a will, not a good reason to not save. But yeah if you don't have people depending on you then having assets when you die is kind of a waste. The problem is that life changes in uncertain ways and guys who are single in their 20s could still end up married with a couple kids by 40 and at that point it is often harder to make room in the budget for catch up savings.

A+ Dad joke, I approve

+1

Yeah I wondered how long it would be before someone pointed out that inflation compounds too

So much this.

Lots of life/money nits ITT. I feel sorry for every one of you. Good luck, life's too short for that ****.

That's such a ridiculous strawman though that I don't see anybody itt actually proposing.

To each their own though. If someone is able to live happily on less in their younger years and that buys them a decade or more of extra retirement when they're still young enough to really enjoy it, I don't see what there is to feel sorry for. Conversely, if someone wants to live it up in their 20s and has a stable job or business idea that they love and won't mind doing until they're 70, more power to them.

The ones I feel sorry for are the ones that convince themselves they're in group 2 just because they're young and having fun and too cool to even learn what an IRA is because that's stuff for boring losers and rich people, so they don't even really know what trade-offs they're making until it's too late. Hence why I think learning about retirement planning is always a good piece of advice in threads like this, even if it's not for everyone, because it's staggering how many people don't know the first thing about it.

Best advice in the thread imo

Check post #231.