I searched on here for this topic and couldn't find anything. If it's already been discussed, please point me in the right direction!
I am wondering about starting a Roth IRA for kids. Does just doing chores for allowance count as "earned income"? I read some articles talking about earned money from babysitting or mowing lawns, etc, but who would really know where that money came from? It all seems a bit 'fuzzy' to me.
Can anyone shed any light? Has anyone opened one for their kid before they started an actual job? I do plan to open one then, and encourage them to put a % of their paycheck in, but wondering about before then, to give them a head start.
Thanks!
