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Success Story: Getting $50,000 Tax Free Money for your Kids

Good Financial Cents had a reader submit a success story on what happened when they started up a Roth IRA.

My two daughters are now out of college and since graduation I have continued to offer this “match” which is now obviously maxing out their contributions each year. At 28 and 30 my daughters are now selecting individual stocks and making good investing decisions. They moved some of their Roth IRA funds to cash in 2008 and moved some of them back into the market in 2009 and 2010 learning that a $.02 interest rate is only good for so long and that got those funds back into the market…

…They have learned a lot about investing over the last 15 and 13 years respectively and have Roth IRA balances in excess of $50,000 +.

Lesson Learned:
I love this story simply because of the value behind it in teaching your children about saving and investing at a young age. This truly shows how much it pays to educate our children (either as parents or educators) on how to maintain their financial status over time and how much more stable they end up.

About Crystal Groves, Google+

Crystal Groves is a farmer, web developer, musician, blogger, and personal finance enthusiast from the back hills of Maryland and Pennsylvania. She started Money Drain as a project to encourage people interested in fixing their financial situation to share their stories and learn from the stories of others. We all make mistakes, but in order to change we have to make changes.

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