It can't be mandated, but one can try to remove barriers towards having people advance on their merits rather than their birth situation. I don't think it is a system of "everyone is exactly the same" that is really being sought in these sort of ideas.
I understand that, but I see it as somewhat of a long shot expecting this to have a very broad impact.
When my girls were born, as soon as they got their ss#, I opened a junior savings account for them. I put 20 coconuts a week into their accounts. I consider this their money, and I haven't borrowed money from them. The plan is to give it to them when they graduate high school. They can do whatever they want with it. It doesn't seem like a lot until you start adding it up. Their statements came in last night and got me thinking about this subject. I know there are families that 20 coconuts a week would put them out, but it could be 5 a week, anything, every week will help their kids get a start in life. $5 is nothing. Anyway, not sure where this is going, but all it takes is a little commitment.
You don’t have parents that teach these kids how to use money, then all this 60 grand does is delay their inevitable fate maybe a year or three.
When my son was born I started a Dividend Reinvestment Plan (DRIP). And a few bucks every month along with the dividends and it adds up. He has enough for a nice down on a house.
What's the youngest age I could legitimately start paying my kid for some BS sweeping job in my office and just throw it all in a Roth IRA?
Than when they can legitimately help and as long as the pay is for what they actually do. Also, don't have to pay SS or MC tax on a child employee.
More through example - If you file schedule C and have a kid, common tax planning when they are older to that you can pay them up to the standard deduction (12K this year) and it basically be free money. Kid gets paid, parent gets a deduction. No withholding, no FICA and MC that has to be paid in. Downside - you better be able to prove they are actually working for what you pay them for. For older kids, it's a golden small business loophole for small business owners.
