We had a family work day last weekend. Hazel went with Amy to showing homes on Lake Mille Lacs. And I took the other two kids to finish up some last minute projects before our new tenants move in at our new rental. Now that the kids are older, we’re being more intentional about creating opportunities for them to work in the business. We never force them. We may bribe them occasionally (see photo of hot pot restaurant).
We want to show them what it’s like to run the business in case any of them wants to do that as a career later on, not to mention hard work, discipline, and useful skills. Clara has been learning a ton about basic landscaping.
There are also tax benefits to doing this. Did you know that you can put your kids on your payroll? You can pay each kid up to $14,600 tax free. You have to pay an age appropriate wage and have them doing age appropriate tasks. Clara will earn around $15-20 per hour for this work. Elsie probably closer to $5-10.
Bottom line…you save on payroll taxes for work you’d need to pay someone for or do yourself, and they get money will go into their 529 investment plan for school. Huge win-win!
You do need your own business to do this. Guess what business I suggest you do this with? Your real estate investment business of course! Let’s go!