Day 7 – How to Hire Your Kid Legally — And Save Taxes

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  Day 7 – How to Hire Your Kid Legally — And Save Taxes Hiring your child might sound like a sentimental idea, but it’s actually a strategic tax-saving move —if done right. The IRS allows business owners to hire their minor children under certain conditions, offering both tax deductions for your business and income tax benefits for your child . Here's how to make it work legally and efficiently. ✅ Why Hire Your Child? 1. Your Business Gets a Deduction Wages paid to your child are a legitimate business expense. That means your business income (and tax liability) goes down. 2. Your Child May Owe Zero Taxes As of 2025, a child can earn up to $14,600 (the standard deduction) without paying any federal income tax— as long as it’s earned income (i.e., wages, not gifts or allowances). 3. No Payroll Taxes for Some Businesses If your business is a sole proprietorship or a partnership where both partners are the child’s parents , and your child is under 18 , then: No Social S...
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The Power of Early Investing: Why I Wish I Had Started Sooner

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The Power of Early Investing: Why I Wish I Had Started Sooner

If I could turn back time, there’s one financial decision I would make without hesitation: investing early and consistently in a diversified portfolio, particularly the S&P 500. The regret of not taking action sooner weighs on me, and if you're on the fence about investing, let my experience be your wake-up call.

Time Is the Greatest Asset

The magic of investing isn’t in timing the market—it's in time in the market. Compounding, the ability for investments to grow exponentially as gains generate more gains, is a force so powerful that even modest contributions can turn into substantial wealth given enough years. Had I started investing in my early twenties, even with small amounts, I could have built a significant financial cushion without needing to chase high-risk trades or speculative assets.

The Strength of Diversification

A diversified investment strategy—especially in index funds tracking the S&P 500—reduces risk while allowing steady long-term growth. The S&P 500 has historically delivered annualized returns of around 8–10%, proving that patience and persistence often outperform those who try to outsmart the market. Instead of worrying about stock picking or market timing, I could have simply invested, stayed consistent, and reaped the rewards years later.

Regret vs. Action: A Choice We Make Every Day

Looking back, my biggest mistake wasn’t failing to identify the perfect investment. It was waiting—hesitating due to doubts, lack of knowledge, and the belief that I needed a large sum to start. The truth is, starting with whatever you have is always better than waiting for the "right time". Even small investments can grow into something remarkable, given enough time.

What You Can Do Today

If you haven’t started investing yet, take action now. Open a brokerage account, research index funds, and set up automatic contributions—even if it’s just a few dollars at a time. The key is consistency, patience, and trust in long-term growth.

I may not be able to undo the past, but I can ensure my future self has fewer regrets. And if I could offer one piece of advice to anyone on the fence about investing, it would be this: start today. Your future self will thank you.

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