Search Love & Money for the following word(s): - Wall Street Journal- Topic: Money Before Payday
Cailotto advocates putting the incentive pay in an envelope at the start of the week, and “each time parents must perform a chore that is a child’s responsibility, the parents pay themselves from the envelope. But year after year, my parents would make excuses — they had too many chores to do on the weekends, they didn’t want to go into the city after commuting all week, or they could if the three of us kids pitched in more around the house. A number of readers responded to my column from several weeks ago in which I mentioned Amy and I are funding a small annuity for each of our two kids as a way to instill in them the importance of preparing for your own retirement. The mutual fund, though tax-efficient, isn’t tax-deferred, and I want tax-deferred growth for my kids, given the large number of years before they touch the money. Learn more
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