As a parent, it is vital that you teach your child value of money. Opening a Roth IRA gives you opportunity to sit down and teach your child value of saving and investing, instead of yelling at them to clean their room. While a parental lecture on need to save money would typically meet with glassy eyes and yawns, your child’s attitude will undoubtedly change when you are talking about their money.

Work and Maturity Issues

Before you rush out to open a Roth IRA for your child, you must determine if your child is eligible to open an account. To open an account, your son or daughter must be working at least part time for an employer that reports their wages to IRS. Hiring your child to take out trash each week is not going to cut it, nor will this strategy work for your 5 year-old. Many teenagers, however, have summer jobs that should suffice for IRS consideration. To avoid any trouble, you should consult with your tax advisor.

A more sublime issue concerns maturity level of your child. Keep in mind that Roth IRA will be opened in their name. Your son or daughter will have legal right to do what they will with account. It is strongly suggested that you clearly explain consequences of taking money out of account [taxes, penalties, being cut out of will, forced to eat healthy food, grounded for life, etc.] but decision lies with them. As difficult as it is, try to be objective in evaluating how you child will react to having money sit in an account. If you have doubts, you should probably investigate other tax saving strategies.

Opening a Roth IRA for your child can be a very effective means of leveraging your estate. If your child exercises restraint, your relatively small contribution to their Roth IRA can grow into a sizeable tax-free nest egg.

Compared to west, western women can leave home after a week of giving birth and can go to work after two weeks. It is unimaginable in China.

In China, after giving birth, a woman should eat plenty of fish soup and pig knuckle soup. The pig knuckle soup is boiled for a long time with ingredients such as a lot ginger, eggs, pig knuckles in plenty of sweet black vinegar. It is believed that this soup can compensate for loss of calcium and other nutrients needed by body. It is a tradition to give out and share such soup to friends and relatives but one can only do so twelve days after baby is born. Chicken is also ideal for meals after giving birth. In order to help a mother to recover from giving birth, it is recommended that she should eat rice cooked with ginger daily since it can enhance all bodily circulation. Apart from above, it is also a tradition that after baby has been born for one lunar month, eggs dyed red should be given to friends and relatives. However, anything salty should be avoided since it will hinder production of breast milk of a mother.

It is only after baby has weaned then mother can start considering controlling her body weight.

Some practices may seem quite unimaginable. However, they are still practiced in most places in China. Even in Hong Kong, women would follow above traditions as long as family expectations are involved.