Chris (Caller)

Sure.

What's up?

Um, get right to it.

Um, me and my wife recently started a side business.

We both work full time, uh, and kind of,

looking to pay off a ton of consumer debt and realize you can only save so much.

So we started this odd business dog sitting with the intentions of paying off the consumer debt and spoke with my accountant last year.

Um, and he suggested putting my two children kind of on payroll, right.

And paying them to benefit, um, you know, investing into their Roth IRA and maxing out for them because he suggested that, um, you know, they don't pay taxes on that.

Um, so that now kind of threw me for a loop and I think that's what we're going to plan on doing for this year.

And, and my question is, we are pretty late to the game with investing for ourselves, right?

And it kind of, I wonder if it's foolish to do that for them.

I just recently learned the power of compounding interest.

So that's the reason why I'm doing this, you know, that there are three and five.

Um, it just seems like a unique opportunity because we don't plan on doing this forever, um, really just to pay off the consumer debt.

And we're not really,

The dog sitting, I mean, it really is.

It's not, you know, feed the dogs, watch the dogs, play with the dogs.

Being honest.

Hey, it's James, producer of The Ramsey Show.