Father's Day Financial Tip: Put Your Kids To Work

Here's a Father's Day financial tip: Put your children to work.

Or make your Father's Day special by asking your daughter to wash your car every week, babysit, tutor, care for an older family member or take on any number of other responsibilities. By converting an allowance to earned income, your children clean up financially and literally. Their Roth IRA grows tax free for 50 years.

And talk about gifts. The Standard & Poor's 500 stock index this past week climbed 1.6%, to a close on Friday of 2779.03 - just 3% from an all-time closing high of 2872.87 on January 26. The nine-year economic expansion - the second-longest in modern U.S. history - continues to show signs of sustainable growth.

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This article was written by a veteran financial journalist based on data compiled and analyzed by independent economist, Fritz Meyer. While these are sources we believe to be reliable, the information is not intended to be used as financial advice without consulting a professional about your personal situation.

Indices are unmanaged and not available for direct investment. Investments with higher return potential carry greater risk for loss. Past performance is not an indicator of your future results.

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