She makes ~$1000/mo and lives in my house. She has been paying me $700/mo rent that I put towards the mortgage and groceries, but it just occurred to me that maybe a better use of the money might be to open a Roth IRA for her. Her employer only recently in the last year changed ownership and started contributing to a 401k so there is basically zero in there.
So instead of collecting rent from her, I'll set up an automatic monthly contribution to the Roth IRA to max it out every year.
Thoughts? Or is there a better use of the money / better strategy?
EDIT: I opened up a Vanguard Roth IRA for her with $100 to start.
Submitted October 12, 2022 at 05:10PM by __Drink_Water__ https://ift.tt/XOCSu0x
