Read this with me: https://amzn.to/2PLQG4A
It is incredible to think that tax brackets used to be even higher than they are now, with the highest bracket being 50%, meaning for every $2 you earn, you only end up with $1 in the bank. They are slightly less now, but you should be looking for any way that you can save on the tax bill. Think about this, what do you spend more on than income tax?
If you have children, there are quite a few things you can do to lower your tax burden.
That said, in the standard style of this book - I am going to hit you with this information in list style.
One interesting lesson they teach in this book is that you can actually encourage children to start a Roth IRA whenever, however it has to be their earned funds that get invested. As a great way to get kids interested in investing, have them invest (and monitor) their income into a Roth IRA, but then "gift" them their pay for spending. Get it started at an early age, the interest compounding over 40 years is INSANE.
There is of course a lot more that was covered in this chapter, but I wanted to share the highlights. That note about children and Roth IRA's was probably the best take away here. It is such a great way to teach the lesson early. I wish I had that kind of education
I am just a regular guy who does far to much research on financial independence and early retirement (FI/RE). I look forward to sharing my journey with you all.