In my previous post, I shared how you can set up your kids to be millionaires by the time they retire. And, long story short, the answer is an IRA for your kids.

​As a refresher, I gave a scenario where if a child had about $69,000 saved up in an IRA by the time they are 18 years old that money can grow in an IRA to be over $1.5 million by the age of 65. And this is all possible with the power of compound interest.

Okay, I think we can all agree that that's pretty cool stuff. But, the big question then remains, "How do I save up $69,000?"

​And, I'm not saying it's an easy feat, but I do want to share a clever way others are funding their IRA.

​And, the answer is....through their business.

​​Now, before you close this post, hear me out. People who own a business can hire their kids.

This allows them to 1) reduce their business' taxable income, 2) their children can earn money tax-free, and 3) the money can grow in an IRA tax-free.

​Now, this is the moment where I say, "Please consult with a professional before making any serious decisions."​

​This information gives you, at least, an idea of how you can save on taxes and use it to your advantage. Once again, speak to a professional about the official rules that allow you to take advantage of these tax breaks.

​If this piques your interest and you're wondering what small business you can start, here are some small business ideas. Just click right here to see the full list.