My kids are millionaires before 18 and it’s all thanks to their 16th birthday presents
A MUM-OF-TWO has claimed that she’s made both of her teen daughters millionaires before their 18th birthdays.
Angela O’Brien set up companies in her daughters’ names so they can build business credit and use it to buy profit-yielding assets.
This includes buying cars to rent out to professional drivers or on car share apps, and washing machines to run a laundry business.
Angela shared on Instagram that she gifted the companies to her daughters as “sweet 16” birthday presents.
What’s more, she hires the girls as employees in her business and pays them below the Personal Allowance tax threshold - which is £12,570 in the UK.
As the family lives in Las Vegas, US, the laws around setting up businesses and paying minors is different.
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But Angela assures her tactics can be adjusted to work for you, no matter where you live.
To “build generational wealth”, she encourages parents to incorporate businesses on behalf of their youngsters and “teach them how to build their business credit” through it.
The equivalent to Angela’s method in the UK would be to start up a Limited company, which is owned by shareholders.
As a minor can’t form a company by themselves, you can instead appoint them as a majority shareholder in one you’ve set up and are making money from.
Angela takes on the bulk of the work for her daughters, and uses it as an opportunity to teach them about running a business.
In the UK, the youngest legal age a child can work is 13-years-old - and several important restrictions apply as to when and where they can work.
Children can only work a maximum of 12 hours a week during term time, which includes no more than two hours on school days and Sundays, and no more than five hours on Saturdays.
As Angela’s business models are classed as ‘light work’, it’s possible for British parents to try them before their kids turn 16.
“My 16-year-old has a clothing line and fleet of vehicles,” she penned in an Instagram post.
“There are so many businesses you can start for your child.”
Among her other suggestions are dropshipping, renting out AirBnB homes, owning vending machines and working as your Office Assistant.