Kids Summer Jobs Could Make Them Millionaires

Bankrate estimates more than 44 million Americans have side gigs to make extra cash on top of their day jobs.

But, kids should be getting side summer jobs.

Summer side hustles are a great way for children to learn to save, which could help them become millionaires later in life.

Certified Trust and Financial Advisor and author Chris Carosasaid it pays off if someone starts working at age 13 and make the maximum to put in a Roth IRA, then do nothing else until college.

"Just saving through those teenage years will earn you a couple of million dollars by the time you retire, just through natural growth, compound interest," said Carosa.

He added summer jobs also help kids learn economic principles.

Carosa said to encourage children to save money parents can act as companies with a 401K plans.

"If you spend some money, that's fine. But, for every dollar you save into an IRA, Child IRA, I will put another dollar to match you," said Carosa.

He said children can still work on school credit and be part of the business world by joining youth activities like robotics, Young Entrepreneurs Association or Junior Achievement.

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